When was the last time you reviewed your Life Insurance needs? It’s natural for people to buy Life Insurance and then promptly take that policy and stuff it into a drawer or a filing cabinet for who knows how long.

Regardless of why individuals purchase life insurance, it’s critical to review when they purchased the insurance, why they purchased it and what may have changed since the time they purchased the
policy.
For example, one may have purchased life insurance 10 years ago for the purpose of leaving a loved one a legacy, but due to the type of policy and how it performed, the death benefit may now be worthless.
It’s also not uncommon for people to accumulate and fund multiple policies over a lifetime but not update the ownership and beneficiary information and life evolves. This could result in the distribution of the life insurance proceeds to unintended recipients.
That is why it is critical to periodically conduct a life insurance review with your advisor. Unforeseen events in our lives, ranging from divorce to bankruptcy, can have devastating effects on how our beneficiaries are supported after our death. Tax and estate planning laws change frequently and may have unforeseen impacts on older policies.
A simple review of your policies could  mean the difference between assets reaching your loved ones or being frozen in probate court.

Also the fact is, life insurance costs have come down in recent years – and innovative new products have hit the market. As a result:

  • You may be able to lower your premium cost for the same amount of coverage.
  • You may be able to increase coverage for the same premium amount.
  • It may be possible to improve the death benefit guarantee (subject to premium payment requirements).
  • There may be ways to improve policy performance and increase cash values.
  • If you are over age 65, you may be able to get cash for your life insurance policy.

At the same time, if you have permanent life insurance, you need to know: Policy performance can change dramatically over time. Without regular review by an insurance expert, policies – especially older ones – can pose significant risk of not achieving their original intended goals.

 

That is why we recommend a yearly review of your life insurance coverage to make sure you’re still on track to meet your goals. Whether it is updating the beneficiary on your life insurance, or simply reviewing your current plan.
Mintco Financial Team of Independent Advisors can help you with your Life Insurance Review.
Mintco Financial is an independent company and only work for you, NOT BANKS. Advisors at Mintco Financial work in the best interest of their clients.
Call us today at 813-964-7100

Source: Blog