While many of us would not dream of skipping our annual physical exam, many more are not so diligent when it comes to their financial health. While nothing is more important than our physical well being, it is vital to keep tabs on our fiscal well being as well. It is just as important to schedule an annual financial checkup as it is to have that yearly once over with the physician.
The reason for this annual financial checkup should be obvious. As we get older and our lives change our financial needs change as well. Different stages of life and different family situations require different approaches to everything from investment strategy to insurance needs.
In fact one of the most important parts of any financial checkup is assessing life insurance needs and making any needed changes. Life insurance needs change quite a bit throughout a person’s lifetime, and it is important for every policyholder to assess his or her level of coverage and to make sure that it is still adequate. Being underinsured could leave your family valuable should anything happen to you, while over-insuring your life could mean wasting money that could be put to better use elsewhere.
In addition to these routine annual insurance reviews, it is important to review your life insurance coverage needs whenever a major life event takes place. That means that if you are getting married or getting divorced it may be time to sit down with your agent and adjust your coverage levels and your beneficiaries. The birth or adoption of a child should also be an occasion for a review of coverage levels, as is an adult child moving out or completing college.
When these reviews are taking place it is important for the policyholder to have all the needed facts and figures available. Factors such as annual income, invested assets and the like can greatly affect insurance coverage needs, and having all the required figures on hand will make the process much easier. It is important to determine what coverage level is required to give your family the lifestyle they have become accustomed to in the absence of your income, so complete income information will be required in order to arrive at a realistic number.
Reviewing life insurance coverage is not anyone’s idea of a fun time, but it is important. Everyone who has a family and an income needs to consider some sort of life insurance coverage, and it is important to adjust that coverage in order to make the most of that protection.
Give us a call at 941-921-6630 or visti our website.
Dakkak Insurance 