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3 Reasons why you need a Policy Review

Family Life Insurance

Having a well-written insurance policy is important to your security. Whether you are a business owner or an individual, a policy review will help you define what coverage you need. I’m providing you with 3 reasons why this is important and how it can benefit you and your needs.


1) Needs may have changed

Your financial goals and objectives change over time. Financial professionals will assess the current needs when evaluating the policy and provide alternatives that may be more appropriate for your current situation.


2) Improved Mortality

People are living longer, and mortality costs have come down over time. Carriers had to reprice their products in 2009 and in 2019 to reflect the mortality experience. Depending on when you purchased a policy, you could be spending more than you need for the coverage amount.


3) Economic changes

Market returns and long-term interest rates dictate how a cash value policy is funded when initially purchased. In addition, the actual returns are experienced to determine how the policy actually performs. Sometimes, the discrepancy between the assumed returns and actual returns can drastically affect the cash values, premiums, and death benefits. Getting current, in-force ledgers periodically helps keep the policy on track to be there when needed.


Looking at these three simple points, when you have your plan review it will not only make sure you are getting the coverage that you need but also that the policy is still right for you. Your goals and needs change over time, which might mean that your current needs are higher than what is in your insurance policy. Contact us to assess your current situation.


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