It is that time of year for spring cleaning, but for your finances. When was the last time you looked at your life insurance policies and took account of all your financial needs? According to Forbes.com, here are some questions to ask yourself when spring cleaning your finances.
- Where are your policies? Both literally and figuratively. It is smart to have your original paperwork organized and in a safe place. Second, do you know what companies are insuring you? If you have questions, it is always a good idea to reach out to your insurance agent and check out if they have a website where you can keep track of your policies, too.
- What type of policies do you have? If you have a term life insurance product, do you know how many years left you have on the policy? If you have a whole life insurance product, have you checked in on the cash value accumulation? Depending on the type of policy you own, make sure you know how the policy works and if there is any action that needs to be taken.
- Who are your beneficiaries? Now is a great time to double check and update your beneficiaries on various policies.
- What is the death benefit? Have you had any significant life changes occur recently? Did you buy a house, get married or have any children? There are many different reasons to adjust your policy amount due to changes in your lifestyle. Calculate how much coverage you made need with this Life Insurance Needs Calculator.
- When was the last time you contacted your agent? If you have any questions about your policies or the possibility of more coverage, Just Ask your insurance agent! They are there to help you get the peace of mind you deserve when it comes to protecting the future of your loved ones.
