Life insurance policy reviews: How often should they be done?

If you’re reading this and you haven’t had a life insurance review in the last 12 months, NOW is the time to have a life insurance review.  In fact they really should be called “Annual Life Insurance Reviews” so policy holders understand they should be completed every year.

  1. Did you know that an estimated 75% of all life insurance policies no longer meet their owner’s original needs.
  2. As many as 50% of policy holders are “orphans”, which means there is no agent taking care of their policy.
  3. Approximately 25% of life insurance policies will potentially lapse earlier than the insured’s life expectancy because many people are now living longer.

Your life insurance Tax-Free Retirement Specialist has no idea what has happened in your life over the last 12 months.  They don’t know if you’ve changed jobs, got remarried, divorced, had another child, had a child begin college, considered a different investment strategy, inherited money or assets or many other things that might impact your life insurance. These and many others are life-altering events that require a life insurance policy review.

 Your Tax-Free Retirement Specialist may want to review with you the simple things like:

  • Can they offer you a different policy with the same coverage at a lower price?
  • Are you in need of a death benefit rider?
  • Do you need to convert a term policy to a universal policy?
  • Have you purchased a new home?
  • What changes need to be made in your beneficiary listing?
  • How is your health?
  • Review Long-term care coverage.

 It is always in your best interest to meet with your Tax-Free Retirement Specialist at least once a year, even if there are no changes to be made.  Having a one-on-one relationship with them is vital for both of you.  They will get to know you as a person rather than the guy who sold you an insurance policy and you never heard from again.  You will benefit from the wisdom that they will bring to the table on new products available for your specific situation… that you will never know about until you speak with them.  This is their expertise and they are here to help guide you along your road to protecting your wealth and health for the rest of your life.

If you haven’t heard from the person who sold you your life insurance policy or annuities in several years, then maybe it’s time to find someone else who will focus and care about your goals for the rest of your life.  Life Insurance Think Tank can help you find a local Tax-Free Retirement Specialist by clicking HERE.


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