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Life Insurance Tune Up Check ListLife Insurance Tune-Up Checklist

1) Is the time period on my temporary term policy almost up?

  • What can I do to extend the coverage period?

2) Is my coverage amount sufficient for today’s goals?

  • What do I like best about my current coverage?
  • Can my current coverage be improved?

3) Will my life insurance provide my family with the sufficient income I want for them?

4) How many years of my salary will my life insurance provide my family?

1 year? 5 years? 10 years?  20 years?  Lifetime?

5) Are my original beneficiaries still the right ones to receive the money?

  • Are there now special circumstances that impact who should get the money?
  • I’m now divorced. Who is listed as beneficiary (I hope not my Ex!)

6) When I switched jobs did I lose or gain coverage in the switch?

7) What happens to my work coverage when I leave or retire?

8) My children are grown and I now have grandchildren. Should I change the beneficiary to include per stirpes?

  • What is per stirpes?
  • Why is it important?

9) With recent changes in tax laws, should I change the owner of my policies?

10) What type of life insurance is best for me now? In the future?

  • Two types— Temporary Term and Permanent For Life policies exist
  • Which do I have?
  • Which do I want?

11) My cash and CDs are earning less than 1%, should I consider transferring existing cash, CD’s, etc. into a permanent cash-accumulating policy that provides a guaranteed 4% rate of return that never goes down in value?

12) Where are my policies? Would the beneficiary know where to find my policies if I had died last month?

13) It would be really nice to have one spreadsheet listing all the details of all my policies. Can you do that for me?

Contact Merriken Financial Group, Inc. today to customize or update your insurance portfolio.