Knowing when to review your life insurance.
Life is unexpected. This is why it’s so important to have the right life insurance coverage in place. The best way to make sure that you have the right coverage to meet your needs is by regularly reviewing and updating your policy. Here’s how often you should be conducting an insurance review.
Annual Insurance Reviews
Generally, you should review all your insurance policies, including your life insurance, on an annual basis. If you haven’t had any major life changes during the year, then your coverage needs will probably not change very much during your review. However, as you are bound to experience major changes every couple of years or so, it’s important to maintain your annual review schedule.
Additional Insurance Reviews
There are certain scenarios in which you should conduct and extra additional review of your life insurance. If you are anticipating a major life change or if a sudden change occurs, then you should review and update your life insurance as soon as possible. Some of these major changes include:
- The birth of a child or grandchild
- Your children starting college
- Caring for a sick relative
- Major business success
- Unexpected inheritance
- Winning the lottery
What to Consider During a Review
When reviewing your life insurance, you need to consider the amount of debt that you carry and your financial obligations. As both these things are bound to fluctuate throughout your lifetime, you need to adjust your insurance coverage limits accordingly. You should also consider increasing your coverage to help your loved ones pay for everyday expenses, your children’s education fees, and your funeral and burial costs.
This is when to conduct a life insurance review. Are you looking for assistance with your life insurance? If so, then contact the experts at Randy Jones Insurance Services in Pleasanton, California. Our dedicated team is eager to help you with all your coverage needs today.