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When should you look at your life insurance policy?

It’s a good question, for both consumers and their financial advisers. Many people simply buy a policy, stick the certificate in a drawer, and forget about it. The trouble is, there are SO MANY reasons why that coverage should be reviewed, time and time again. Here’s a quick list:

You have had a new child. Congratulations! Now you need more coverage.

You have brought in a new business partner, or hired a new key person. They need to be covered too.

You have taken on new debt, personal or business. New liabilities need new estate protection.

You have had a change in lifestyle or health since you were last approved for coverage. Maybe now you can qualify for a lower rate!

You have term insurance, and the renewal premium is sky-high. Time to reshop the policy.

Your personal / business net worth has grown substantially. Do you need now to protect your assets from estate taxation?

These are but a few of the scenarios that call for a policy audit. Please let me know if you need one, or have questions.