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. It’s your major asset. It’s illiqui

081022 Is Life Insurance Worth It?

The decision to buy life insurance is personal. So many of the insurance calculations depend on your circumstances, Financial situation and future plans. Even individuals who don’t currently have dependents, a business, Or significant debt may want to look into getting life insurance. That’s because the cost will go up as you age, which means that right Now is likely the cheapest time for you to buy a policy. Even the best planners can’t predict the financial fallout of your demise. Carrying some life insurance can provide a layer of financial protection For your beneficiaries. Thinking through the potential financial issues that could arise after your Death can help you answer the big questions: when, and how much Life insurance you should buy, if any. - Emily Guy Birken https://www.thebalance.com/who-needs-life-insurance-2645793#toc-why-buy-life-insurance Hayden Childs Alabama Licensed Agent (205) 269-1382 www.haydench

050922 How Much Does Life Insurance Cost?

The cost of life insurance varies significantly depending on several different factors. One of the biggest cost factors will be the type of life insurance you buy. For example, a term life insurance policy is significantly less expensive than a Whole life insurance policy for the same amount of coverage. Here are some of the most common factors affecting life insurance rates… Age… The younger you are when you buy a policy the less you’ll pay. That’s because your chance of death is smaller. Sex… Females have a life expectancy that is nearly five years longer than males, according to the National Center for Health Statistics. This means that men generally pay more for life insurance than women (except in Montana where insurers must provide gender neutral life insurance rates). Health… Your health has a major impact on your life insurance rates. The insurer will evaluate your past and current medical conditions in order to

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