Life insurance is an important type of financial security that may be purchased to safeguard one’s personal family and loved ones in the event of the policyholder’s unexpected passing.
However, this is not a product that can be “set and forget it.” It is important that you do frequent checks of your life insurance policy in order to ensure that the coverage still meets your needs and offers an appropriate level of protection.
The first and most important reason to
evaluate your life insurance policy to check and see whether it still fulfills all of your needs. It’s possible that your insurance requirements may shift as your life evolves. If you have children after buying your policy, for example, you may need to increase the amount of coverage you have so that they can be taken care of in the case of your passing. You may no longer need the same level of coverage if, for example, you have paid off your mortgage or another kind of debt.
Monitoring your policy is important for a number of reasons, including the need to guarantee that now it continues to provide the greatest level of protection at the most reasonable cost. Insurance companies often make changes to both their rates and the products they provide, and in certain cases, a new insurance policy or rider might give more protection at a lower cost. In addition, if your health has improved since you bought your insurance, you could be able to get lower premiums because of the change in your circumstances.
Reviewing your policy to check that the information associated with your beneficiaries is still accurate and up to date is another essential step. In the case of your passing, the death benefit from your insurance will be paid to the beneficiaries of your policy. Beneficiaries might be individuals or organizations. It is of the utmost importance to check and see whether the beneficiaries listed on your policy are still the individuals whom you would want to receive the death benefit. It is also important that you evaluate your beneficiaries on a regular basis to ensure that they are still alive and eligible to collect the death benefit when the time comes.
Last but not least, it is important that you audit your insurance on a regular basis to verify that it is still in effect and that the premiums are being paid on time. If the premiums on a life insurance policy are not paid, the policy will not be able to provide any protection. If the premiums are not paid on time, the insurance will become invalid, and the insured will no longer be protected. In addition, your insurance has a cash value component, you should make it a priority to evaluate the policy on a regular basis to check that the cash value is rising in the manner that you expect it would.
In conclusion, reviewing your life insurance policy regularly is crucial to ensure that it still meets your needs and provides the necessary protection. If you’re looking for assistance in reviewing your policy or finding a new one that fits your needs, look no further than Every Health Group where our experienced agents will work with you to find the best coverage at the best price. Don’t wait, visit our website at www.everyhealthgroup.com or give us a call at (888) 421-2216 today to schedule your consultation.