Take Time For A Life Insurance Review
Imagine for a moment that you are on an airplane thundering down the runway, and then it lifts off the ground. What are you thinking? Possibly you imagined jet-setting to a long-awaited exotic destination, or maybe you thought about the conference you just completed, eager to get home. But, if you are like the 40% of people who fear or experience anxiety when flying, perhaps you envisioned clinging to your seat wondering if the plane might crash. In any case, preparing to travel gives us a reason to check on our estate plans. In particular, a life insurance review is a valuable exercise at least once every few years.
Life insurance needs change over time as determining the right amount of coverage depends on various factors, including age, dependents, current income, and goals.
The checklist below covers key considerations, including:
- Purpose of coverage
- The appropriate amount of coverage
- Types of policies
- Rider options
Regular insurance reviews should be part of every financial plan because your level of protection should keep up with the growth of your family and net worth. Use this checklist at various stages of life, especially when you have the “what happens if …” conversation with your spouse or significant other.
The uncertainty accompanying insurance purchases can feel frightening and lead to an emotional buying decision. While the advisors at Hurlow Wealth Management Group do not sell insurance, they help clients plan financially for their insurance needs through a comprehensive risk analysis. If you would like to know more about this topic, we encourage you to watch a recorded presentation, Mitigating Risks: Insurance Planning Webinar.
If you are interested in risk analysis to understand how much coverage is sufficient for your situation, click here to get started. Never again fear that you are uninsured, underinsured, or overinsured. Instead, experience comfort from knowing that you have an appropriate safety net to protect your loved ones from financial ruin in case tragedy strikes.