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Personal Life Insurance

Protect your Family and and Those you Love

What’s to LOVE About Life Insurance?
American consumers’ top three financial concerns are health coverage, savings goals, and living expenses. What if we told you their fourth financial concern, life insurance, had the potential to solve for the first three?

Assess Your Life Insurance
Look over your existing life insurance coverage with a professional, and make sure it’s a good fit for you and your family. The right coverage should be customized to your needs.

When is it Time to Review a Life Insurance Policy?
Your life insurance policy isn’t something you should just purchase and forget. Get in the habit of reviewing it every couple of years, and more importantly, whenever you experience a life-changing event. Here are nine major events that should prompt you to review your life insurance policy.

The Nine Major Events to Review Your Life Insurance:

1. Marriage
The act of taking your vows or dissolving them means a significant financial change. You may need to update your will, your beneficiaries, and your retirement accounts and trusts. Lining everything up will make the process easier for your loves ones.

2. After a home purchase
If you’re planning to purchase a home and take out a mortgage you’ll probably want to take a look at your policy. Buying a home is one of the biggest financial obligations you can have. A life insurance policy is smart financial protection for homeowners, especially couples.

3. Having a child or more dependents

A new bundle of joy in the home may mean it is time to review your life insurance policy. You must now care for an additional person-emotionally, physically and financially. It’s important to ensure that your family should be able to support themselves in the immediate aftermath of your death. You’ll also want to help secure their future. Life insurance can help cover many expenses that your spouse may incur for a child when you are gone, from daycare to college.

4. Divorce
If you’re getting divorced, a review of your life insurance policy is more complex. If your divorce goes through without restrictions on your life insurance policy make sure to change your beneficiaries as soon as possible.

5. Employment change

If you’ve just been offered a new job, received a raise or were promoted, you may want to consider purchasing additional life insurance to better cover your family’s new standard of living. Whether an increase or decrease in household income, the change can have an effect on living standard, and as such should be reflected in your policy.

6. Death of a beneficiary

If your main beneficiary passes away, you should revise your policy to reflect this.

7. Change in health
If you’ve recently made a positive health change you should check out your policy to see if you can update your rates based on your healthier lifestyle. If you are looking to purchase life insurance and you have chronic health problems, coverage could be difficult to obtain. Fortunately, science is constantly improving and helping to make certain health conditions less of a risk. You can also do something to improve your situation. Exercise, eat responsibly, try to keep your weight down and take medication that your doctor prescribes.

8. Care for loved ones
If you provide care for family member, you might want to consider what could happen if you were to pass. If you function as a primary caregiver to a loved one, review your life insurance to make changes for their benefit. In case something does happen to you, life insurance can give you that feeling of comfort.

9. Retirement
Hopefully, you’ve been putting money away for retirement for a while. But it doesn’t hurt to review and ensure your loved ones will have enough if you die after you retire. A life insurance policy is typically thought of as a way to pay your beneficiaries money upon your death, but it’s also worth exploring how your policy can be used as a source of income in retirement.

Review your life insurance policy should you experience any of these life events.

Life insurance is a vital component of your financial profile. If someone depends on you for financial support, such as your spouse or child, you should strongly consider purchasing a policy. But before you buy, it’s essential to ask yourself and your life insurance agent several important questions. Let them guide you through the process.

Our Process
Our Values
Our History

Assess Your Life Insurance

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. The right coverage should be customized to your needs to make sure it is a good fit and you, your family and loved ones. 

As we customize a life insurance plan which covers those who depend on you, you can build a long-term relationship with Thompson Financial Group in Seattle, WA. Through open and honest communication, which has been the cornerstone of our foundation of success, we can help you adjust the plan as life circumstances change.

These are a few additional topics you could explore with us:

Life insurance while you're living.
Life insurance for business planning.
Why working moms need life insurance.
What are living benefits and why do they matter?

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