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How Often Should I Review My Current Life Insurance Policy?
An annual review of your life insurance policy is always a good idea. You should make a point to review your home insurance, auto insurance, and health insurance every year to ensure they still meet your needs. Life insurance is no different.
There are several different reasons to review your policy. Have any of the following happened to you in the last 12 months?
- Bought a new home
- Got married
- Got divorced
- New addition to the family (had a baby/adopted)
- Refinanced a house or student loans
- Took out a large loan (car, college, to pay off bills, etc)
- Paid off a large loan (car, college, house, etc.)
- Change in your income
All of these things could affect the amount of insurance that is needed to protect your family in the event of your death. A policy that you took out when you were first married, may not be enough to replace ten years of your income. Many people will have more debt, more kids, and more general expenses than they did when they were newlyweds.
You could also be over insured if you took out a policy to protect your family in the event of your death when you were younger. Now that all of the children are grown and your house is paid off, your need for a large policy could be reduced and you might be paying too much for your coverage.
Take the time needed to review you life insurance information. You owe it to yourself and your family to have piece of mind.
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