Your Life Insurance Check Up

Every now and then, you should look closely at your current life insurance policies to see if any adjustments should be made based on your current situation.

If you don't have a life insurance policy or have not thought about financial strategies, there’s no better time to start than now. For most people, the sooner they buy coverage, the lower their cost. Here's what to consider.

Review Your Current Insurance

If you have life insurance, it's an excellent time to review your policy. Look at factors such as:

• Significant life changes such as getting married or divorce
• Changes in your long-term financial goals and estate plan
• Having more children or changing who your beneficiaries may be
• Starting or closing a business
• Retiring or thinking about retiring soon
• Changes in your financial obligations

If any of these or other areas of your life have changed since you purchased your life insurance policy, it may be time to make adjustments as you see fit.

Don't Have Life Insurance?

It's common for people to be unsure if they need life insurance. Think about what would happen if you passed away unexpectedly. Who would help cover the cost of raising your children or supporting other dependents? Think about your spouse or significant other. Would they have the financial means to maintain their current lifestyle without your income? Also, consider your business and whether it could survive without you.

It's not uncommon for people to think that life insurance is costly and often too expensive for their budget. A nonprofit organization called?Life Happens?studied this. They found in their Insurance Barometer Study that most people think life insurance costs three times as much as it does.

How Much Is Life Insurance?

Many factors play a role in the costs you'll pay for life insurance. It doesn't have to be hard to find out what those costs are. You can request information about these policies and get a no-obligation quote that may surprise you with how affordable it may be.

Find the Right Life Insurance for Your Needs

Both whole and term life insurance policies may be available to you. When you consider these options, also factor in your financial goals.

Whole life insurance policies may offer an opportunity for you to earn during your lifetime and may even help you to use insurance as a component of your estate strategies.

Term life insurance policies remain in place for a set number of years. During that time, if something were to cause your death, your beneficiaries could receive the financial support they need to continue to meet their needs.

With a range of policy options available and outstanding reasons to invest, don't put off getting life insurance in place. It may be easier to do this than you realize.?Reach out?to one of our experienced financial professionals to get started.

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