Do you even know where your life insurance policy is?
This year’s Life Insurance Awareness Month spokesperson is retired NFL MVP quarterback Boomer Esiason. Boomer speaks from the heart about the hardship his family faced when his mother, Irene, died when Boomer was only 7. He’s also a passionate fan of life insurance because, as a father himself, he understands how different things would have been growing up if his mother had life insurance.
Having life insurance is an important first step in securing your family's financial security however as your life changes i.e. getting married, having children or buying a new home, your insurance needs change too.
You probably spent quite a bit of time looking for the right life insurance policy to ensure that the things and people you care about most were protected from unexpected life events. The fact that you purchased an insurance policy and continue to pay premiums on it shows that you're still interested in having coverage for yourself and your family.
But when was the last time you looked at your life insurance policy? How do you know that you still have the coverage you need? When you bought your insurance policy, you chose the one that would suit your life situations. If you chose your policy years ago, your life situations may have changed and your policy may no longer provide the correct amount of protection.
A life insurance policy review can help you re-evaluate your policy to make sure that it is still the best option for you and your family.
A good insurance policy review will reveal answers to these essential questions:
- Is your policy performing as expected?
- Can you maintain the same coverage at a lower cost or even eliminate premiums?
- Is there a policy that offers more coverage for the same premiums you are paying now?
- Are there improved living benefits available to increase the value of your coverage and protect you and your loved ones in addition to a death benefit?
- Is your coverage too much, too little or still right for you?
Don't allow your policy to falter or your loved ones to suffer because you did not review your life insurance plan with a trusted advisor.
If you've had any major life changes since you purchased your life insurance, you may need to revise your policy or get a new one altogether. Any changes in your life that impact your income or expenses are likely to influence the amount of coverage you and your family need. For example, if you've had a raise, promotion, or job change, your policy may only cover the salary you were making previously in the event of your death. If you don't make any changes to your policy, your loved ones may only receive enough money to replace your previous income, which may no longer be enough to meet their needs. Other events that can impact the amount of protection you need include a marriage, the death of a family member, the purchase of a new home, the birth of a child, a divorce, college expenses, and retirement. If you get a life insurance policy review, you will be able to figure out how those life changes can impact your coverage.
If your life has changed since you bought your life insurance, what can an insurance policy review do to help you? A policy review can help you reevaluate your existing policy (or policies) to ensure that your current needs and expectations are met. During the review, an insurance specialist can assist you by providing information about retirement planning and savings, turning your temporary policy into a permanent policy, and making sure that all of your questions are answered. If your current policy is no longer meeting your needs, you can get more information about new products, services, and benefits that may not have been available to you previously.
For more information about life insurance go to AndrewWBradley.ca and if you would like your policy reviewed please contact me today at 613-286-6841.
The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. I recommend that you obtain your own independent professional advice (preferably me) before making any decision in relation to your particular requirements or circumstances.
Author: Andrew W Bradley