When You Should Review Your Life Insurance Policy

Reviewing your life insurance policy is of paramount importance. Whether you like it or not, the only thing permanent is change. Whom you were yesterday is different from whom you are today. This means you need to review your life insurance policy anytime you reach a turning point in your life. Put simply, you should review your life insurance policy when you start:

Earning lower/higher income

You should consider reviewing your insurance policy when you start earning more or when your income starts dwindling.

Having health challenges

You also need to review your life insurance policy if you’ve been diagnosed with cancer, diabetes, high blood pressure, or any terminal illness.

Getting more financial responsibilities

It is pertinent that you review your life insurance policy when you start having a family, paying for house rent, taking care of your ageing parents, or paying your children tuition fees.

Running a business

If you want your business to stand the test of time even when you are no more, you need to review your life insurance policy too.

Desiring to change your beneficiaries

Immediately you realize that your beneficiary is no more or does not deserve to receive your death benefits, you to consider reviewing your life insurance policy.

Bottom line

Life insurance is not a policy cast in stone. It evolves over time. And you need to review your life insurance policy from time to time, at least every 12 months, so that your loved ones can be financially buoyant when you are gone.