When to Review your Insurance Policies

When is it a good time to look at your life insurance coverage? The follow­ing is a list of triggering events that require a review of your policy.

Young and single

When you are in your 20s or early 30s you may not think you need life insurance. In reality, buying life insurance when you are young is a smart financial deci­sion. You can purchase a substantial amount of term insurance coverage for a very low premium and lock in rates for decades. If you are healthy and purchase convertible term, you guarantee that you will always be able to purchase coverage when your term period expires – even if your health status changes.

Family life

If you are a newlywed, you may be purchasing a new home and starting a family. Should something happen and you were left alone, life insurance would be there to cover the mortgage payments and replace lost income. Once you have children, the need becomes even more important. A life insurance policy (term or permanent) that pays a lump sum or a regular income after your death can ensure your spouse and children are financially protected.

Business and work

If you own a business, you may want to buy life insurance to protect the company you’ve built. If you were to pass away, what would happen to your compa­ny? With life insurance, you can fund a buy-sell agree­ment that would ensure the remaining partners are in a position to buy your ownership stake. A good option in this case may be term life insurance for perhaps 20 years, where the cost of the insurance would be lower than permanent life insurance and still provide protec­tion for your heirs and business partners.

Planning for your later years

As the years progress, a long-term care need could arise that could deplete retirement savings. Adding a long-term care rider to a life insurance policy provides peace of mind and independence, knowing that your future is secure and your legacy is intact.

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About the Author Dan Keil