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New year, new life insurance review

It is a good policy to review your life insurance every year. If you have paid your premiums on time, the insurance will still be there, probably without any significant changes since you bought it. However, if major changes have taken place in your life, your life insurance may need to be adjusted or no longer fit your needs.

Why review your life insurance annually? allows you to add additional coverage as needed. The following are some important reasons for an annual review of life insurance.

Beneficiary's control

Your beneficiaries are the people who will receive compensation in the event of death from your life insurance. If major changes have taken place in your life over the past year, such as marriage, divorce or the birth of a child, you may want to change how your life insurance income will be distributed. For example, if you mentioned a sibling as your beneficiary, then married and ignored changing beneficiaries, your sibling would receive the life insurance benefits in the event of your death instead of your spouse.

Health changes for the better.

If you have stopped smoking and are now nicotine-free, your smoking prices can in most cases be changed to non-smokers. This can result in significantly lower premiums. If you have lost a significant amount of weight and kept it away for at least a year, you may also qualify for lower premiums. In some cases, it may be to your advantage to buy a new insurance policy after significant health changes for the better.

Health changes for the worse

If your health has deteriorated, the life insurance company can not increase the premiums on an existing policy. If you have a term life, however, it can be a good opportunity to look at the insurance's conversion function that allows you to convert a term insurance to a permanent insurance for life or universal life without changing your health class. Life insurance expires after a certain period of time. Major health problems can make it more expensive to buy a new insurance policy.

Growing Family

The main purpose of life insurance is to provide for the loved ones who depend on you in the event of your death. When children are born, the number of people you want to support increases. You may want to replace your existing life insurance with a new insurance that has a higher benefit amount or supplement your current life insurance with an additional new insurance.

Income changes

If your income has increased significantly, you may want to buy more life insurance to ensure that the death benefits are sufficient to reimburse your income for a certain period of time. For the same reason, if your income has decreased significantly and probably will not recover, you may want to reduce the coverage on your current insurance.

Our agent will be happy to review your life insurance policies with you and help you make any necessary changes. .

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