111521 How often should I review my life insurance?

Like other aspects of your financial well-being, you don’t want to take

a “set it and forget it” approach to your life insurance policy.

As a general rule of thumb, it’s a good idea to review your life

insurance with your life insurance agent at least once a year. The life

insurance review is a way to make sure that you have the right kind

and level of coverage to protect your loved ones. And if you have

permanent life insurance, it’s a good opportunity to make sure it’s

helping you meet your overall financial goals.

A life insurance review is also the perfect time to learn about any

new coverage options your insurer recently announced; to discuss

any concerns you have about the rate you’re paying; and to take

action before a policy expires.

Other Times to Review Life Insurance

Your life insurance often needs to change as your life changes.

That’s why you’ll want to schedule a life insurance review after a

major life event.

Life events that should trigger a review of life insurance include…

Getting married

Getting divorced

Buying a house

Having or adopting a baby

Accepting a new job

Receiving a substantial raise or promotion

Taking out a mortgage or other loan

Refinancing your home

Paying off your mortgage

Buying a business

Selling a business

Receiving an inheritance

Having a loved one require long-term care

Becoming disabled

Becoming an empty nester

Experiencing a death in the family

Retiring

An often overlooked reason for scheduling a life insurance review

is experiencing a change in health. A turn for the worse is often a

reason to increase your coverage or to examine additional coverage

opportunities. (Just know that a new policy may cost more if you’re

facing a health challenge.) That said, rest assured that you’ll be

able to continue the coverage you already have in place regardless

of your health.

On the flip side, an improved health outlook from losing weight,

exercising more, quitting smoking and getting control over an issue

like high blood pressure might help you get a better rate. The same

applies if you recently quit a dangerous hobby like mountain climbing

or left a risky job like being a roofer.

Work With a Life Insurance Agent

One of the best ways to make sure your loved ones are fully protected

is to work with a licensed insurance agent who can walk you through

the entire process.

The key is to start today.

I am available for a free review within

My service area in Alabama.

Hayden Childs

Alabama Licensed Agent

(205) 269-1382

Shcmail34@yahoo.com

www.haydenchilds.net

https://lifehappens.org/life-insurance-101/how-often-should-i-review-my-life-insurance/

Comments

022823 The 9 Benefits of Whole Life Insurance...

(1) Provide for Loved Ones… It’s the basic need everyone thinks about. You have a young family. You are the major breadwinner. Something happens to you. How is Your family supposed to make ends meet? It’s a form of protection. Peace of mind. (2) Key Man Insurance… You and your partner own a business. It’s grown. Many employees Depend on you. If something happens to your partner, it’s likely their Spouse or family will inherit their share of the business. Cash would Be a lot more useful to them. Life insurance on both partners can Provide the cash to buy out heirs and keep the business intact. (3) Emergency Loans… Hopefully your client lives a long life. The whole life policy accumulates Cash value, eventually growing to the full face value, or beyond. Many Policies allow you to borrow money against the cash value. You would pay interest. (4) Funding Estate Taxes… Your client owns a farm. I...

090921 Those Dying From Covid-19 Are Least Likely to Own Life Insurance...

Many companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. fatalities As the number of U.S. corona virus deaths surpasses 200,000, public-health experts point to a series of missteps and miscalculations in the country's response. Here’s a look back at how the U.S. became the center of the global pandemic. Sept. 28, 2020 5:30 am ET U.S. life insurers are paying out far fewer Covid-19 death claims than initially expected, largely because the virus is disproportionately killing people with little to no insurance. In the past few weeks, many life-insurance companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. Covid-19 fatalities. Estimates have come down by an average of 40% to 50%, according to Credit Suisse stock analyst Andrew Kligerman. Driving the rapid reduction in exposure are two groups… older Americans and minoriti...

080822 Less Common Life Insurance Needs

On top of the most common reasons for buying life insurance, It can help cover some less common needs. These could include… *Insuring Children Buying a policy on a child can ensure that the family will financially Survive the loss of the child, but keep in mind that such a loss is Fairly unlikely. It can also ensure the child’s ability to qualify for life Insurance in the future. That could be helpful in the case of a health Diagnosis that might make it harder to pass the underwriting process. *Replacing Retirement Benefits Life insurance is often marketed as income replacement for an Insured person during their working years, but some retirees may Choose to keep theirs after leaving work. It can be used to replace The loss of any retirement income for their spouse or any dependents. *Investment Permanent life insurance can provide you with a potential income Source. You can access your cash value once it has buil...

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