Why Should I Review My Life Insurance Policy?

1. Why Should I Review My Life Insurance Policy? Too often, policyholders overlook their life insurance policy review. Home and car insurance policyholders review their policies regularly – at least once annually. On receipt of the renewal notice, policyholders quickly note changes over the past year. Such routine checks update you on your policy status. You can then decide whether or not to continue with your policy, modify, or switch to something different. Sadly, many are rather lax about their life insurance. Given its long-term package status, it’s easy to procrastinate. The consequences may be costly if necessary reviews delay till policyholders’ demise. Ideally, book an appointment with your company rep or agent regularly. Why You Should Review YourLife Insurance Policy We experience change as we go through life. Regular policy updates help detect loopholes in your policy. Without regular reviews, you may soon discover you’ve been financing an irrelevant coverage. Besides, policy review may expose policy updates and, as well, help you take advantage of recent industry-based developments.

2. When Should You Review YourLife Insurance Policy? Experts recommend annual life policy review. However, life insurance policy is most necessary after certain life events, including: Income Change If lately you landed a good-pay job after college or got a job promotion, consider a policy review. Conversely, job loss may also inspire a review. In either case, a life insurance policy reevaluation modifies your policy to mirror your current financial condition. Change in Health Status If a significant health condition improves, congrats. Ideally, such health shifts should reflect on your health insurance premiums and life insurance rate. Often, such discounts are substantial. Reversely, when one’s health deteriorates, it may be impossible to increase personal coverages. However, you may increase group coverage via work where insurability proofsare irrelevant. Either way, a policy review is a win. Change of Relationship If you just got married or divorced, consider an insurance review. Your coverage should reflect your new life. A newly divorced, on the flip side, may not need as much cover any longer. Change of Housing Did you offset your mortgage recently? Your life insurance needs may have become leaner. Contrarily, if you acquired a new home, your liability, upon passing, increases. Either status needs to reflect on your life insurance – hence, a review. Change of Beneficiary If your policy beneficiary passes on or, for whatever reason, needs replacement, you’ll need a policy update. The same holds if you wish to add a new recipient.

3. Due-For-Expiration As your policy approaches expiration, quickly consider a review. If there are no significant changes, you may want to compare different brands. Summarily, if you ever get stuck, an expert life insurance policy consulting company will lead you through the options. Original Source: https://bit.ly/2WO4PkT