Protect Your Future: When Was Your Last Life Insurance Review?

life insurance review

3 min read

As September comes to an end, we want to take time to acknowledge that it’s National Life Insurance Awareness Month across the United States.

This educational initiative is an important one, as it’s the insurance you don’t want to think about — but really should. Because of that, we’d like to share some things you can do this month to make sure your coverage is adequate.

First, Here’s Why You Should Care about Life Insurance

Many people don’t start thinking about life insurance until they have others who are dependent upon their income, like a spouse or children. But there are many reasons to think about it now, no matter how young and healthy you are.

Simply put, if you die, your life insurance funds can help ease the financial burden of those left behind to settle your estate. So even if you don’t have someone relying on your income for survival, any debt you have could be passed on to your next of kin — like student loans, credit card balances, mortgages, etc.

Another reason to think about life insurance now is that it’s significantly cheaper to get life insurance when you are young and healthy, rather than waiting until later in life.

But ultimately, no matter your age, life insurance is something you should care about. Not only can it be used to pay off debts or provide for your kids if you die unexpectedly, but it can also aid in funeral costs, protect your business, supplement your retirement, and offer you and your loved ones peace of mind.

Your Life Insurance Coverage: 6 Questions to Ask Yourself Now

There is no better time than now to look at your current life insurance coverage and determine if what you have is enough to meet your needs and provide financial security for your loved ones. Here are six questions to ask yourself to get started today.

  1. First and foremost, do you have life insurance? If you’re not sure, start by checking with your employer, as many companies will provide 1-2 times your gross annual income.
  2. If you don’t have life insurance, why not? Perhaps your employer does not offer this benefit, or you have not considered getting a private policy.
  3. If you have a policy, when did you obtain it, how much is your coverage, what are you paying for it, and who is the beneficiary?
  4. Have you experienced any significant life changes since you obtained your policy? As life changes, so do your needs. Have you gotten married or expanded your family? If more people are counting on you, it’s essential to reevaluate your policy to protect your most valuable assets and take care of your family.
  5. Do you have a temporary or permanent solution? Are you renting coverage, or do you own your coverage? Make sure you understand the differences between term and permanent life insurance and what you have.
  6. When’s the last time you looked at how your policy is performing? Are you on track, ahead, or behind?

Life Insurance Is a Financial Instrument That Needs to Be Tuned Frequently

When’s the last time you had a life insurance review? If it’s been a while, we encourage you to pick up the phone and schedule that call today.

And if you currently don’t have a policy, we are here to help. There are a wide variety of life insurance policies to meet your needs and budget alike. And remember that you are never too young or healthy to think about life insurance. In fact, the earlier you take measures to protect your future, the better.

We are here to think ahead with you and help you plan, always working to make the complex simple.

Let’s talk!

September 30, 2020