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When was the last time you reviewed your life insurance plan?

When was the last time you reviewed your life insurance plan?

October 27, 2022

I know, I know.  Life insurance is something a lot of people don't like to think about.  That doesn't change the fact that it's a very important part of a good financial plan. 

One might think that a financial advisor is always going to recommend that you purchase more life insurance.  However, in a life insurance review, one of the things your advisor should do is make sure that you aren't over-insured.  We don't want anyone to be insurance poor!  Maybe you bought a lot of term insurance when you had young kids at home and you're now an empty nester.  If the primary reason for the insurance was to support kids who are now independent, it might be time to cancel the insurance.

It's always a good time to make sure that your beneficiary designations are in order.  We've all heard about someone who forgot to change a beneficiary from a former spouse to a new spouse which can wreak all kinds of havoc.

A good time to review your plan is anytime there's a major life event:  a birth, death, divorce, marriage, career change, etc.  If any of these things have happened since your last life insurance review, please call my office to schedule an appointment.

As I've said to many clients, so much of what we help people with is important, but never urgent until it's too late.