Tag: life

Life insurance is not a set it and forget it decision. Major changes like marriage, having children, buying a home, or changing jobs can all affect how much coverage you need and who should be listed as beneficiaries. Reviewing your policy after these events helps to ensure that it still fits your life.

Reviewing Coverage Amounts and Term Length

Over time, your financial responsibilities may grow or shrink. A policy that once felt sufficient may no longer cover outstanding debts, income replacement, or future expenses like education. For term policies, reviewing how many years remain can help you plan for renewal or replacement before coverage ends.

Beneficiary Updates Matter

Beneficiary designations do not update automatically. Divorce, remarriage, or the loss of a loved one can leave outdated information on file. Reviewing your policy ensures benefits go to the people you intend and helps avoid delays or disputes during a difficult time.

Changes in Health and Insurance Options

Your health and the insurance market can change over time. Improvements in health may qualify you for better rates, while new products or riders may offer more flexible options. Periodic reviews help you understand whether your current policy is still competitive.

How Often a Review Makes Sense

Many advisors recommend reviewing your life insurance policy every few years, even if nothing major has changed. A regular check in helps catch small issues before they become big problems and keeps your coverage aligned with your long-term goals.

At The Washwick Agency, We’re Here To Serve Bethlehem, NH

If you’re looking for life insurance, the team at The Washwick Agency, serving Bethlehem, NH, is here to help. Reach out to us today to set up an appointment with one of our agents to learn more.

Some people believe that buying life insurance in Bethlehem, NH, is a one-and-done deal. However, nothing could be further from the truth. When you purchase a life insurance policy, you should review it periodically. But when should you do this? The Washwick Agency can help you review your life insurance needs at appropriate times to stay current.

Events Requiring a Life Insurance Review

If you buy life insurance when you are young, your circumstances often change. Certain life events necessitate a review of your policies, beneficiaries and the payouts. Experts recommend reviewing your policies and beneficiaries at least once a year, yet many people do not. If you don’t perform an annual review, consider looking over your policies when one of these life events occurs:

• Getting married or divorced
• Having or adopting a child
• Buying a home
• Taking on significant debt
• Significant job or income changes
• Improvements or declines in health

Less common events involve becoming a guardian or having a family member become financially dependent on you.

Why You Need to Review

Reviewing your life insurance policies accomplishes several tasks. Depending on the circumstances, you may need to change your beneficiaries. You also need to ensure that your coverage amount aligns with your financial obligations. You may want to adjust benefits upward or downward depending on your circumstances.

Reviewing your coverage could also make you more aware of a better or less expensive policy through another insurance carrier. Your review may lead you to add another life insurance policy or possibly change to a different type. Older individuals often change to term policies to cover death expenses.

Buying life insurance is easier than you think when you work with The Washwick Agency, serving Bethlehem, NH. Contact our office to review your life insurance options.