When was the last time you reviewed your life insurance coverage? Without regular reviews, it can be difficult to answer important questions about your policy.
Review your life insurance
Your life insurance policy is important, but letting it sit without checking it can be risky. When reviewing, ask yourself:
- Are the beneficiary designations still correct?
- Has the credited interest rate changed on permanent policies?
- Have you missed or changed the amount of a premium payment, not received a dividend, or taken a loan?
- Most importantly, does the amount of coverage, purpose, and projected duration still match your goals?
Without answers to these questions, it can be hard to know if your policy will be there when you need it for the reason you bought it. Your policy might be performing differently today than when you originally purchased it.
What’s the solution?
Ask for an annual life insurance policy review. This provides an opportunity to assess your current coverage and needs. The goal is to identify any gaps in your insurance coverage and take corrective action to gain peace of mind.
To help avoid unexpected surprises, take steps to review your policies today. Plan ahead by contacting your local Federated Insurance® marketing representative. They can assist in connecting you with professionals who specialize in these areas and help you review your options.
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This blog post originally appeared on FederatedInsurance.com. Federated Insurance is an ACCA Platinum Strategic Partner. For more information about our Strategic Partner Program, visit here or email ACCA’s Strategic Partnerships Manager Kenzi Vizzari at kenzi.vizzari@acca.org.
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