September is Life Insurance Awareness Month. If you haven’t reviewed your insurance profile in a while, you may be surprised that what made sense in the past no longer fits your life.
Here are some ways to quickly evaluate your needs.
These methods can help give you a rough idea of where to start. But there’s no substitute for speaking with a financial professional, insurance agent, and estate planning specialist about the right approach for you.
After all, life doesn’t stand still, and neither should your life insurance policy.
Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a life insurance strategy. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.