Recent changes in the life insurance industry have made it even more critical that you review your policies. We recommend a thorough review every two to four years after you have purchased a policy. You may be able to get the same coverage at a lower premium or increase your coverage without additional cost. There are even products available now that combine life with long term care insurance to really maximize your investment.
Changes within your own life can also affect your insurance coverage and you should analyze your policies after major events like a marriage, divorce, retirement or home purchase.
There are several questions you should ask yourself as you review your policies.
- Do you know when your term insurance expires?
- Will you still need coverage when the term is up?
- When is the last time you received an in-force illustration and had it explained to you?
(An in-force illustration is something you have to request from the insurance company that shows how your policy is currently performing and when it expires. You would not want your policy to lapse unintentionally when your family needs it the most.)
Have you reviewed your beneficiaries? Many people forget to change the beneficiaries when they have had a life changing event. It is usually best to have a named beneficiary instead of just naming your estate.
Do you have enough coverage?
Whether you bought your life insurance from our office or from another agent, we can help you assess what you have and how it is performing for you. We can help you request the in-force illustrations and explain what they mean and we can run through some of the exciting new options available to you.