Should you increase your life insurance policy?

Life insurance is something that everyone should think about whether they're single or married, childless or raising a big family. It might be a difficult topic to think about, but few things could be more important than ensuring that your loved ones are protected if something happens to you.

Once you have life insurance, there are life events that can change what your coverage should be. Life insurance companies typically allow you to make changes - you just need to talk to your agent to find out what's right for you. If you neglect to address what's happening in your life with changes to your policy, you might be leaving your family in a difficult position.

If you are, have or will go through any of these changes, you should consider changing your life insurance coverage:

* Getting married. It's not just you any more. Now you need to make adjustments not only to the beneficiaries of your policy, but to the coverage you're receiving. Keep in mind that your life insurance rates most likely will go up as you increase your policy, but the peace of mind for you and your spouse is well worth it.

* Having children. It's no secret to any parent that raising children is expensive, even if you only have one. The added expense of a child is something you need to cover - if your spouse was left alone, he or she would need to cover all of the costs on one income. A little extra coverage can help protect your mate from financial strain.

* Getting a promotion. Being promoted at work is great for your professional life and your personal lifestyle. The added income you'll be receiving will certainly affect how you live, so you should take into account the kind of lifestyle you're living when you readjust your coverage.

If you have purchased term life insurance in the past, don't be misled by the myth that you'll be unable to convert it to permanent life insurance. However, you'll need to talk to your insurance agency, as not all policies are convertible. They can also explain how and why your rates will change after the conversion.

When you're confident about your family's future because it's protected, you'll be able to enjoy the exciting changes that life brings even more.