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You have life insurance now. But will you still have it when you need it?
Millions of people go through their working years believing they are “covered” because they have life insurance through their employer or bought a term policy years ago.
But having coverage today does not necessarily mean that coverage will be there for the rest of your life.
Three reasons “I'm covered” may not tell the whole story.
The important question isn't simply whether you have life insurance. It's what you have, how long it lasts and whether it still does what you need it to do.
Your coverage may be connected to your paycheck.
Employer-provided life insurance can feel permanent because you've had it for years. But leaving the employer, changing jobs or retiring can change or eliminate that benefit.
Your policy may have a clock running on it.
Term life insurance is designed to provide coverage for a defined period. A policy can still be in force today while having an expiration date waiting in the future.
Your need for insurance doesn't stay frozen in time.
The reasons you needed coverage when you first bought it may have changed. Some needs may disappear. New needs can appear. The amount and type of protection that fits you can change too.
The life insurance you needed then may not be the life insurance you need now.
When you're younger, the concern may be replacing income, paying off a mortgage or protecting young children.
Years later, the children may be grown and the mortgage may be smaller, but you may now be thinking about protecting a spouse, covering final expenses, leaving money to family, protecting a business or making sure retirement assets don't have to be used for something you intended insurance to cover.
And sometimes the opposite is true: you may not need as much coverage as you once did.
That's exactly why life insurance should be reviewed as your life changes instead of assuming a policy purchased years ago still matches your situation today.
Your reason for having life insurance can change over time.
The need isn't necessarily greater or smaller. It's simply different.
Building a Life
Income replacement, a mortgage, debt, young children and protecting the household you are building may be the priority.
Peak Earning Years
Income may be higher, family responsibilities may have grown and the amount you want to protect can look very different than it did earlier.
Approaching Retirement
Employer coverage, expiring term insurance, a spouse's needs, remaining debt and retirement assets can all become part of the conversation.
In Retirement
The focus may shift toward a surviving spouse, final expenses, legacy goals, estate considerations or simply deciding whether coverage is still necessary.
The worst time to discover a coverage problem is after your options have changed.
People often don't look closely at their life insurance until retirement is approaching, an employer benefit disappears or a term policy is nearing its end.
But age and health can influence both the availability and cost of new coverage.
Finding out sooner gives you time to understand your choices.
Do you know the answers to these questions?
If not, you're not alone. They're exactly the questions worth answering before you assume you're covered.
What kind of life insurance do I actually have?
Employer coverage, term insurance and permanent policies work differently. Start by knowing what you actually own.
When does my current coverage end?
If it has an expiration date or is tied to employment, know what happens before that date arrives.
What happens to my employer life insurance when I retire?
Don't assume the benefit you've had throughout your career automatically continues after your career ends.
Does the amount I have still make sense?
Your income, family, debt and financial responsibilities may look completely different from when the coverage was first chosen.
Who am I trying to protect today?
A spouse, children, grandchildren, business partners or other financial responsibilities can change the purpose of coverage.
What happens if I wait?
If your existing coverage ends later, your age and health at that time may affect the options available to you.
Start by finding out where you actually stand.
This isn't about assuming you need another policy. It's about understanding whether the protection you already have still matches the life you're living now.
Start Your Snapshot
Tell us about your career, family, retirement plans and what you're trying to protect.
Talk It Through
We learn more about what you already have, what may be changing and the questions you need answered.
Get Connected
If life insurance needs to be part of the conversation, we work to connect you with someone whose experience fits your situation.
Life Insurance Questions Worth Asking
I have life insurance through work. Isn't that enough?
Maybe. What matters is how much coverage you have, whether it fits your current needs and what happens to that coverage if you change jobs or retire.
Does term life insurance last for the rest of my life?
No. Term insurance provides coverage for a defined period. That means the policy can end even if your need for protection has not.
Why would my life insurance needs change?
Because your life changes. Marriage, divorce, children, income, debt, home ownership, retirement, business ownership and legacy goals can all change what you're trying to protect.
Could I need less insurance later?
Absolutely. Reviewing your coverage isn't automatically about buying more. As debt decreases, children become independent and assets grow, the amount of protection you need may decrease.
Why shouldn't I just wait until my current coverage ends?
Because your age and health may be different by then. Understanding a potential future gap earlier gives you more time to consider the choices available to you.
Don't just know that you have life insurance. Know what happens next.
Know what you have. Know how long it lasts. Know whether your needs have changed. And know whether the coverage you're counting on will still be there when you need it.
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