October 4, 2007
@ 12:00 PM
Keep Your Life insurance Policy Current
Think about it -- your life insurance policy is your financial life preserver. Without it, your entire financial assets are in jeopardy if something were to go awry.

Most people know this, but still allow their life insurance policies to expire.

It's simply not enough to buy a life insurance policy once and forget it. As your life changes, you need to re-evaluate your insurance coverage to make sure it continues to meet your needs. You can do that by working with a qualified agent or financial planner, and asking and answering the following questions -- as often as necessary:

- How long ago did you buy your life insurance? Were your family circumstances different? Was the policy different?
- Have there been changes in your family's income, savings, debt or financial goals that could impact your needs with regard to coverage?
- If you have term coverage—which costs less than other types of insurance but remains in effect only for a specific term of years with no built-in savings—how long is the term? Will it be long enough to   provide protection until your children are through college? Will it help protect your spouse's (if you have one) retirement assets? Do you anticipate any significant changes in your financial situation?
- Have you reviewed your insurance in light of your long-term savings goals?
- Who is your beneficiary? Is this who you want to get the proceeds today? Can this beneficiary manage the cash provided by the life insurance?

As you consider the questions I've listed above, take time today to review your present life insurance coverage. Talk to your financial professional about reviewing your existing coverage to determine if
it's adequate to help assure a sound financial future for you and your family.

Remember, your financial lifeline is at stake.


 
Categories: Insurance

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