Life Insurance Review

Does your life insurance policy:

-meet your current needs

-provide adequate coverage

Here are five points to consider during your annual life insurance review:

1. Coverage Amount:
      -Adequacy: Evaluate if the death benefit is sufficient to cover your current financial obligations, including any changes in debts, mortgages, education costs for dependents, and overall living expenses.
      - Adjustments: Adjust the coverage amount if there have been significant life changes, such as the birth of a child, marriage, divorce, or major purchases.
   
   2. Beneficiaries:
      - Current and Accurate: Ensure that the beneficiaries listed on the policy are up-to-date and reflect your current wishes.
      -Contingent Beneficiaries: Consider naming contingent beneficiaries in case the primary beneficiaries are unable to claim the benefit.
   
   3. Policy Type and Term:
      -Relevance: Review the type of policy (term, whole, universal, etc.) to ensure it still aligns with your financial goals.
      - Policy Duration: For term policies, check the remaining term and consider extending or converting to a permanent policy if needed.
   
   4. Premiums and Costs:
      - Affordability: Confirm that the premium payments are still affordable, and that the policy’s cost is competitive compared to current market offerings.
      - Changes: Look for any changes in the policy's fees or charges and evaluate their impact on the overall cost.
   
   5. Policy Performance and Features:
      - Cash Value: For policies with a cash value component, review its performance and growth. Assess if it is meeting your expectations and financial objectives.
      - Additional Benefits: Evaluate any additional features or riders (e.g., waiver of premium, accidental death, long-term care) to ensure they are still necessary and beneficial.
   
   Regularly reviewing these aspects of your life insurance policy helps maintain appropriate coverage and ensures your policy continues to meet your financial protection needs.

IFG is here to help. 

Call us today with your insurance questions or concerns. 

_{The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.}