Insurance Plans of America Blog
As important as securing yourself a policy, reviewing your existing life insurance coverage is essential to determine the gaps in your coverage and evaluate if it still suffices with the changes in your lifestyle and current needs.
It is important to do a policy review annually to ensure that your policy is up to date and meets your needs and financial goals. Here is the list of reasons you need to review your life insurance coverage.
Change in Marital Status
You might have availed of your life insurance policy when you are still single and a young professional starting your career. Your financial needs and priorities are entirely different when you become married. This time, your spouse is dependent on you, and in case something unexpected happens to you, your life insurance will greatly help fill your family's financial needs.
You Got a New Job
If you started a new job or got promoted, it is wise to meet with your financial advisor to discuss your policy once again. Your new job or promotion is a good opportunity for you to increase your coverage or add other benefits that will make your policy more comprehensive.
Your Family is Growing
When you have children, it is important to revisit your policy to see if it caters to the growing financial needs of your family. At this point, the number of your dependents has increased. Hence, there is a need to re-evaluate your protection coverage if it still meets your family's needs.
Changes in Your Health State
Your health is a vital consideration when applying for life insurance. If you have faithfully paid your premiums, there is no need to worry about changes in your health. Medical bills are expensive, so it is important to assess in your policy review if you have adequate coverage that will absorb the financial shock if your health deteriorates in the future.
You Start a Business
You might have started a new business, and the capital you have invested in it came from a loan or personal savings. An additional policy may be necessary to aid your family in case of your sudden loss. In this way, you will not leave your family financially burdened and pay off your loans.
The Bottom Line
Conducting a policy review is beneficial, especially if you have new milestones in your life. It is also a good opportunity to review the gaps in your policy and assess how it can be upgraded to suit your current lifestyle and needs. A policy review is also a good venue to address some policy changes and clarify some points in your policy that you don't understand to your advisor.
At Insurance Plans of America, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (877) 752-6711. Get your free quote today by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!