Your life is dynamic and your life insurance should be too.
Below are examples of five life events that provide a good reason to re-evaluate your coverage. Taking another look at your policy when you reach these milestones ensures that your life insurance matches your current needs, that your family is financially protected and that you’re spending your money wisely.
1. You’re getting married
Getting married links your financial future to your partner’s. Once you tie the knot there are two people to support — so if something should happen to you, your life insurance policy ensures your partner isn’t left responsible for a lifestyle they’re unable to afford on their own. This is a good time to consider increasing your policy to cover your combined debts (such as student loans).
2. You’re having a baby
Having life insurance is essential for parents of small children. If the unthinkable should happen, life insurance can cover the costs of daycare, provide for everyday living expenses, and even create a lump sum that helps fund the college education of your children. Each time you have a child, it’s a good opportunity to look at your overall coverage amount and level it up accordingly.
3. You’re getting a mortgage
Buying a house is a big step — you are taking on debt to secure a home for your family. As you prepare to sign on the dotted line, make sure that you increase your life insurance policy to cover the amount of your mortgage. Doing so means that if you’re no longer around, your family members won’t be left with unmanageable debt. If you purchase life insurance with Ladder, as you pay off your mortgage, you can quickly and easily decrease your life insurance coverage too, lowering your monthly payment.
4. You’ve saved enough for retirement
If you reach a point where you’ve saved enough money for retirement, and your children are grown and independent, you may not need as much life insurance coverage to provide a financial cushion for your family in the event you pass away. If you have life insurance with Ladder, you can reduce your life insurance coverage by logging into your account and revising your coverage amount downwards with a few clicks – no paperwork or agent time required.
5. You’ve paid off your student loan/mortgage
If you have paid off much of your existing debt, this is another instance where you may not need to maintain as much life insurance coverage. If you are debt-free, you will no longer need to worry about family members paying off your loans and obligations if something happened to you. With an online life insurance partner like Ladder you can easily reduce your coverage amount, pay less per month, and use that money for another purpose.
Ladder is a great option for those who want to adjust their life insurance coverage for any of the reasons above. Our policies allow you full control of your coverage. At any given time you can make or request adjustments via a self-serve online dashboard. So, if you need to increase coverage, you can apply for an increase and get an answer on the spot. And if you want to decrease coverage, you can decrease your policy amount – and your monthly payment – whenever you like, online.
Ready to get life insurance?
Step one is to figure out how much life insurance coverage you actually need. It only takes a few minutes with Ladder and you’ll likely be surprised at just how affordable it can be. The easiest way to do this is with a quick, free online calculator. Once you know how much coverage you might need, you can apply in minutes and get an instant decision. Ladder also allows you to apply for more coverage, or reduce your coverage, whenever you like – without mountains of paperwork or agent involvement. If you have any additional questions about your coverage needs, please feel free to contact us. Our goal is to ensure that managing your life insurance is as easy as can be.