Life Insurance Policy Review
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Reviewing Your Life Insurance Policy
Why Review Your Life Insurance Policy?
Changing Life Circumstances:
Adjust coverage for life events like marriage, having children, buying a home, or retiring.
Financial Goals:
Align your policy with goals like income replacement, debt repayment, or children’s education funding.
Policy Performance:
Ensure cash value growth is on track and make adjustments to avoid lapses in permanent policies.
Market Changes:
Explore cost-effective options as market conditions and interest rates evolve.
Premium Affordability:
Verify that premiums remain manageable as your financial situation changes.
Beneficiary Updates:
Keep beneficiaries current after events like marriage, divorce, or childbirth.
Policy Expiration:
For term insurance, explore renewal or conversion options before expiry.
Key Factors to Review
Coverage Amount:
Ensure it meets current and future financial needs.
Policy Type:
Confirm whether term or permanent insurance suits your situation.
Riders:
Evaluate add-ons like critical illness, accidental death, or premium waivers.
Premiums:
Compare your premiums with new policies for competitiveness.
Cash Value (if applicable):
Assess growth and usage potential for permanent policies.
Policy Loans/Withdrawals:
Check outstanding amounts that may affect coverage.
Tax Implications: Review tax benefits or consequences
When to Review?
- Annually: Stay updated with policy and financial changes.
- Life Events: Marriage, childbirth, retirement, or major milestones.
- Market Trends: Explore better options or new products.
Regular reviews ensure your policy aligns with your goals and provides peace of mind. Need help starting your review or addressing concerns?
