When it comes to life insurance, many clients come in thinking their policies are a concrete document. They expect the rates and benefits in their specific plans to be set in stone. They naturally assume their families are safe. The truth, however, is that most of these contracts are much more porous than they realize. Without a regular checkup, both they and their beneficiaries could be headed for an unexpected and unpleasant outcome. Here’s why:
Policies Are Not Permanent
Believe it or not, a plan that you’ve negotiated a decade ago may no longer be providing the same benefit you expected from it. Fifteen years (or more) of low interest rates can create expense issues for the policies as well as the companies themselves.
On the personal level, there are any number of life events that warrant taking a closer look at your insurance plan. Things like more mouths to feed, or the kids are no longer living at home or (probably) your income and expenses are different than they were back then.
Think about your policy like it’s a car. At first everything is running well. Take good care of it and, as time goes on you may not need a new one, but you’ll certainly have to change the oil and replace the battery to keep it running dependably. (Yes-that policy also needs periodic maintenance to remain dependable for you.) In fact, we think it’s crucial you remain certain that it’s going to do what it needs to.
Take Back Control
Acquiring that level of certainty doesn’t have to be difficult. The first step would be to work with a professional-someone for whom this isn’t a sideline. Someone who has access to the issuing company and understands the fine print in your policy.
Using a service like our independent policy review will give you the peace of mind you deserve, and help take back control of your financial future.