The article concerns the question – Why review your current Life Insurance Policy? Insurance is not one of those things that you can buy and then ignore and this is especially true of life insurance. Over the years things in your life are going to change and that means that your life insurance is going to have to change as well. The last thing you are going to want to do is leave your dependants in a tough spot because you didn’t review your life insurance policy. By checking your life insurance on a regular basis you can make sure that it keeps up with the changes in your life and that you have the coverage that you need.
The most important reason to review your life insurance policy is that your income has changed. The purpose of life insurance is to replace your income in so that your dependants are taken care of if you die. That means that as your income changes you need to make sure that your life insurance keeps pace. This will make sure that your coverage does what it is supposed to and takes care of your family. It is also important to review your life insurance policy if you have a new child.
The cost of raising a child is very expensive so when a new one comes into your family you will likely need to take out new life insurance. In addition to increasing the amount of coverage you have you will also likely want to make sure that you extend the term as well. Ideally you should have life insurance coverage that covers your children until they graduate from college.
Obviously with a new baby in the family this is going to require a longer term. As your health changes you are also going to want to review your life insurance policy. The better your health the less you will pay for your insurance. If you have quit smoking or lost weight you will almost certainly get a lower rate on your life insurance.
Of course the insurance company isn’t going to just call you up and tell you that, you are going to have to contact them and see if you can get a better rate. Get loads of life insurance quotes and pick the best one! It is critical to review your current life insurance policy if your beneficiaries have changed. Stories of people who get divorced and forget to change the beneficiary on their life insurance are heard all the time.
This is especially bad if you have remarried and have new dependants. It is very important that you review your life insurance policy on a regular basis to make sure that if something happens to you the money will actually go to the people that it is supposed to. The last thing that you want to do is leave your dependants with no money because you forgot to list them as the beneficiary on your life insurance policy.