Whether you are an individual or a small individual, life insurance policies should be reviewed on an annual basis. Life changes frequently and life insurance coverage is going to change with every major life even at least to some degree. Reviewing your life insurance coverage will insure that beneficiaries are always covered, you aren’t under insured and you’re not paying for more than you need.
In some cases, you can plan to make alterations to your life insurance policy, and sometimes they will come up unexpectedly. In either case, conduct a life insurance policy review as soon as possible. Some life events that require alterations made to your life insurance policy include: the birth of a grandchild, sending children to college and caring for an ill relative. Life insurance can help off the loss of savings that you may receive with any of these events.
Even when life changes increase your funds, alterations to your life insurance may need to made. Changes such as a profiting business, an unexpected inheritance or winning the lottery may cause you to reconsider your policy. You will need to make decisions such as leaving more money to your beneficiaries, buying more coverage or investing some of your funds.