Life is a constant blur of motion. And odds are, your life differs from when you first bought your life insurance policy.
Keep on the lookout for the following points to see if you need a review:
- Family Status - Changes to your marital status, number of dependents, and caring for elderly family members.
- Financial Status - Changes to your job title, income, debt level, and unexpected financial events.
- Health Status - Changes to your health or those of your dependents, especially if those changes require extended care.
While these aren't the only factors that could affect your life insurance, they are useful for making sure your coverage needs to be updated. Also, information you may think would hurt your situation (such as deteriorating health) may just mean changing your coverage to better fit your situation.
Several factors affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder may also pay surrender charges and face income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.
If you have had changes or want to discuss these or other ways life is constantly in motion, we are always here to help.