As you grow, so should the coverages of your life insurance policy. You should review your policy regularly as your needs change. The key is to make the most out of your policy review. At Begus Insurance Group, we offer policy reviews at no charge to the policyholder, whether your policy was started here or with another company. The ultimate goal when reviewing your life insurance policy is to understand your coverages. In addition, you should understand whether you need new coverages and riders. Begus Insurance Group licensed agents have the expertise to guide you through coverages and work with you to determine suitability.
Be sure to ask as many questions as possible when consulting with a licensed insurance agent. Insurance agents are vetted specialists who undergo extensive training and testing to become licensed and knowledgeable in insurance. Utilizing your agent’s knowledge begins with asking the right questions.
What Has Changed?
There are many reasons to initiate an insurance review, as there are many causes that affect your needs. Moreover, making an informed decision based on the changes in your life is paramount to making your policy work for you.
Perhaps your family situation has changed. Policyholders experiencing marriage, divorce, new children, or new grandchildren should consider the financial impact their death would have on those who depend on them.
You may have family outside of your immediate family whom you want to provide for financially. Maybe you wanted to leave something behind for your grandchildren, or perhaps for your bride-to-be. In any case, it is essential to understand how changes in your family dynamic should affect your insurance policy.
You should consider any changes in your financial situation that may impact your current life insurance policy. A new job, new home purchase, or significant new debt could drastically change the amount of financial protection you need. It is crucial to review with a licensed expert who can help you make informed decisions regarding any of these changes in your financial situation. Financial security is the most important factor when it comes to life insurance protection.
Do You Need Riders?
Life insurance policy riders provide extended protection and security that is not normally included in your policy. There are many different types of life insurance riders that all serve different purposes.
Most riders provide increased coverage regarding premium payment, disability, long-term care, medical expenses, child protection, and the protection of your spouse. Most importantly, these types of riders decrease financial hardship in the event of a medical emergency.
Other riders can transform a policy entirely. For example, some riders can turn your term policy into a permanent life insurance policy. Meanwhile, others add a (term) policy to your current permanent policy which would add additional coverage or perhaps help you to secure a loan.
Do You Need a Savings Component?
Considering the need for a savings component in your life insurance policy is important. Savings components for policies that accumulate cash value can benefit policyholders. In short, if you need a savings component, consider a permanent life policy.
Permanent life insurance policies have a cash value that can be used to increase the death benefit, purchase a term policy, reduce the policy premium, and much more. Policyholders can even borrow against the cash value in the event of financial hardship.
Scheduling a Policy Review
The reasons listed above are important considerations when reviewing any life insurance policy. Begus Insurance Group is proud to extend policy review services at no cost to over 11 different states in the US. Click or call today for your free consultation!