Life can look very different today than it did a few years ago.
Maybe you bought a home. Got married. Had children. Changed jobs. Started earning more. Took on new responsibilities. Or maybe nothing dramatic happened at all, but the people who depend on you today aren’t the same people who depended on you when you first bought life insurance.
That’s why September is a good time to ask a simple question:
Does the life insurance you have today still match the life you’re living now?
September is Life Insurance Awareness Month, which makes it a natural time to review your coverage and make sure the people you care about would be protected should something happen to you.
At Rothenberger Insurance Services, we believe life insurance should be easy to understand. You don’t need to know every insurance term. You just need to know whether the coverage you have would actually help the people who depend on you.
How Do I Know Whether I Have Enough Life Insurance?
Start by looking at the people who rely on your income and the expenses they would still have without you.
Think about your mortgage or rent, everyday living expenses, debts, childcare, education costs, final expenses and the amount of income your household would lose.
Then compare those needs with the coverage you currently have.
The goal isn’t to choose a random number.
The goal is to understand what your family would realistically need.
1. Has Your Family Changed Since You Bought Your Policy?
This is one of the first things to consider.
Maybe you originally purchased life insurance when you were single.
Now you’re married.
Or maybe you bought a policy when you had one child and now have two or three.
Each life change can affect how much protection makes sense.
Marriage, children, divorce, adoption and caring for aging parents can all change the number of people depending on you.
A policy that made perfect sense five years ago may not be enough today.
2. Did You Buy a Home or Take on More Debt?
Buying a home is exciting.
It also usually means taking on a major monthly obligation.
Ask yourself:
Could my family continue making the mortgage payment without my income?
The same question applies to other debts.
You may have:
- A mortgage
- Car loans
- Credit card balances
- Student loans
- Business obligations
- Other household expenses
Life insurance may help provide breathing room so your family doesn’t have to make major decisions immediately after losing an income.
That can be one of the most important reasons to review coverage.
3. Has Your Income Changed?
Income often changes gradually, so it’s easy to overlook.
Maybe you’ve received several raises.
Maybe you changed careers.
Maybe your household now depends more heavily on your income than it did before.
That can create a gap between what your current policy provides and what your family would actually need.
The reverse can also happen.
Your circumstances may have changed in a way that makes your original policy amount worth reviewing.
Either way, it’s helpful to look at the whole picture rather than simply keeping the same coverage year after year because it’s already there.
4. Is The Life Insurance Through Your Employer Enough?
Many people have some life insurance through work. That’s a good benefit, but employer-provided coverage may not be enough by itself.
Take a closer look at the amount.
Would it replace several years of income?
Would it help pay the mortgage?
Would it cover ongoing household expenses?
Another important question is what happens to the coverage should you leave your job?
Some employer policies don’t follow you when you change employers.
That’s why workplace coverage should be considered part of the conversation rather than automatically assumed to be the complete solution.
5. Have You Reviewed Your Beneficiaries Recently?
This is one of the easiest things to forget.
Your life may have changed, but the beneficiary listed on your policy may not have.
Marriage, divorce, the birth of a child or the death of a loved one are all good reasons to review beneficiary information.
Even when nothing major has changed, it’s worth confirming that the information is still correct.
A few minutes reviewing your policy today can prevent confusion later.
6. Do You Know What Kind Of Life Insurance You Have?
You don’t need to become an insurance expert.
But you should understand the basics of your own policy.
For example:
- How much coverage do you have?
- How long does the coverage last?
- Is it term life or permanent life insurance?
- What is the premium?
- Who are the beneficiaries?
- Does the coverage change at a certain age?
- Is any of your coverage tied to your employer?
People sometimes avoid reviewing life insurance because it feels complicated.
You’re not alone.
Recent consumer research continues to show that confusion about life insurance and misconceptions about cost can prevent people from taking action, even when they know they may need more coverage.
The good news is that you don’t have to figure everything out by yourself.
7. What Would Actually Happen To Your Family Without Your Income?
This may be the most important question of all.
Imagine the household without your paycheck. What bills would still need to be paid next month? And the month after that?
Your family may still need money for:
- Housing
- Utilities
- Food
- Transportation
- Childcare
- Education
- Health-related expenses
- Debt payments
- Final expenses
Life insurance isn’t really about a policy.
It’s about giving the people you love options.
Rothenberger Insurance Services puts it simply: life insurance can help the people you love continue pursuing their plans and dreams.
That’s worth thinking about.
A Simple Life Insurance Review Checklist
Take a few minutes this September and ask yourself:
- Has my marital status changed?
- Have I had or adopted children?
- Did I buy a home?
- Has my income changed?
- Have my debts increased?
- Does anyone new depend on me?
- Have I changed jobs?
- Do I rely mostly on employer life insurance?
- Are my beneficiaries current?
- Do I know how much coverage I actually have?
You don’t need to answer every question perfectly.
The purpose is simply to see whether your life has changed since your policy was purchased.
How Often Should You Review Life Insurance?
A good rule is to review your coverage whenever you experience a significant life change.
It’s also smart to check it periodically even when nothing major has happened.
Why?
Because small changes add up.
Income grows. Housing costs change. Children get older. Debt changes. Careers change.
Your life insurance should have a chance to keep up.
Why Working With an Independent Insurance Agency Can Help
Life insurance isn’t one-size-fits-all.
At Rothenberger Insurance Services, we’re an independent insurance agency serving individuals and businesses throughout West Reading, Wyomissing, West Lawn, Spring Ridge, Sinking Spring and surrounding Berks County communities.
Being independent means we’re able to work with multiple insurance companies rather than offering only one company’s solution. RIS works with more than 22 insurance companies, giving our team the ability to help clients compare options based on their needs.
That matters because the right life insurance decision should be based on your family, your situation and your goals.
Not somebody else’s.
September Is a Good Time to Ask the Question
You probably don’t think about life insurance very often.
Most people don’t.
But that’s exactly why Life Insurance Awareness Month exists—to encourage people to take another look at something that’s easy to put off.
You may review your policy and discover you’re in great shape.
Wonderful.
You may also realize that your life has changed more than your coverage has.
Either way, you’ll know.
Let’s Make Sure Your Coverage Still Fits Your Life
Life changes.
Your insurance should have a chance to change with it.
At Rothenberger Insurance Services, we’re here to help you understand what you currently have, talk through what your family may need and explore the options available to you.
No pressure. No need to know all the insurance terminology before you call.
Sometimes a simple conversation is all it takes to find out whether the people who depend on you have the protection you intended for them.
Frequently Asked Questions
When should I review my life insurance?
Review your life insurance after major events such as marriage, divorce, having a child, buying a home, changing jobs or experiencing a significant change in income. It’s also a good idea to review it periodically even when no major changes have occurred.
Is the life insurance I get through work enough?
It may be part of your protection, but employer coverage isn’t always enough to meet a family’s long-term needs. It may also change or end when you leave your employer.
How much life insurance do I need?
The answer depends on your income, debts, housing costs, dependents and future goals. Rather than choosing a general amount, consider what your family would realistically need without your income.
Do I still need life insurance after my children are grown?
Possibly. Life insurance may still play a role in protecting a spouse, covering debts, paying final expenses, supporting family members or meeting other goals. Your needs should be reviewed based on your current circumstances.
Why should I review my beneficiaries?
Beneficiary information doesn’t automatically keep up with every change in your life. Reviewing it helps make sure the policy still reflects your wishes.
Does Rothenberger Insurance Services offer life insurance?
Yes. Rothenberger Insurance Services provides life insurance along with homeowners, auto, renters, health and other personal insurance options for clients throughout Berks County and surrounding communities.