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The need to review your life insurance regularly

Apr 6, 2008
So if you think that the life insurance policy you took out a few years ago is doing its job fine, you would be wrong. In this article we will aim to show you how reviewing the performance of your life insurance can be the difference between using your money wisely and metaphorically throwing it away.

Let's take a look at this. Four years ago, your life situation was different, maybe you were a single apartment renter, maybe you were an avid smoker. There's a chance that you were into doing daring things with your friends like bungee jumping on weekends off from your job as a motorcycle racer while studying to be a technician on a Nuclear reactor. Now, today you are married with two kids, a nice mortgage for that house in the suburbs and gave up smoking for your wife and the most daring thing you do now is watch I Love Lucy reruns on the couch as you relax from the weekly grind of selling hot dogs at the corner market while doing home schooling to learn to do Computer programming.

All right, so that is a little bit of overkill. But you get the drift. The coverage that was perfect for you four years ago would not even pay the cost of your premium on the house insurance today. So you, my friend, need to have your coverage looked at and upgraded and updated as applicable. Maybe you'll be one of the few that has the same needs today as then and if so, great. You will have the peace of mind knowing that no matter what life throws at you, you have the correct insurance to make sure everything is taken care of and you can sleep easily at night.

If you have a meeting with your agent, he or she will be more than happy to go over life altering events and circumstances that can change your need for coverage and the need to increase or decrease that coverage to save money and or make sure that all of the many contingencies are factored in so that when the unexpected happens, you have the coverage to handle the situation without having to face financial ruin or bankruptcy.

There are term life and whole life options and, depending on your needs, one will most likely be a hugely better option for you than the other. You can factor in the possible need of borrowing against the policy to cover short term financial issues against the slightly lesser cost of the term life policy.

Today, most people are opting for the term option because the small cost difference is well outweighed by the huge benefits that will help to cover your unexpected emergencies. Sort of helps you curtail the fear of the unknown with the knowledge that if something happens you can wither cash it in if it is catastrophic or borrow against it if it is just a minor set back. Sort of a savings plan that allows access, as you need it without stiff penalties.

So, which plan is best for you, your family, and your current life situation? These are questions that are best directed to your agent and you can either discuss with your life insurance agent, if you have one, or research at the website where you have your coverage if you got it online on the Internet.

In short, deciding on whether or not to review your life insurance policy should be simple........just do it. You will just have to answer a few questions about your current life situation and the financial advisor wil point you in the right direction. After all, life insurance is supposed to be there to insure against the difficult aftermath of an unexpected life altering event. There is never a good time for someone to die or go bankrupt or be injured and be deemed unfit to work again, but it happens all the time. At least by reviewing your policy according to your personal needs, you can rest easy that life's big surprises are insured against. If the worst happens, you have covered yourself for it, and if your life carries on smoothly without a hitch, you have accrued a nice healthy nest egg which you can enjoy for the rest of your days with your family.....or perhaps you'll take up snowboarding again! At least the choice will be yours.
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