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 healthy. You are ahead of the game – or so you think.
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.
As a general rule of thumb, you should perform an annual review of your policy to ensure that it is still meeting your needs. However, if you experience a major life event, you should review your coverage immediately.
Items to consider or review annually:
- Amount of debt (Home Loans, Car Payments, Credit Card, and Student Loans)
- Financial responsibilities
- Permanent or temporary coverage
- Policy performance, if cash value is included
- Insurance Company's Financial rating
Events that warrant immediate review:
- Marriage or divorce
- Addition to the family (New born baby, or Adoption)
- Becoming empty nesters
- Change in jobs or retirement
- Major purchases – home, business, etc.
- Loss of a loved one
As your life changes, so should your life insurance. Contact our agency to review your life insurance today.