What You Should Know and Review About Your Life Insurance Policy

You know you have life insurance, but when was the last time you looked at your policy? Take time right now to review several details as you make sure you have updated and adequate coverage for your needs. 

1. Type of Policy

Do you have a term, whole or universal policy? The type of policy you have determines premium costs and whether you have coverage until you die or for a set time like 15 or 30 years. Because your family size, income or debts may be different now than when you purchased the policy, evaluate whether or not you need to switch to a different type of policy as you meet your family's needs. 

2. Insurance Carrier

When you bought your policy, you may have chosen the cheapest carrier or went with a familiar name. Now, you may be able to extend your coverage with the same carrier or switch carriers and get a better rate. 

3. Policy Number

If you or your loved ones were to have any questions about your coverage, premium or benefits, you need the policy number. Make sure it's clearly marked on your policy so you can find it quickly. 

4. Date Issued

When was your life insurance policy first issued? If it's a term policy that's set to expire soon, consider renewing it, especially if your dependents are still young. 

5. Premium Costs

It's easy to pay a life insurance premium without thinking because it's probably not as high as your mortgage or car payment. However, you could be overpaying, especially if you pay monthly instead of annually or semi-annually. Also, check to see if an automatic debit from your checking account lowers your costs at all. 

6. Beneficiaries

Who will receive the death benefit of your life insurance policy? Make sure the correct people are listed as beneficiaries to reduce confusion and conflict. 

Now that you've found and reviewed your life insurance policy, consider contacting your agent. Ask about additional options or coverages that provide you and your loved ones with peace of mind and adequate life insurance.
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