Career Changes Mean Life Insurance Changes
When you change your career, you do not just change your income, your
commute to work, and possibly even where you live – rather, these should not
be the only changes you make when you make career changes. When you change
your career, you may also need to change your life insurance policy.
The three most common career changes that necessitate changes in your life
insurance policy are changing from what is considered a dangerous career to
what is considered a safe career; changing from what is considered a safe
career to what is considered a dangerous career; and leaving a career with a
“boss” to begin a career as a self-employed individual.
Leaving the Dangerous Career for the Safe Career
When you have a dangerous career, such as working as a pilot or an
instructor of a risky “hobby,” such as mountain climbing or scuba diving,
you undoubtedly need more life insurance. If you leave this kind of career
for something safer, you may want to reexamine the level of life insurance
you have. This could also help you save money.
Leaving the Safe Career for the Dangerous Career
On the other hand, when you leave your safe desk career to become a pilot,
for example, you sre going to need much more life insurance than you had
while you worked your safe career. Otherwise, you may find yourself, and
your family, seriously under compensated in the event of an emergency or
your death.
Beginning a Career as a Self-employed Individual
If you leave a company that offered life insurance to work for yourself, you
may lose your previous life insurance policy. If you find yourself in this
situation, it is important to search for life insurance elsewhere, or risk
finding yourself, and your family, under compensated in the event of an
emergency or your death, as is the case when people with safer careers
switch to more dangerous careers.