Too often reviewing your current insurance coverage is left too long, so why is it important? Often in reviewing a new client’s existing coverage we discover cost savings, errors and that the coverage no longer fits their situation. I have included a few examples below.
- On Life insurance it is important to make sure you beneficiary is correct, and the name is right. Often the name changes due to marriage and the policies are never updated.
- Is a term about to increase? It is common to see a term insurance policy (Critical Illness or Life) that has renewed and is now costing more than the client needs to pay. Know when your term is due and look into changing the term 2 years before it is due.
- How many policies do you have? Often people have a life insurance policy, a policy at the bank and insurance on the credit card. Often the policies at the bank and credit cards are expensive and not always to be trusted (read the fine print). Many times people do not even realize they are paying monthly for insurance on the credit card. Reviewing to make sure you had a policy that fits you is important.
- Does your insurance still make sense for your current situation? Life changes fast.
These are only a couple of the things that should be reviewed on an annual basis. Being proactive with your finances is important, if you are not you will be?
This blog is referring to life insurance, Critical illness insurance, Disability insurance and long term care insurance.
