WEDNESDAY, JUNE 15, 2022
Simply purchasing a life insurance policy isn’t the end of the process. It’s recommended that you review your life insurance policy every year so that you can make adjustments based on changes in your life. You could even find cheaper rates by shopping around. Here are some reasons why you might want to review your policy.
- Changes in health—Any health changes, positive or negative, can change your policy as well. For example, if you have high blood pressure but take steps to manage it like regular medication and other lifestyle changes, you could qualify for a lower insurance rate.
- Changes in lifestyle—Quitting smoking is a lifestyle change that can greatly impact your life insurance policy. By quitting and improving your health, it’s possible for you to pay much less on your life insurance premiums. Be sure to notify your insurance company and review your policy if you make these types of significant lifestyle changes.
- Changes in insurance needs—When your family grows or you purchase more assets, you will want to review your policy to be sure you aren’t under-insured. The amount of coverage you need now will not always be the same, so be sure to go over your policy when big changes happen.
Regardless of health or lifestyle changes, though, your premiums may stay the same as your coverage extends over a certain amount of years. For example, you may have chosen a 30-year term policy and pay the same premium per month for the entire 30-year term. These types of policies usually have premiums set at a guaranteed level; however, when the term ends, premiums for life insurance will rise.
When you review your life insurance policy annually with a qualified life insurance specialist, you can shop for cheaper rates and be sure your coverage needs are met.
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