Are you sure you have the right life insurance coverage?

If it’s been some time since you looked at your policies, it may be time for a professional review

This blog post was originally published on October 5, 2020. It was updated on August 16, 2023.

If you’re like many people I meet, you have life insurance, but it’s been a while since it’s been reviewed. Maybe you bought a policy from an agent referred by a friend. Maybe you decided you needed coverage when you started a family. Since then, your family and financial situation have likely evolved, and your insurance needs have, too.

A professional review of your life insurance policies typically involves a comprehensive assessment of your financial situation, coverage needs, policy performance, tax implications, and changes in the insurance market. By having your policies reviewed regularly, you can optimize your insurance portfolio to safeguard your family’s financial future while making informed decisions that align with your evolving financial goals.

There are lots of reasons your life insurance might benefit from a review. The following are some of the most common reasons.

• Gaps in coverage: Life insurance is designed to mitigate financial risks for your loved ones in the event of your death. Regularly reviewing your policies allows you to assess whether your coverage is still appropriate given your current financial obligations, debts, and dependents. By identifying potential gaps in coverage, you can adjust your policies to protect your family’s financial security.
• Changing insurance needs: As you age, your responsibilities may change, your children may become financially independent, and your debts may decrease. Regular reviews enable you to align your life insurance coverage with your changing circumstances and eliminate unnecessary or redundant policies.
• Cost-benefit analysis: Life insurance comes at a cost, and reviewing your policies helps you analyze the benefits you are receiving relative to the premiums you pay. If you find that your coverage is no longer cost-effective or doesn’t provide the necessary protection, you can explore alternative options or make adjustments to optimize your policy’s value.
• New products and offers: The life insurance industry is competitive, with insurers continually adjusting their offerings. Regularly reviewing your policies gives you an opportunity to compare different insurers, policies, and riders, empowering you to select the most suitable options available in the market.
• Health changes: Health conditions can significantly impact life insurance premiums. If your health has improved since you purchased your policy, a policy review may be able to help you qualify for lower premiums or better policy terms.
• Tax and estate planning: Life insurance can have implications for estate planning and tax efficiency. Reviewing your policies can help assess whether your coverage aligns with your current estate planning goals and allows your beneficiaries to avoid unnecessary tax burdens.
• Independence matters: Some insurance agents represent a single company, so buying your policy from them means you have limited options. Kaufman Rossin Insurance Services acts as an independent broker, which enables us to offer options with 80+ companies. We’ll help you find the best-fit solution for your needs.

If you’re curious about whether you have the right life insurance, don’t wait any longer to find out. Contact me or another member of the Kaufman Rossin Insurance Services team to discuss your situation and schedule a policy review.