When was the last time you reviewed your life insurance policies? While the rates on your coverage are likely locked in for the duration of your policies, rates on new life insurance contracts change all the time. If you have not reviewed your policies in a few years, you might be paying too much for your coverage.
Not only do new life insurance rates change, but everything in our lives changes constantly. In three to five years, most people experience significant change – jobs, marital status, children, new homes, higher education costs. These all require a thorough review of your financial plan, including your life insurance policies.
Here are a few questions to ask during your policy review:
- Do I still have adequate amounts and types of coverage?
- Are my beneficiary designations still consistent with my current will, family structure and wishes?
- Why did I purchase your current policy?
- Can I pay less for the same coverage today?
- Can I get more coverage for the same price today?
- Do my policies have any living benefits, any ways for me access benefits without dying?
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