6 Questions That Show Your Life Insurance Policy Could Use a Second Look

Many people don't realize that they should have their life insurance policies reviewed every year. At TechGirl Financial, we do this for our clients annually. However, we also offer this important review for policies issued by other companies. Here are six important reasons why.

1. Do You Have Enough Coverage?

According to Bankrate.com, nearly half of all Americans have "insufficient life insurance coverage to address the financial needs of their family upon their demise".* This means there are millions of families out there who are underinsured! We can help you verify that your family has adequate coverage to replace income and meet other financial obligations.

2. Is Your Death Benefit Enough?

This may be an issue if you're earning more today than you did when you first purchased your policies, or if inflation/lifestyle changes have increased your cost of living.

3. Have your Beneficiaries changed?

Divorce, marriage, and childbirth can all affect how life insurance policies should be set up.

4. Are You Overpaying For Life Insurance?

Lifestyle improvements, medical breakthroughs and increased life expectancy mean some new policies have lower expenses than existing policies.

5. Can Your Insurance Company Still Keep Its Promises?

Instability in financial markets has the potential to impact the companies that underwrite life insurance policies. We can verify that your provider is still in a strong financial position to meet its obligations, including the eventual payout of your policy.

6. Will Your Life Insurance Hurt Your Estate?

We find that many people are unaware of how a life insurance payout will affect their heirs. We can perform a full review of your estate tax liabilities to ensure you are set up to protect your estate from taking an unnecessary hit.

* https://www.bankrate.com/finance/insurance/money-pulse-0715.aspx

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