There are certain times in your life when you have a sudden increase of wealth. The wealth could come unexpectedly, a reward for many years of hard work, an inheritance or simply a windfall. Whichever be the form of its arrival, you need to re-evaluate your financial plans to accommodate this new increase in wealth.
How is your life insurance now?
The life insurance amount that you need depends directly on your income. If there is a big change of income, your expenses are also likely to change. You also become qualified for large amount of loans along with the ability to make large purchases, be it a home, a real estate or a business. However, if your loan is based on your new salary, you need to be sure that the benefit that is accrued from your life insurance policy is well enough so that creditors do not harass your family in the event of your passing away.
Life insurance and estate planning
Your life insurance policy can ensure that your heirs inherit the fullest amount possible. The benefit of life insurance to the beneficiaries is tax-free. This gives you the peace of mind to know that your family does not lose their inheritance to expensive taxes and legal wrangles.
The best time to buy life insurance policy for you is now. Do not wait for your financial situation to improve further.