It is impossible to overstate the value of a life insurance policy review. Here is just a short list as to why it is vitally important to review life insurance policies on an annual basis:
- Make sure the beneficiary designations are correct. All too often life insurance proceeds go to unintended beneficiaries.
- Is the death benefit still adequate to meet your needs? Life changes constantly and it is important to make sure that the death benefit reflects those needs.
- How is the policy performing? Making needed changes early on can save thousands of dollars in the future.
- Is the current policy type still appropriate for you? Based on life changes, the current policy type may not be appropriate or suitable for you.
- If you have a term policy, how soon is that term period expiring? Staying ahead of this provides you with more options.
- Term conversions can vary greatly between carriers. An annual review that covers conversion privileges will assure that you understand all of your options.
Because this is so important, your team at McCabe has begun working with a third party insurance team to better serve our clients (see attached for more information). If you would like to review a current policy you have or begin a discussion about a new policy, please contact your advisor at McCabe & Associates. We hope this finds you well.
