Why is it important to review your life insurance?
Think about how often you review your home or car insurance—likely at least once a year. When renewal time comes around, many of us compare policies online, update our coverage based on any changes over the past year, and look for ways to save on premiums. This is a common habit for most insurance policies, so why not do the same with your life insurance?
Life constantly changes—new homes, children, career shifts. Has your life evolved since you first took out your life insurance policy? Reviewing it ensures that your coverage aligns with your current needs and life goals.
Unlike home or car insurance, which typically renews every 12 months, life insurance policies often last 20-30 years. This makes it easy to forget about, but it’s important to check in regularly to make sure it still meets your needs. While some years may pass without significant changes, it’s crucial to review your policy to confirm it’s still suitable for your circumstances.
Major life events—like retirement, a new job, having a child or grandchild, getting married, or buying a home—should prompt a review of your life insurance. These milestones can have a big impact on your financial situation and the amount of coverage you need.
Additionally, unexpected events, such as caring for a sick relative or losing a job, can deplete savings and change your insurance needs. By regularly reassessing your life insurance, you can be better prepared for life’s surprises. Make it a point to review your coverage after any major life change to ensure your policy offers enough protection for your evolving situation.
Bruce Gleason
Medicare Lic. # 7279927 | (716)708-9943 | https://medcarevalue.com/BruceAGleason