As the new year is quickly approaching, end of the year planning is ramping up. While many are getting their finances in order for 2021, I want to bring light to a topic that you may have given little attention to: life insurance. If you haven’t already, now is the time to reach out to a trusted professional to find out what your options are when it comes to life insurance.
Each year, you should get an annual health checkup with your doctor to make sure you’re in good shape. The same thinking applies to your life insurance policies. Generally it’s a good habit to review your policy every 12 months. This can help you identify where you are today versus what you may need in the future. You can also ensure nothing has changed in the market to affect your coverage. You may find you have adequate coverage and don’t need to change any details, or that you need to make more adjustments than you initially anticipated. Your financial advisor or insurance provider can help you decide what type of strategy you should pursue when it comes to your life insurance policy.
I recently revisited my life insurance policy and realized some things had changed since I had purchased it. Life insurance rates had gone down, there were better options, and my health had remained the same, if not better. By revisiting my policy, I was able to save money, as well as add on more life insurance.
Keep in mind the importance of life insurance and remember to check in with your agent or other trusted professional at least once a year to see if you can benefit from a reassessment. In some instances, you may be able to pay less for a similar policy or obtain a policy with a higher value for the same cost or less based on the current rates.