You did your homework. You researched how much life insurance you needed, what type of products were best and purchased a life insurance policy when you were young and health. You are ahead of the game. But are you?
According to the National Association of Insurance Commissioners, you should regularly review your life insurance policies. Your policy should never be tucked away and forgotten until needed.
As a general rule of thumb, perform a review of your policy every year to ensure it still meets your needs. However, if you experience a major life event, review your coverage right away.
Items to review every year
- Amount of debt
- Financial responsibilities
- Permanent or temporary coverage
- Policy performance, if cash value is included
- Company standings
Life events that warrant immediate review
- Getting married or divorced
- Adding a child to your family or becoming empty nesters
- Changing jobs or retirement
- Making a major purchase like a home or business
- Losing a loved one
As your life changes, so should your life insurance. Contact us to review your life insurance today.