Reviewing Your Life Insurance Policy
When should you review your life insurance?
You never know what life will throw your way, and this is why it’s so important to have the right life insurance in Orange, California in place. An important part of making sure that you have the right coverage is regularly reviewing and updating your policy. But when should you conduct these reviews? Here’s when you should be conducting a life insurance review.
Annual Reviews
Generally, you should review all your insurance policies, including your life insurance, on an annual basis. Even if you don’t experience a major life change, it’s important that you still maintain this yearly insurance review schedule. This is because small changes can accumulate throughout the year and influence your coverage needs.
Additional Reviews
There are certain scenarios in which you should conduct an additional insurance review. For instance, if you are anticipating a major life change or if you experience an unexpected shift in your circumstances, then you should review and adjust your life insurance coverage accordingly. Some of the major changes that should warrant an insurance review include:
- Birth of a child or grandchild
- Your child starting college
- Caring for a sick relative
- Major business success
- Sudden inheritance
- Winning the lottery
What to Consider During a Review
When reviewing your life insurance, you need to consider your current amount of debt and your other financial obligations. As both these factors will fluctuate throughout your life, it’s important that you track these changes and adjust your coverage accordingly.
This is what you need to know about reviewing your life insurance. Do you have further questions regarding your life insurance in Orange, California? Then don’t hesitate to contact the experts at Remland Insurance. Our dedicated team is ready to assist you with all your coverage needs.