July 2018 – Evaluate your insurance needs annually to make sure you have both the right amount and type of insurance you need to cover unforeseen circumstances that can derail your finances.  If your family is growing, you might need to increase the amount of your life insurance to protect your loved ones. Life insurance is mainly designed to replace lost income. As you get older, there are fewer years of income in the future, so the amount of income to replace decreases. If you decide to reduce your life insurance, apply the savings towards your retirement plan or perhaps consider long term care insurance. Don’t forget to check your beneficiary designations.