Congratulations on your good judgment!
Your decision to buy life insurance means you have made provisions to help protect your loved ones from the financial insecurity that can occur upon the death of a family income earner. You are now among the 52% of Americans who reported having life insurance in 2020.1
Trusting Globe Life
as your insurance provider was another sound decision. Like Globe Life’s 7.8 million other policyholders,2
you can be assured Globe Life will be there for you and your family when needed.
You bought life insurance to help protect your loved ones from a trusted, well-rated insurance company. You’re set, right?
Your insurance needs change depending on the course your life takes.
Your first car may have been well-used, high-mileage, and it may not have been stylish but you probably didn’t care because you were happy to have a car. It’s not likely you have that vehicle anymore. At some point, it no longer served your purpose. Maybe your next car was a sporty two-seater that suited you and your best friend perfectly. Fast-forward, and it’s a different story when you need to get your kids to soccer practice or haul supplies for your business. Suddenly that little sports car becomes woefully inadequate.
Your insurance needs also change depending on the course your life has taken.
Like other components of your long-term financial plan, life insurance coverage is not meant to be bought and forgotten. We agree with experts who recommend you schedule a life insurance review with your agent at least once a year.3
What documents and information will I need for my review?
When you schedule your life insurance review, you and your life insurance agent will need certain documents and information to determine if your current coverage is adequate for your needs now and in the future. Gather all of your life insurance policies, both those you purchased individually (whether your current agent sold them to you or not) and any group life insurance you (if married, your spouse’s as well) may have.
Ask yourself the following questions; any ‘yes’ answers may indicate a change in coverage is needed. Since your last meeting with your life insurance agent, have you:
Gotten married, remarried, widowed, or divorced?
It’s important to review the life insurance of both spouses even if one is not working outside the home. If the stay-at-home spouse were to die, the surviving spouse would need to find someone else to provide the services the deceased spouse provided. Working couples often make financial commitments based on both incomes, so the loss of one spouse could be devastating to the survivor. In any case, you should review the status of your beneficiaries on each policy.4
Welcomed a child or grandchild?
The birth or adoption of a child may increase household expenses that a surviving spouse would be responsible for. Purchasing or reviewing your current life insurance policy can help provide for these needs.3
If you plan to save for your child or grandchild’s college education, life insurance can help assure your plans can be fulfilled.
Switched jobs or had a significant change in your income?
If part of your life insurance coverage is designated as income replacement, your new income information should be entered into this equation. As an easy rule of thumb, experts recommend having life insurance that equals between 10 to 15 times your gross income. Depending on your circumstances, you may need even more.5
Had a change in your financial responsibilities?
Taken on a mortgage or paid it off? Refinanced your home? Started a business? Sent a child to college or had a child graduate from college? Became an empty nester? Lost a loved one? Assumed responsibility for an aging parent? Each of these may warrant an increase or a decrease in your coverage, or the need for another type of life insurance policy.3
Retired or are you considering retirement?
If so, you may want to consult with your financial advisor as well as your insurance agent to determine what changes may be needed to your life insurance coverage.5
Upon your retirement, you may lose your group life insurance and may want to investigate your options for individual life insurance coverage.
These are just a few of the many scenarios that may suggest the need to discuss life insurance coverage changes with your agent. The bottom line is that events in your life – good or bad, big or small – can be indicators that your life insurance needs may have changed.
If you do not yet have a date set to review your life insurance coverage, there’s no better time than the present to contact your Globe Life agent and start gathering your insurance documents. If you don’t remember the name of your agent or are unable to locate your Globe Life policy information, call Customer Service toll-free at 1-877-723-6991 Monday – Friday, 7:30 am – 6:30 pm Central time zone.
1. LIMRA, COVID-19 Drives Life Insurance Awareness,
Accessed March 30, 2021
2. Internal Company Sources (as of 9/20)
3. Insurance Information Institute, How often should I review my policy?,
Accessed February 5, 2021
4. Insurance Information Institute, 10 questions to help assess your changing insurance needs,
Accessed February 5, 2021
5. Life Happens, Life Insurance 101,
Accessed March 31, 2021
6. Texas Department of Insurance (TDI), Your annual insurance review
, Accessed February 5, 2021