Skip to main content

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

Post a Comment

Popular posts from this blog

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...
Post a Comment
Read more

101724 What Cancer Cannot Do...

“Cancer can take away All of my physical abilities. It cannot touch my mind, It cannot touch my heart, And it cannot touch my soul.” Coach Jim Valvano *** What Cancer Cannot Do Cancer Is So Limited Cancer Cannot… Cripple love! Corrode faith! Eat away peace! Kill friendship! Silence courage! Invade the soul! Quench the spirit! Destroy confidence! Reduce eternal life! Erase the promises of God! Obliterate happy memories! Shatter the hope of Heaven! Lessen the power of the resurrection! Keep the faithfully obedient from Heaven! - Dr. Robert L. Lynn *** To all walking this road… Blessings and love. Cancer took away from me Two special ladies in my life. My mother and mother-in-law; Knowing I will see them again And knowing they are in a Better place gives me hope And comfort. - Hayden Childs *** Don’t worry your life away Waiting for the elusive prize At journey’s end. The journey is the prize. - Marsha Mercan  *** In this world it is not what we take up, but what we give up, that make...
Post a Comment
Read more

083121 Do You Know the Whole Life Story?

  Change comes at us from every angle as people update and upgrade everything from their diets to their devices, seemingly every day. When we enter adulthood as a young professional, we never imagine that we are only a couple dozen phones or a handful of trendy diets from marriage, parenthood or even retirement. Diets and devices can be great, but not all change is good, right? At every stage of life, financially confident people know that they can embrace the good and safeguard against the not-so-good with solutions designed to do just that. Enter: whole life insurance. Not just your parents’ insurance, whole life can actually benefit you no matter where you are in life.    THE BEGINNING: YOUNG PROFESSIONALS    When we’re young and focused on our dreams, we rarely consider the possibility of an unexpected, devastating change. What would happen if you died prematurely? It may be unsettling to think about, as it would be very painf...
Post a Comment
Read more