Life insurance can be a tool to ensure financial security against life's uncertainties but vigilance is the key to having ample and insufficient cover. Every year the policy's are renewed, there should be reviews to account for more or less need for coverage (say a child who has gone off to start his own life, a daughter who has married, etc.) which makes the policy relevant and useful. Today's challenging financial times are a true test of will and determination and keeping policies relevant is one challenge and so is maintaining its usefulness. Time will tell if the policies you took and pay for are worth their weight in gold but having them is better than having none for life truly is uncertain and it can end so suddenly in the blink of an eye.
As people enter the senior stages of life and there is enough finances to cover most of their expenses, and the kids have gotten their share of all your acquired assets couples seldom have a need for additional coverage but there is a hitch in that area of insurance coverage. Due to severe economic conditions these past few years, the retiring class is expected to not have ample coverage for retirement and they are still expected to shell out a lot of cash for medical and other expenses which have also experienced sudden price hikes. Pensioners are finding out the hard way that the policies they took out that seemed to be more than enough when they signed the policy are not enough for today's cost of living. Coverage in life insurance can be extended for a decade or so to allow ample savings for a sudden tragic event or death of the husband or wife leaving ample financial security for the one left behind.
As one enters middle age and the kids are growing up and prosperity through hard work and other endeavors pile up, assets and liabilities usually climb and coverage for each and every asset is required to protect all of them from the unseen. Your dream house, your dream car and all the other assets you may have incurred have specific insurance types that cater to their needs adding to your shield of protection from unforeseen incidents. Today, more and more working class individuals get add-on's such as salary compensation which gives them some source of income without drastically changing the lifestyle that is currently being experienced. Say the working individual suddenly loses his job, the insurance pays out a specific amount for a certain specified period allowing the person to look for a new job without worrying about lost income or money for everyday needs. During middle age, many people get to experience illness in one form or the other and serious ones may entail a need for separate policies for they are not covered by standard types. These so-called pre-existing medical conditions (heart disease, diabetes and so on and so forth) are expected to be declared and taxed upon by additional premium costs due to the heightened level of risk it poses to you and your health.
As the person progresses in the career of choice, then re-evaluation and upgrading of the insurance cover is done to compensate for the increased levels of income and possible losses. Marriage is usually the next step in a person's life when there is a need for revisions of the policy's cover and the spouse is included as one of the principal dependents along with the ones previously listed. If one wishes to maintain the amount of dependents, the cost of the policy would be higher but commensurate to the amount of protection to all individuals named as dependents. When and if the couple gets around to having kids, another need for re-evaluation is in order for usually the dependents are composed solely by the spouse and child. The extended family becomes secondary and can be removed from the policy of cover as dependents or even maintained with commensurate increase in the policy's cost.
