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Review your life insurance needs

After buying your life insurance policy, you may be tempted to “set it and forget it” and leave the policy untouched for years. If you appreciate how important life insurance is to your overall financial plan, then you should make sure that your coverage is adequately meeting your needs. Reviewing your life insurance is an important component to your financial well-being.

It’s time for a policy review if one or more of these statements apply to you:

  • Recently married or divorced
  • Purchased a home
  • Added or decreased your number of dependents
  • Don’t know your policy’s beneficiary structure
  • Change in health status
  • Experienced significant change to financial situation
  • Uncertain on policy performance
  • Haven’t integrated life insurance coverage with your overall financial planning strategy

What to expect during a policy review

A policy review will allow your Representative to understand the policy basics:

  • Type of policy (group vs individual, term, whole life, universal life, or variable life)
  • Amount of coverage
  • Annual premium
  • Policy benefits, features or riders
  • Beneficiary structure
  • Policy fees
  • Policy performance

Your Representative will take you through an assessment process to help them determine if your coverage is meeting your needs. Depending on your circumstances, your Representative may ask you to consider additional insurance coverage options and continue work with you to determine solutions that are best suited for your needs.

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Your beneficiaries

Reviewing your coverage will help ensure that the correct persons (entities) are listed and that you have allocated the death benefit appropriately.

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Your details

Check your own personal details to make sure that your contact information is accurate.

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Your options

The life insurance industry continuously develops new products and features. It’s possible that your coverage may not be the best match you and could jeopardize your ability to meet your financial goals.

Ready for a policy review?