5 Signs It’s Time to Review Your Life Insurance Policy
Most people buy life insurance and then forget about it. But like your finances, your policy needs regular attention. If your life, goals, or needs have changed, your coverage might no longer match the reality of your situation. That’s why periodic policy reviews are essential—especially if it’s been more than a few years since you first purchased it.
Here are five signs it’s time to take a fresh look at your life insurance coverage.
1. Major Life Changes
Marriage, divorce, a new child, a new mortgage, or retirement—these are all events that can change your insurance needs. If your policy doesn’t reflect your current obligations or beneficiaries, it could create confusion or missed opportunities down the road.
2. Increased Income or Debt
As your income grows, your need to protect it grows too. The same goes for debt. If you’ve taken on new loans or are earning significantly more than when you bought your policy, a review can ensure your death benefit keeps pace with your financial reality.
3. Expiring Term Coverage
If your term life insurance is nearing expiration, don’t wait until the last minute. You may want to convert it to permanent coverage or explore new term options while you’re still in good health.
4. Health Changes
Improvements in your health—such as quitting smoking or losing weight—could qualify you for better rates. A review can identify opportunities to apply for a more cost-effective policy.
5. Outdated Beneficiaries
Too many people forget to update their beneficiaries after marriage, divorce, or death. A quick review can ensure your benefits go exactly where you intend.
At Diversified Insurance Brokers, we help clients review and revise life insurance policies to ensure they align with their current goals—and avoid costly mistakes later on.
Visit our life insurance page here:
https://www.diversifiedquotes.com/services/high-risk-life-insurance/
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