Why you need to review your #insurance policy, and policies in general. #retirement #legacy

Insurance policy reviews:

The role of the agent and client relationship is built upon the foundation of communication and trust. The list of reasons to have annual and/or consistent policy reviews are (only a few):

1. Marriage/divorce

2. Job promotion/change

3. Net worth increased

4. Business owner

5. Beneficiary designations (current)

While there are five listed above, we can easily add to that together. And, by that we mean what is important to you needs to be heard. Some things, like those above, are nonnegotiable.

Insurance policy reviews are important for several reasons:

1. Coverage Adequacy-Ensuring that your insurance policies provide adequate coverage for your current needs and circumstances.

2. Cost Savings-Identifying opportunities to save money by adjusting coverage levels, deductibles, or taking advantage of discounts.

3. Policy Updates-Staying informed about any changes in policy terms, conditions, or coverage limits.

4. Life Changes-Updating your policies to reflect any major life changes such as marriage, birth of a child, or purchase of a new home.

5. Comparison-Comparing your current policies with offerings from other insurance providers to ensure you are getting the best value.

6. Risk Management-Assessing potential risks and liabilities to make sure you have appropriate coverage in place.

7. Legal Compliance-Ensuring that you are in compliance with any legal requirements related to insurance coverage in settlement or divorce decree.

We save what may be the most important reason, beneficiary designation (BD). BD is vital in the case of age, divorce, death, and extremely important for those with irrevocable or revocable trusts. We cannot stress enough how important proper and current BD is to a family.

Regular insurance policy reviews can help you stay protected, save money, and make informed decisions about your insurance coverage.