Did you receive life insurance from a company you used to work for years ago, but you’re not sure if you still have that life insurance? Do you know what your life insurance coverage is? It’s important to revisit your life insurance to see what coverage you currently have and if certain expenses are covered.
Reason 1: You are Retired
If you are retired, the life insurance policy that your past employer provided may not be currently active. Or, if you still have life insurance from your previous employer, the current coverage may be different than the coverage that was provided months or years ago. Keep in mind that some group policies provide coverage that increases each year, so it’s important to keep track of the pricing, coverage and type of life insurance that you have.
Reason 2: Your Beneficiaries Have Changed
If you have remarried or your spouse or other beneficiary has passed, analyzing your current life insurance is crucial to making sure that your beneficiaries are up to date. It’s important to remember that when you make a beneficiary change, you must address every policy that they are connected to so that your beneficiaries won’t be denied access to the funds.
Reason 3: You are Buying a New Home
When you are in the process of buying a new home, see if your life insurance policy can cover the remainder of your mortgage cost. Remember to read through the terms and conditions of your home mortgage and if you need to have a life insurance policy that can cover the remainder of your mortgage cost, see if your current plan offers this or look into changing to a different life insurance policy.
Reason 4: If It’s Time for Your Annual Review
Financially, you should review your life insurance policy on a yearly basis. Reviewing a life insurance policy alone can be a complicated endeavor, but if you meet with an insurance agent, the agent can guide you through analyzing your life insurance policy. At Twin City Underwriters, our qualified agents can meet with you to discuss the details of your current life insurance policy and if your current life insurance policy fits your needs.
Reason 5: If You are Getting Married or Divorced
If you are getting married, you may want to list your new spouse as a beneficiary on your life insurance. Keep in mind that you may also want to look over the details and benefits of both your policy and your new spouse’s policy to make sure that the policies can offer the benefits that your new family needs. If you are getting divorced, you should review your life insurance policy and possibly take your ex-spouse off of your list of beneficiaries.
If you have questions about the process of reviewing and revisiting your life insurance, call Twin City Underwriters at or set up a free one-on-one meeting with one of our local Minnesotan insurance agents today!