Congratulations on purchasing life insurance! You just made a very wise investment in the future of your loved ones. Now that you are covered, what’s next? Is there anything that you should keep in mind now that you have coverage?
Many people tend to look at buying a life insurance policy as a one-time decision. Your life is constantly changing and you can’t just “set it and forget it.” It’s the same with life insurance.
First, when you receive your policy you should look it over for accuracy and to ensure that you understand the details of your coverage.
Is all of your personal information accurate?
Is the coverage amount, premium payment, and billing frequency correct?
Did you identify all the beneficiaries you would like to receive policy benefits?
For term policies, does the policy offer conversion options to convert to a permanent plan in the future?
For permanent policies, do you understand the cash value details of the policy?
Once you have confirmed accuracy and understand these details, you can have peace of mind knowing that your loved ones will be adequately protected in the event of the unexpected.
Secondly, since your life is full of changes, your life insurance needs will change as time goes on. New or lost jobs, marriage, divorce, children being born or leaving the nest – all of these things have the potential to affect your life insurance needs.
A life insurance agent can help you reevaluate your needs and determine if your coverage should be modified.
Purchasing a life insurance policy is a very important first step in helping to protect the financial future of those you care about. Congratulations, on taking that first step…it’s often the hardest one to take.
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