Life happens so fast! Sometimes it feels like we blink, and in that single moment, twenty years have gone by. If you've gotten married, had kids, and maybe sent them off to college, you're probably starting to think about retirement.

Now's the time to take a closer look at your finances, including your life insurance policy. You might not realize it, but these three midlife changes affect how much life insurance you need:

1. Have Your Children Left the Nest?

If having kids was the reason you bought life insurance in the first place, you might think you don't need it any more once those kids turn 18. But this isn't always the case. Take a look at the type of policy you have - is it term or permanent? Also, take a look at the face value and ask yourself if your spouse is adequately protected. Remember, as you age, your spouse may be less able to work. If you passed away, he or she may need that life insurance payout more than ever. Life insurance can also be used to leave an inheritance for your kids or grandkids.

2. Have You Retired?

Leaving the workforce is a huge change in life. If you've saved up and paid all your debts, you may be able to reduce your amount of life insurance. But if you still have obligations like mortgage payments, health insurance, credit card debt, or a child's tuition bills, you might want to hang onto that policy. If you haven't saved enough for retirement, you might also need additional financial protection. Life insurance is also a way you can leave money to your heirs if they'll need to pay estate tax to inherit your estate. I can help you figure out if this is a possibility, and if so, how to help your heirs pay that tax with life insurance.

3. Has Your Health Changed?

Many retirees worry that if their health changes, their insurer will cancel their life insurance policy. But if you keep paying your premiums to keep the policy in force, bad health won't matter. In fact, your policy may have even more to offer you if your health takes a turn for the worse. Take a look at your policy, or call me and I'll go over it with you. It may offer living benefits that you can use if you need to pay for long-term care or become disabled.

This video explains more about how life insurance can benefit you during retirement:

Ready to take action? Let's talk about protecting your financial future. CallĀ or send me an email today!