The holiday season is rolling around, which means it’s time to review your life insurance policy. Your life might have changed this year and your policy might no longer serve your needs, so the end of the year is the perfect time to reassess whether your life insurance is working for you.
With that in mind, the team at Medical Profiles is here to talk about the importance of reviewing your life insurance policy during the holiday season.
What Is an Insurance Review?
An insurance review is basically examining your life insurance policy. Many people buy a policy and make the payments but otherwise forget about it. The problem with this kind of “buy and forget” approach is your life can change, meaning your insurance policy won’t meet your new needs.
Insurance reviews are there to assess whether you are still getting a good deal out of your policy. It involves evaluating your current financial and life situation and deciding whether to continue your existing policy or whether to switch to a new policy.
Reasons to Review Your Life Insurance Policy
There are several reasons why reviewing your life insurance at the end of the year is a good idea. Below are just a few of the most common reasons for doing an insurance review.
Your Life Circumstances Have Changed
The main reason to review a life insurance policy is your life circumstances have changed. Maybe you got married or had a child, or you might have switched jobs or moved to another state. You may no longer need your policy at all and want to cancel it instead. Whatever the reason, changing life circumstances may necessitate changing your life insurance.
You Policy Premiums Went Up
Depending on your circumstances, your insurance company might choose to raise your premiums. People are living longer and more advances in medical technology mean that some conditions are no longer as medically serious as they used to be.
Your Lifestyle Has Changed
Another reason for reviewing your life insurance is that your lifestyle might have changed. For example, if you recently quit smoking, you can update your policy to non-smoker status and might be able to get a better deal. Some insurance companies may also offer a discount if you stop risky habits or hobbies, like owning a motorcycle or extreme sports. Alternatively, you may want to notify your life insurance company about any negative health changes.
You Want More/Less Coverage
You might find out your policy now offers either too little or too much coverage. For example, say you just had a child. You may want to increase coverage from a term life insurance policy and get a whole life insurance policy so you can use the cash value to help finance your child’s education. Alternatively, your dependents might have grown up and now have coverage of their own, so you can reduce the coverage on your policy.
Your Beneficiaries Have Changed
Lastly, your beneficiaries might have changed during the year. Beneficiaries can change for several reasons, including:
- Marriage
- Divorce
- Death of a spouse/parent
- Having children
- Business sale
Reviewing your life insurance ensures your beneficiaries are still correct.
Paramedical Exams for Life Insurance
Medical Profiles strives to meet all your lab testing and paramedical needs. We have everything we need to perform testing in the office to help you get the coverage you need. If you are an insurance provider, feel free to send your clients to us for life insurance testing.
Contact Medical Profiles online or call today at (832) 251-3926 to schedule an appointment!f
