How often should you review your life insurance coverage and policies?
Typically we recommend reviewing your policies and coverage on an annual basis to make sure that the amount of insurance coverage is still appropriate and that the type of policy and the beneficiaries are still what you need and want from your coverage.
Most individuals purchase these policies when they are young, with a family, and don't look at it ever again. The last thing you want to find out later in life is that the policy was not what you thought it was or to leave your family with a headache.
To help you avoid this mistake, we offer complimentary life insurance review services.
We can order an in-force illustration of your policy to help you understand how fees are paid and how those fees change as you get older. We frequently find that the fees eventually get high enough that you are forced to add additional funds to the policy later in life to keep the policy in force. The in-force illustration will also give you an idea of how the cash value changes over time and may give you an idea of if you want to keep the policy or surrender the contract.
When it comes to life insurance, there's a lot to know, and we are happy to help you make the best decision for you and your family.