Why You Should Review Your Life Insurance

Life Insurance Review

Why You Should Review Your Life Insurance

With most financial decisions, most people will always seek a second opinion; however, this does not always seem to be the case when it comes to Life Insurance. This is the one thing, above all else, that should be reviewed because if there is an issue, it is always better for it to be caught sooner than later. Life insurance premiums are always their lowest during a person's younger years and when they are their healthiest. If there is an issue with your current life insurance, it would be better to know now while it can still be fixed. Listed below are additional reasons why it is important to have your current life insurance policy reviewed:

Has your family grown?

If you have recently been married or have had children, you should have your life insurance reviewed to ensure the coverage is sufficient to ensure your spouse and children are taken care of should the unexpected happen. Things to consider is how will your family survive without your pay. There are also costs such as school tuition and future college expenses that must be taken into consideration.

Has Your health changed?

If your health has improved since you took out your current life insurance policy, you could be paying more than you should. It is possible that your risk class is no longer appropriate and you could be overpaying for your coverage. Also, many people over the last few years of stopped smoking and if your current policy has you listed as a smoker, you may now be able to qualify as a non-smoker.

Are you paying a competitive price?

There are many different insurance carriers with many different products. Most people always accept the first offer made to them and are unwilling to look for something better. This, however, could cost you thousands over the term of your policy. It makes sense to get a second opinion to ensure you are paying the best possible price for your life insurance.

Does your coverage equal your current needs?

As your income grows, generally your assets also grow. This includes your home, cars, investments, etc. If you were not here tomorrow, would your family be able to make the required payments on these assets? This is an important question that needs to be answered. It's important that your life insurance coverage is enough to ensure your assets can be covered.

Are your beneficiaries correct?

Often times the life insurance beneficiary lists the insured's estate listed as the beneficiary which would make the death benefit part of the estate and therefore could be taxable. This should be corrected to avoid this. Also, are the beneficiaries appropriate for who is currently in your life now?

When dealing with a competent life insurance professional, all of these questions can be answered in less than 15 minutes by allowing an agent do a policy review. Contact us today to schedule an appointment to make sure the most important financial decision you make is what you want it to be.