Insurance agents regularly approach new moms and dads about buying term life insurance to make sure their children will be cared for until adulthood.
But people’s insurance needs shift depending on their stage in life, and their reasons for getting life insurance can vary, as well. Not keeping their policies in sync with their life stage can mean they risk leaving loved ones in the lurch.
“Every five years, you should revisit your life insurance profile—where you are, where your kids are, where your business is,” said Elizabeth Scheiderer, a financial advisor with NCA Financial Planners. “Sadly, too many families are underinsured.”