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Make Time for Life Insurance

Has your life insurance been in force for some time?          

Here are 5 simple things to consider:

1. Make sure you are comfortable with the face amount of your policies. Inflation erodes the face amount so adjustments may be required.

2.Health conditions are a moving target. You will want to purchase additional coverage while you are healthy.

3. Review your beneficiary status. Life insurance policies are beneficiary, not Will, driven. The latest beneficiary executed document is the basis for who is to receive the proceeds. It is important to designate secondary beneficiaries in the event the primary beneficiaries cannot take the proceeds. It is vital the monies go to the parties whom it is intended.

4. Will your coverage last as long as you want it to? If you need coverage to last until your newborn goes to college you should consider buying coverage that will last that long now while your younger. The longer you wait the higher the cost.

5. Life events impact the amount of coverage you want for yourself and family. If you have experienced any of these events, it is time to re-evaluate the amount of life insurance coverage you own:

• Marriage/Divorce

• New Child/ Grandchild

• Promotion, New Job

• Retirement

• Inheritance

September is Life Insurance Awareness Month, which aims to increase awareness about the importance and helpfulness of having life insurance coverage. Now is a good time to review your life insurance coverage before you get busy with fall and holiday activities. Life insurance is an essential way to protect one’s financial life for your loved ones. Life changes and your wants and needs may follow. Make the time to consider if you are properly insured.

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