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Cowart Insurance Agency Blog

All You Ever Wanted to Know About Insurance

When to Review Your Life Insurance

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
  • Beneficiaries
  • 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.