6 Reasons To Review Your Life Insurance Policy

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The Bible says in 1 Timothy 5:8:

“But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and worse than an unbeliever.”

I believe the Bible is very clear that we should provide for our families.  But what if you are not here to do that anymore?

When was the last time you looked at your life insurance coverage?  How long has it been since you sat down with a calculator and considered your loved ones’ financial needs?  If it’s been a while, you’re in good company.  Most of us craft our life insurance programs with care when purchasing a policy, then forget to revisit the subject as times change.  Of course, it is only natural to avoid thinking about the possibility of our death.  Still, the payoff can be worth the extra effort it takes to perform a periodic review.

If it’s been more than five years since your last life insurance checkup, you may be missing opportunities to take advantage of newer life insurance policies that are more cost-effective and competitive.

What kind of events should trigger a life insurance review?

1. If you are newly married…
2. If you have lost a spouse…
3. If one of your heirs has been recently married or divorced…
4. If a child or grandchild has recently been born or adopted…
5. If you have had a major career change…
6. If you have recently retired…

These are just a few of the life-changing events that should trigger a life insurance review.

So please, take some time to review your life insurance policies to make sure they are set up properly.  Make sure you have the beneficiaries designated that you want to receive the money and that this amount of money will provide for the care for your family in case you are not here to take care of them yourself.

If you would like to discuss your own personal financial situation, we are here to help. We do not charge an hourly fee to meet with clients.

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