It is just simple common sense to review life insurance needs
The amount of coverage you now own may be too little or, in some rare cases, too much.
Life insurance is intended to protect the income of the breadwinner. It is designed to replace this income in the event of the premature death of this person.
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Incomes as well as cost of living tend to increase every year. It is therefore safe to conclude that a policy that was adequate last year or 5 years ago may not cover the family needs today. Do you have adequate life insurance today, will it be sufficient 5 years down the line?
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On the other hand you should also consider that your children may be closer to graduation or have already graduated and are on their own. The portion of your coverage applied to that need may be much less today or not needed anymore.
What about the mortgage on the home, is it paid off? If it is you may not need that portion of life insurance applied to pay it off anymore. On the other hand, did you take out a second mortgage? If you did you may need an additional policy to pay that off upon your death.
What of your spouse? Is s/he one who works outside of the home or does s/he do the more difficult job of maintaining and managing the household. It may be wise to provide sufficient income to guarantee that your other half can live a comfortable life until her or his death.
What if you are part owner of a small corporation or business partnership, has the business rapidly grown? If it has the initial policies you purchased to fund your buy sell agreement may need to be increased. What of key employees, are they worth more to your business today than they were when you bought your first key man policy?
Set aside some time each year to review life insurance needs. It is best to do so at the beginning of the year when you plan what you intend to achieve during the particular year.
Something else to consider, are you still in good health? Would it make sense to convert your term policies if the companies you do business with offer the option to convert? You don't want them to expire and you still need coverage.
A very handy tool that you can use to determine your needs is a calculator designed for this purpose. There are many on the Internet that you can use free of cost. Just fill out the short form and find out how much you should own based on your particular situation.
If you can handle the additional amount recommended go buy that amount if not try to pick it up as soon as you can.
It is usually a good idea to review life insurance needs at least once per year. When buying new coverage select a highly rated carrier.
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Retirement planning is one of those things that we must do long before we get to retirement time.
Life insurance should be seen as an instrument to provide an income for your family.
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