Life happens, things change, you want to make sure you are adequately insured. As your needs change over time, is the life insurance policy(ies) still applicable given your current financial and future goals?
As your life evolves and changes, so do your needs when it comes to insurance coverage. This means that what was appropriate for your needs, priorities and comfort zone last year, may no longer suffice this year.
An annual review of your policies also helps you stay up-to-date with what your coverages protect and where you may have gaps you’d like to fill with supplemental coverage or additional policies.
Minimum insurance coverages can change, which is another reason it’s important to talk with your Insurance Agent about your policies.
You need a Policy Review if the following changes have happened ever since you signed up for your insurance policy….
A change in Income.
A Lifestyle Change (Married, another kid?)
A Promotion.
A New Job.
A New Business
A New Home/House
It is actually recommended to to a policy review Annually.