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FACT or MYTH: If I have a change in my relationship status, my life insurance beneficiaries automatically change.

March 2017

MYTH! As odd as it sounds, if your relationship status has recently changed, it is important that you notify your life insurance agent. Many times a change in your relationship status is indication that your beneficiaries and other dependent information should be changed on your life insurance policies. If you get married, divorced, etc. and expect your beneficiaries to change, they will not change unless you amend your policy to reflect that change.

A change in your relationship status however, isn’t the only change you should notify your agent of. While spring cleaning is typically something you do around your house, we also recommend you consider completing the following checklist to “spring clean” your insurance policies. Our team wants to ensure that your personal insurance program is designed properly protect you.

If you answer yes to any of the following questions, please contact our offices toll-free at 800.599.8621 to ensure that your policies adequately cover these changes!

  1. Has your beneficiary changed?  For various reasons (including but not limited to: marriage, divorce, death, etc.) one could wish to amend their life insurance beneficiaries. A change in relationship status is often indication that this information needs to be amended. Despite legal changes in your relationship status, the beneficiary of your life insurance policy will remain as it is stated on your policy unless you request that it be modified.
  1. Has your family grown? This is important for your agent to know so that they discuss with you any necessary changes to your life insurance policies, including such things as changing your beneficiaries.
  1. Has your income changed? If you or your spouse has had a significant increase in income, your current life insurance coverage may not be enough. While calculating appropriate life insurance coverage amounts requires a total assessment by our Life Insurance Advisor, Greg McNutt, you can use the general that as your income increases, so should your coverage amount. If your income has recently fluxiated, call our offices to schedule a time to review your coverage amounts.
  1. Has your address changed? It’s important to keep your contact information updated so that carriers can reach you when necessary.
  1. Do you have life insurance now? If something were to happen to you, will your family be impacted by your loss of income? For most, the answer is yes. Life insurance is much more affordable than many people realize. Our Life Insurance Advisor, Greg McNutt, can help you determine how much life insurance you need and help you to discover just how affordable it can be for you and your family.

 

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