Reviewing Your Life Insurance Regularly Is Important

Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this…

If you've had the same life insurance policy for a while, chances are that your needs have radically changed. Whether you've gotten married, had kids or your kids have left the nest, it's important that your life insurance policy reflect your current needs.

This is why it's advisable you review your life insurance regularly. If you aren't sure what your next step is, you can always ask for help from a life insurance adviser.

When should you review your life insurance policy?

1.     You're in a new relationship. One possible reason to review and adjust your life insurance plan would be changes in relationship. For example, while you may have been single when you took your policy, you may now be living with a partner or even married. Conversely, you may have been married and are now divorced or with a different partner. It's important that you not only evaluate the level of cover you have but also update your policy include or remove beneficiaries.

2.     Birth of child. You may have taken out your life insurance when you had no kids or fewer children than you have now. The addition of a child to a family can make a huge difference to the family finances. The additional mouth to feed should be reflected in the amount of cover you have.

Why is it a good idea to review your life insurance?

There are few financial products that you can simply set and forget – you should regularly review your home loan to find new features and a better interest rate, your share portfolio is fluid, and your retirement savings should constantly be adjusted to reflect the number of years before you need them. Life insurance is no different, because as you go through life, your insurance needs change, and you want to make sure you’re getting the most value from your insurance products.

Looks like really useful info? Just click here to find out more. If you’d like to share perspectives or discuss how it relates to your business, call me on (07) 3243 0000 or email me at [email protected].

Thanks,

Mark