Why you should re-evaluate your life insurance now

Life insurance offers unique financial protection to both policyholders and their beneficiaries. 

In return for a monthly fee to a provider, the policyholder can have peace of mind knowing that their loved ones will have financial support in the event of their death. The benefits of having life insurance are multiple and substantial. Accordingly, policyholders should make sure their plan meets their current financial goals and can potentially meet their future ones as well.

Life insurance, like many other financial investments, should be periodically revisited and reevaluated to make sure it's working as well for you now as it was when you first signed up.

If you're in the market for life insurance or want to supplement the coverage you already have, then reach out to a life insurance expert now. They can help you get started now with a free price quote. 

Reasons to re-evaluate your life insurance now

While there are multiple compelling reasons to re-evaluate your life insurance, here are three top ones to consider.

You may be paying too much

Are you sure your rate is as low as it could be? If you can't definitively say yes then it may be time to re-evaluate your life insurance.

Multiple factors affect life insurance rates but it's possible that some of the ones that influenced your rate when you applied aren't applicable anymore.

For example, maybe you skipped the medical exam the first time but, in reality, are still young and healthy. If you take the medical exam now and prove it, you may be eligible for a lower rate. Or maybe your risk profile has changed (do you still have the same job as when you first applied?). Or maybe you stopped smoking. 

All of these factors may have initially caused you to pay a higher rate but now that things have changed you could be paying too much. So speak with a life insurance expert now and find out where you can start saving. 

You may not have enough coverage

Are you just relying on an employer-provided plan? That may be sufficient if you're still single and don't have children. However, if your life has changed significantly since you started your career, it's probably time to re-evaluate your life insurance.

Life insurance from an employer often comes in one to two times the amount of your annual salary. While that may have been passable at one point in your life, will it cover you and your family and your home now? 

Considering life insurance policies range from hundreds of thousands of dollars to $1 million or more, you may not have enough coverage for the people and possessions in your life.

A life insurance professional can help you determine the correct amount of protection you need right now. 

You may have too much coverage

If you purchased life insurance after a certain milestone in your life you likely paid the going rate for coverage at that time. But if your life has changed since it's possible that you're paying for coverage you no longer need.

For example, you may have taken out a robust life insurance plan after getting married. But if you've since gotten divorced you may not need as much protection as you once did. Similarly, if you took out a policy after buying a home - but have since downsized - you may be paying for coverage that's no longer applicable.

Do the math. Compare your current circumstances to what they were when you got your policy and determine where you can cut costs. Your current policy may be for items (or people) you no longer need to cover. 

The bottom line

Everyone's life insurance needs are different. What works for one person won't work for another and vice versa. Similarly, the protection you once had in place may not be sufficient now or you may simply be overpaying.

Re-appraise what you want to be covered and then determine if you have the right amount for the right price. If not, speak to a life insurance agent now who can help you adjust your policy.