By Aviva Sapers
September is National Life Insurance Awareness Month—every year companies that work in the insurance and financial services fields put out a message about the value and importance of life insurance to protect our loved ones and legacies.
Too often, such messaging may get lost in our inbox or glazed over in the repetition, but there is good reason for the regular consideration. Many people who should have life insurance don’t. Instead, they continually kick that can down the road for another day. Others haven’t reviewed their coverage in years and are unaware that the Life Insurance market has grown greatly to match the varied needs of a wide range of buyers and uses.
Life Insurance shouldn’t be left in the virtual drawer. It should be looked at like a mortgage on your house. Every so often, policyholders should reevaluate their needs and the market to ensure that what they have is the most cost-effective or proper amount of coverage for their current needs.
When it comes to Life Insurance, it’s important to ask yourself, what are you aware of?
- Have you updated your policy to reflect your current ‘Life Value’?
- Are you aware of refinance options on your policy?
- Have interest rates dropped from when you purchased your insurance, and if so, has that affected its performance?
- Have you updated your insurance policy beneficiaries to best reflect today’s wishes?
- Can you use your insurance policy as a supplemental source for retirement income?
- How can the proceeds from your policy avoid all taxes?
- What are the practical benefits of placing your policy in a trust?
It is always a good idea to review what you have and to update financial plans to ensure you are getting the best bang for the buck. If you find that you can’t readily answer some of the questions above or are ready to finally tackle the Life Insurance question, take a moment to reach out to us for a product agnostic consult. Whatever your stage in life, getting the proper amount of coverage for your loved ones and legacy will never cost less than it does today.