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Life Insurance 101: When to Review Your Policy

A new year might mean it’s time for a new life insurance policy. Depending on what stage you are at in life, you might need to review your policy and increase the amount of the benefit or reduce it significantly.

Bigger Benefit

Check your policy to see if the benefit offered is large enough to protect anyone who would be affected by your death. Your policy might have a smaller benefit when you’re single. But, if you’ve gotten married in the past year or are expecting a child in 2014, the amount of the death benefit might not be enough to support your spouse and children after your death.

Reduce the Benefit

In some cases, your life insurance policy might be too large and the premiums too high.  If your children are fully grown and don’t rely on you for financial support, review your policy and see if you can get a smaller benefit and a lower monthly premium. You can also see if you can start using your death benefits during your lifetime, if you need them to help cover bills or medical expenses.

Get 2014 off on the right foot, contact Michelle Lim Insurance Services Insurance with any questions you have about your life insurance policy.

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