When is the last time I reviewed my life insurance policy?
Buying life insurance isn't something you should do once and forget about it. As your life changes, your coverage should be reviewed to make sure it still fits your needs.
Many people purchase a life insurance policy, put it in a drawer, and never look at it again. While buying coverage is an important first step, your life insurance should be reviewed periodically to make sure it still matches your life.
Think about how much has changed over the last five or ten years. You may have gotten married, had children, bought a home, changed jobs, started a business, paid off debt, or experienced changes in your health or income. Any one of those milestones could affect how much coverage you need or whether your current policy is still the best fit.
Here's something many people don't realize. Life insurance isn't always a "set it and forget it" decision. Beneficiaries may need updating, employer coverage may have changed, and new products or policy features may be available that weren't an option when you originally purchased your policy.
Some things to consider:
*When was the last time you looked at your life insurance policy, and do you understand it?
*Have you experienced a major life change since your policy was purchased?
*Are your beneficiaries still current?
Do you know exactly when your policy coverage ends or if it will?
*Is your current coverage still enough to protect the people who depend on you?
Don't think that just because you have a life insurance policy that you're done. In reality, life changes, financial goals change, and insurance products change. Taking the time to review your coverage every few years can help ensure your policy continues to meet the needs it was originally purchased to protect.