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When was the last time you checked your insurance policies?

Posted on 03/23/2015

When was the last time your checked your insurance policies?
Guest Contributor: Patrick M. Kuster, Expert Network Member – Magii Wealth Management

Life insurance policies are just like any other large purchase in life; like your car, your house, etc. They all need periodic maintenance and upkeep to keep them performing the way they were originally intended to. When was the last time you checked if the policy bought years ago is performing as expected?  Is it going to last as long as you need it? Perhaps it has enough cash-value to cease future payments?  There are many factors that can heavily influence how your life insurance policy performs; among them, changes in interest rates or dividends, cost of insurance charges, and mortality costs. However, the real threat to a life insurance policy is simply that most don’t keep them up to date. For example, does your life insurance policy take into account the fact that you recently got married, got a huge promotion or raise at work, or had a child (or several)? How about the more unfortunate circumstances that require policy changes, such as divorce? Have we checked to make sure our beneficiaries are up to date (both primary and contingent)?

 There’s also a new generation of life insurance, and today’s life insurance policies encompass more than just a death benefit. New policies may give you the flexibility to use your death benefit for long term care, in home care, and terminal illness.

 This is where a proper policy review programs come in. Regular policy reviews serve as a “Check Policy” light – they allow you to nip any potential problems in the bud and negate these problems before they become a serious threat to the policy itself. Policy reviews also allow you to make sure the policy is meeting your current needs, and if not, to see if there is an opportunity to “upgrade” the policy or to make sure new coverage can be secured.

 As a valued client of magii, you have access to a complimentary, comprehensive policy review. We can give you an overview of your current coverage, as well as viable options and alternatives tailored to your specific situation.  Contact us to schedule time to review your policy now!

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