Reasons to Review Your Life Insurance Policy

reasons to review your life insurance policy

A lot of people think that once they have a life insurance policy, they can pay the premiums and forget about it. Your plan should be reviewed annually, but if you are not able to do that, at least do it for these reasons.

  • Your Income Changed
  • Whether you got a raise or lost your job, your life insurance need tend to change when your income changes. Make sure the amount of life insurance is still compatible with your income.

  • Changes in Your Health
  • If you started working out and your blood pressure is down compared to what it was when you started your life insurance policy, it may be time to review your life insurance policy. A healthier you could cause your premiums to lower. Life insurance companies tend to reward people with discounted premiums when they are healthy.

  • You Lost Weight
  • Losing weight may also qualify you for discounted premiums. That’s a pretty good motivation to lose the weight you’ve been wanting to get rid of.

  • Change in Family Status
  • Life changes dramatically when you have a child, so why wouldn’t your life insurance policy? There is a lot more that needs to be covered by your life insurance when you have a child, such as college funds and everyday living expenses. Maybe your kids are older now and you no longer need the coverage for college. Reviewing your life insurance policy could save you money.

  • Housing Status Changed
  • If you’ve finished paying off your mortgage, you probably don’t need as much life insurance as you did when you had a mortgage. On the other hand, if you just bought a house, you may need the insurance to make sure the house can be paid off.

  • Change in Marital Status
  • If you got married, it’s possible that your spouse could be dependent on your income. Life insurance can keep your spouse safe. Life insurance also needs to be changed with divorce. You are no longer responsible for your spouse and therefore, don’t need the life insurance to cover them.

  • Change in Your Beneficiaries
  • This one is related to marriage as well. Many people forget to change their policy after a divorce and leave a big chunk of money to their ex-spouse. Another situation could be that your spouse died before you so you want to change the beneficiary to your children or sibling. No matter what the situation, make sure you have your money going to the right person.

LifePlan Financial

At LifePlan Financial, we pride ourselves on our quality work, our honesty to our clients, and the reliability we provide. Getting life insurance doesn’t have to be a hassle when you use LifePlan Financial. Contact us today for any questions or get an instant term life insurance quote to get started.

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