As is the case with most things relating to your finances, you don’t want to take a “wait and see” approach when it comes to life insurance. If you currently have life insurance, it can be worth reviewing your policy with your insurance company. You might be able to negotiate a lower rate or bundle an additional policy. So, how often should you review your life insurance policy in Houston, TX?
The professionals at Medical Profiles Inc are here to help. Contact us today to schedule lab testing!
When Should I Review My Life Insurance?
Generally, you should review your life insurance policy with your insurance company every year. Reviewing your policy ensures you are still on track with your life plan. Your life can change a lot in a year, and you may want to buy additional coverage or remove coverage you no longer need. With a permanent life insurance policy, you can assess your cash value and how it is contributing to your financial goals.
You should consider reviewing your life insurance after any of the following events:
- Getting married/divorced
- Buying a house
- Adopting or having a child
- Starting a new job
- Taking out a mortgage
- Taking out a personal loan
- Buying/selling a business
- Claiming an inheritance
- Entering retirement
Developing a disability
Another reason to review life insurance is if you are diagnosed with a serious medical condition that affects your life expectancy. You may want to buy additional living benefits riders to deal with potential health costs.
You can also review your life insurance policy if you have positive changes in your health, such as losing weight or quitting smoking. Health changes can significantly affect your life, so it’s in your best interest to review your life insurance after any health changes.
Benefits of Reviewing Your Policy
There are several reasons you should periodically review your life insurance policy to ensure you are getting the best deal.
Add/Remove Additional Coverage
Your life can change in a year, and you may need additional coverage. For example, if you have been diagnosed with a chronic illness, you may want to add an additional chronic illness rider. On the other hand, you may no longer need a permanent life insurance policy and want to switch to a term life insurance policy. You can change your insurance policy to meet the changing demands of your life.
Negotiate a Lower Rate
If you have recently lost weight or it has been a year since you quit smoking, you can review your life insurance policy in Houston, TX, to get a lower rate. You could also get a medical exam demonstrating good health to lower your insurance rates or prove you are no longer at risk for a particular condition.
Bundle Policies
You can also review your policy to bundle additional coverage. For example, some life insurance companies will bundle affordable life insurance with other types of policies, like auto coverage or home insurance. Bundling insurance products together can get you a lower monthly insurance rate and can make your finances simpler by combining two separate policies into one.
Cheaper Than Buying
If you are older, reviewing your policy to make changes can be more cost-effective than shopping for a new policy. Policies account for your current age, so you may have to pay more with a new policy even if your health is objectively better.
Lab Testing for Life Insurance
If you want to review your life insurance policy in Houston, TX, you should schedule an appointment for lab testing for life insurance. Contact Medical Profiles Inc online or call today at (832) 251-3926 to schedule an appointment!
