It’s important to review your financial accounts yearly, and that includes any life insurance policies you have. Not sure where to start? Keep reading for things to check for next time you complete a life insurance review.
1) If you don’t have a life policy, now is the time to get one.
Nobody likes to think about their death or what would happen to their loved ones if something unexpected happens. But as the pandemic has taught us, things can change at the drop of a hat. You’ll never be younger than you are today, making now the best time to buy life insurance.
2 ) Where are your policies?
If you have life insurance, it’s important to know where your original, physical policies are (and it’s a good idea to communicate that information to family members). If you are unable to find your original policy, contact your insurance provider to request a copy.
3) What is the death benefit of your policies?
The death benefit is the payout your beneficiaries receive if you die. Is the current amount adequate enough to cover the financial needs that will continue after your death? For life insurance policies, death benefits are not subject to income tax and named beneficiaries ordinarily receive the death benefit as a lump-sum payment.
4) Who are the beneficiaries of your policy?
Your primary beneficiaries may change over time — for example, if they pass on before you or you get married / divorced. Updating beneficiary information is easy to do, contact KSKJ Life today to do so.
5) Do you have a will?
Review your will, and if applicable, your estate plan. Have any changes taken place that requires updating? If so, you may need to update this information.