Your life insurance policy may have an expiration date, without your knowledge. When you make the decision to plan for you and your family’s future by taking out a life insurance policy, there are specific goals and needs you had at that moment. So, let’s say 10 or 15 years go by—does that policy still suit your lifestyle? Does your policy have a 100% guarantee? The answer to all of these questions is likely perhaps not.
This doesn’t mean you are out of luck. It just reinforces the importance of getting your life insurance policy reviewed.
Here’s a breakdown of how a life insurance policy review can help you take care of your family’s financial future, so they don’t have to worry about making mortgage payments, getting money for groceries, and paying college tuition.
When Life Takes a Turn, So Can Your Policy
Life can easily change over the years. Your insurance portfolio should change with you or keep up with those changes as well. In most cases, when people buy life insurance their life can change over the next ten years. Heck, it only takes one decision to completely change your life at times. Think marriage, children, and career choices. Running into one person can completely turn your world around in no time. So, think about how much change can happen in five or ten years.
You may buy a house, open a business, or have more kids. All these changes can impact how much your life insurance policy will pay out in case of a tragedy. This is one of the main reasons we urge policyholders to get a review. This will help reveal whether your insurance policy has kept up with your needs.
Stratus Financial Partners exists to help educate you about the details of your policy. We want to make sure that 10 or 20 years from now your policy will provide the safety net you really need.