Life insurance is one of those things we often set and forget. However, as life changes, your coverage should evolve too. At Garrison Insurance Group, serving Lilburn, GA, we help clients understand when it might be time to scale back their life insurance, because sometimes, less really is more.
Your Kids Are Grown and Independent
One of the primary reasons people purchase life insurance is to provide for their children in the event of an unexpected occurrence. Once your kids are adults with their own careers and families, your financial responsibility to them may decrease significantly. If your policy was designed to support them through school or early adulthood, it might be time to revisit the amount you’re carrying.
You’ve Paid Off Major Debts
If your mortgage is paid off and you’re no longer carrying large loans, you may not need as much coverage. Life insurance is often intended to cover outstanding debts so your family doesn’t bear the burden. With fewer financial obligations, a smaller policy may still meet your needs without overextending your budget.
You’re Nearing Retirement
As you approach retirement, your financial picture changes. Your children may be financially independent, your home may be paid off, and you’ve likely built up some savings. In this case, a large life insurance policy might not be necessary. A smaller policy could provide just enough to cover final expenses or leave a modest legacy.
Let’s Reevaluate Together
Life insurance isn’t one-size-fits-all, and your needs will change over time. If you’re wondering whether now is the right time to adjust your policy, Garrison Insurance Group, serving Lilburn, GA, is here to help. Let’s sit down, review your goals, and ensure your coverage still aligns with your life.
