Once I Buy the Policy, Will I Even Need to Change My Insurance Coverage?

If you already have a policy, it will usually have a lower premium rate than a new policy you would buy. If you’re buying a permanent policy, the cash value will also be smaller for several years. 

Keeping all these factors in mind, it might be worth considering a new policy if you have any significant changes in your life circumstances, such as if you:

• Are recently married or divorced

• Have or adopt a child (or became a grandparent)

• Have children or grandchildren who are about to enter college

• Provide care or financial help to a child or elderly parent

• Receive an inheritance

• Retire (or your spouse retires)

• Start a business

• Change or lose your job or salary