It's tempting once you've bought your life insurance policy to 'set it and forget it', but updating and managing your life insurance policy is critical to helping ensure your family is protected.
Once you've secured your life insurance policy, it is important to review your coverage periodically. Reviewing a life insurance policy after important life events or life changes may prompt you to update or increase your coverage.
I should review my life insurance policy if...
- I've gotten married.
- I've had a child.
- I've changed jobs.
- My children are now financially independent.
- I'm recently divorced or remarried.
- I bought a new house.
- I took out a new business or student loan.
- I recently refinanced my home.
- My aging parents need my financial support.
- My partner/spouse or I have had changes to our health
What if I want to change or convert my life insurance policy?
You may have options available to you if your needs change during the term of your policy. You might be able to increase or decrease your life insurance coverage to fit your current need. You might also be able to convert your coverage to a permanent life insurance policy. To know what options are available to you, it's best to contact one of our licensed life insurance agents to help walk you through the process.
What could cause cancellation of my life insurance policy?
- Expiration could cause your policy to end. If you've agreed to a term length and haven't renewed your policy at the time that your term ends, your policy will no longer be in force.
- Non payment of your premiums could also cause cancellation of your life insurance policy. There are several options available, like automatic payments or riders that can make non payment a non issue for you.