10 Reasons Why to Update Your Life Insurance Policy

by / Wednesday, 31 May 2017 / Published in Long term Insurance

At Bovest we believe that you need a plan to meet your financial goals. As you go through different life stages your financial goals change as well. You may need to adjust your life insurance policy to keep up with the changes and with your financial goals. However, even if nothing significant has changed in your life, your financial goals may have shifted. It’s always good to review your policy at least once a year and to adjust it accordingly.

There are a multitude of reasons as to why you might want to adjust your existing life insurance policy. Here are some reasons to reassess and possibly adjust your insurance policy:

1. You recently got married or divorced.
2. You have a new child or dependent.
3. You purchased a home.
4. You own, started or sold a business.
5. You want to leave an inheritance without the need to sell assets at death.
6. You’re planning for retirement.
7. You need to support someone with special needs or an elderly family member.
8. You need to fund a higher education.
9. You experienced a change in employment or salary.
10. Your children have left your household.

If any or more than one of the above applies to you, it may be time revise your policy. It is possible that your policy still meets your financial goals, in which case, you’ll have peace of mind knowing that everything is in perfect order.

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