When to review your life insurance policy

No one wants to think about a situation where you can no longer provide for your loved ones. It’s a difficult topic to breach, but life insurance is an important decision to make because it can’t be adjusted once the policyholder has died. For your beneficiaries to receive everything you want them to, all your assets must be listed out as available. Even when you already have a policy in place, external factors in your life can change. So when is a good time to review your life insurance policy?

Once a year may seem like a lot, but this helps ensure you have the right level of coverage to protect your loved ones based on things that have changed in your life. There may also be new coverage offers from your insurance provider that could benefit you more than your current plan. 

Other times you should think about reviewing your policy: 

• Getting married/divorced

• Buying/selling a business

• Getting a new job/raise/promotion

• Taking out/paying off a mortgage 

• Retiring

• Having/adopting a baby

• Receiving an inheritance

• A new job

• A death in the family

Another reason to consider reviewing is if you experience a change in health, whether good or bad. If your health declines, it may be a good idea to consider additional coverage. On the contrary, if your health improves from changing external factors like diet, exercise, etc., this may help you get a better rate.

Staying on top of the accuracy of your life insurance policy will ensure that your loved ones are fully covered. Contact your local independent Cushman agent today to discuss your current policy.