Investing in a life insurance policy gives you the peace of mind knowing that your loved ones or your beneficiary will be financially protected (God Forbid) in your passing. Unfortunately, once your policy is set in place, it’s usually normal to set it aside and not think about on a regular basis.
With so many life changes taking place due to the pandemic, it is significantly important to perform a life insurance policy review. And yes, as a result of the world we now live in, having conversations about a death benefit can sometimes be an unpleasant topic. Nonetheless, before your decide to review your life insurance policy, make sure you have a clear understanding of the type of policy you have and how your policy benefits perform when needed most.
In general, there are seven key life changing events that justify performing a Life Insurance Policy Review. However, as a rule of thumb, after obtaining life insurance, your policy should be reviewed every few years, especially when you experience one of the following but not limited to a life changing event.
Marriage and Divorce
Home Purchase / Mortgage
Child or Dependent
Employment Change
A Loan (Car Loan)
Beneficiary Change
Health & Lifestyle