Review Your Life Insurance Policy

Have you reviewed your life insurance policy recently? You need to doing so annually for the following reasons:

• Your needs may have changed since you purchased the policy.
o Maybe your income has increased and you need to supplement your
current policy with another one to bring the benefit more in line
with your new income.

• You have changed jobs or careers
o You’ve lost your group coverage.

• Your health may have improved since you purchased your policy.
o If you quit using tobacco, you might be eligible for non-tobacco rates.
o If you’ve lost weight or lowered your cholesterol or blood pressure
(even with medications), you might be in an improved health class,
resulting in lower premiums.

• Your new age might make you eligible for less stringent underwriting
guidelines. At older ages, insurance underwriters expect your blood pressure
and cholesterol to be slightly higher (varies by carrier) and might bump you
up to a better health class.

If your insurance agent doesn’t contact you annually for a policy review, call him/her and tell them you want to review your current policy to see if it still meets your needs. If you need additional coverage, you can either look at adding a new policy to supplement your current one, or in some cases, replace it altogether.