Life is dynamic. As your needs change, so, too, should your coverage. For instance, if you have another child, purchase a home, or incur new debt, you might apply for more life insurance to cover these things. On the other hand, if you pay off your mortgage, a child graduates from college, or you’re able to save a large amount of money, you might decrease your coverage.
By and large, it’s a good idea to check in with yourself on a quarterly or annual basis and adjust your coverage accordingly.
If you’re still curious, here’s more information from our blog, 5 Reasons to Take Another Look at Your Life Insurance.