What did you do with your life insurance policy when you received it? If you’re like most people, you probably gave it a quick review and filed it with your other valuable documents. Also, if you’re like most people, you probably haven’t looked at it for quite some time.
The good news is that if you’ve been paying your premiums on time, the policy has probably not had any material changes since you purchased it. While this is mostly good news, if you have had significant changes in your life, your policy probably hasn’t kept up with them.
Most insurance professionals recommend a life insurance policy review on an annual or bi-annual basis to see if any of the following changes you made would impact your policy:
The following life changes should trigger a need for a policy review (some of these also fall under Administrative Changes):
Fortunately, your life insurance coverage can change as your life changes. Knowing how life events can impact your financial risk is a critical reason to do business with an independent agent who will contact you regularly to make certain your life insurance coverage is sufficient to mitigate your risks.
Life events that will likely impact you financially and thus trigger a coverage review include:
Certainly, none of us live in a vacuum. Without out a doubt, life events will affect all of us, and for that reason, every adult who owns life insurance should consider having that policy reviewed to determine if it is sufficient to mitigate all financial risks during your lifetime.
If your agent is unable to change your current policy or policies to meet your needs, it may be time to consider another policy in addition to what you are currently carrying.
On the other hand, if your overall financial risk has been significantly reduced, it may be time to reduce the amount of coverage you have.
Most insurance professionals recommend a life insurance policy review on an annual or bi-annual basis to determine if any life events require a change in coverage or beneficiaries.
If you’re like most people, during the year certain life events like a new baby, divorce or marriage, and financial events will likely impact your financial risk. For this reason, your policy should be examined to see if any changes are needed.
Most insurance professionals will ask that you allow them to have a policy review at least once per year.
Although many agents prefer face-to-face meetings, today’s technology allows for a meeting using technology that is available to both parties like a video call or Zoom meeting.
Feel free to contact one our insurance professionals at 866-868-0099 during normal business hours, or contact us through our website 24/7.
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