Life Insurance Review 101
It is all too easy to forget about updating and reviewing life insurance policies. You may feel that it is too soon to start planning for that day, or keep setting it aside and say “you’ll get to it later”. In general, life insurance should be reviewed on a regular basis, especially when there is a life-changing situation such as birth of a family member, or marriage to a spouse. Life insurance is fundamental part of efficient financial planning for the future, and essential in protecting your loved ones
The easiest way to review your life insurance policy is to by answering these questions below:
- Who is the insurance company that provides your policy? Do you know your policy number? Keep the contact information of your insurance agent handy.
- Have you had any change in your financial responsibilities? These expenses include cost of family healthcare, educational and childcare expenses. Be prepared to discuss the potential increase of financial responsibility with your agent.
- Have you taken on any new debts? Think about if you have recently financed a car, or taken out a mortgage. These debts should be included on your life insurance policy.
- Any changes in beneficiaries? Who are you leaving your benefits to? Easily one of the most important decisions you will have to concerning your life insurance. Take a moment reflect to think about family relationships such as your spouse, children, grandchildren etc., when you are outlining who your benefits will be going to.
The time is now to get into the habit of reviewing your life insurance policy periodically, providing peace of mind and long-tern security for you, and your loved ones. If you have any questions regarding reviewing your life insurance, please contact us over at Mid Atlantic Insurance Solutions Inc.