Should A Promotion Mean a Change in Life Insurance Policy

Life insurance isn’t always top of mind for many of us, and why should it be? Life insurance is typically one of those things that you don’t want to think about on a daily basis, but it’s important nonetheless. Even though life insurance isn’t something that most people think about every day, it is something that should be considered during life’s pivotal moments.

What are life’s pivotal moments, exactly?

These moments  are the occurrences that change your lifestyle and the makeup of your day-to-day life. For example - buying your first home, getting married, earning a promotion, and having a baby - those are all pivotal moments in life that change your future. And, those are the moments that life insurance is made for.
 

When you receive a promotion at work, there’s cause to celebrate your accomplishments. But, after the celebrations end, it’s time to think about your life insurance options. After all, you have undoubtedly worked extremely hard to get where you are in your career. Your work ethic and dedication is likely what led you to the promotion you earned. So it only makes sense that you safeguard your earnings with your life insurance policy.

Any time your income changes, it is imperative that your life insurance policy changes as well. And, if your income is the primary household income, it’s even more important to make sure you secure your family’s future with life insurance. After all, being a provider for your family means safeguarding them even if you pass away. It may be hard to think about a time when you can’t be there for your family, but it would be worse if your family didn’t have financial coverage in the event of your passing. Making sure you have the right life insurance policy now could save lots of heartache in the future.

There are several types of life insurance policies available, so it’s best to consult with a life insurance professional to determine the right type of life insurance policy for you and your unique situation. Permanent life insurance policies cover from the time the policy is purchased until the end of the policyholder’s life, regardless of age. Term life insurance policies are sometimes less expensive than permanent life insurance, but term plans only cover a specific time period, such as 30-years from the time of purchase. You should also consider how much life insurance is right for you and your family. Although each family’s needs are unique, there is an industry standard.  At minimum, you should have enough life insurance to replace a minimum of five to seven years of your salary, plus your other living expenses such as your mortgage.

If you just received a promotion at work, or if any other pivotal life moment if coming your way, it’s time to consult with a PivotCare team professional. You’ll be set up for success with the right life insurance policy for your lifestyle and budget - but you must start the conversation today.