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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/

 


 

 

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