Time for Reflection: Is Your Insurance Still Fit?
As the year draws to a close, we're often caught up in holiday festivities, reflecting on what was, and planning for what could be. It's also the season when open enrollment urges many to reconsider their life insurance needs. With life's unpredictable twists and turns, that policy you once deemed perfect might no longer fit. Whether it’s a new milestone or an unexpected change, evolving priorities and responsibilities often require a fresh look to ensure your coverage aligns with your life today.The Case for an Annual Life Insurance Review
Reviewing your life insurance annually can reveal important adjustments that might be needed. Here are a few situations that could warrant a change:
- Have you recently tied the knot or, conversely, gone through a divorce? These changes can significantly impact your financial landscape.
- Maybe you're welcoming a new child or grandchild—the joy of nurturing new life comes with responsibilities that your current policy needs to reflect.
- As you embark on new financial commitments like buying a home, your insurance should rise to meet these obligations.
- Have you been promoted, started a new job, or perhaps retired? Each career change can lead to shifts in your financial goals and needs.
- Significant changes in health or income can also signal the need to reassess your long-term financial plans.
- Adjusting beneficiary designations or revising estate plans might also be necessary as your family and financial situations evolve.
