Life changes can significantly impact your insurance needs. Review your policy after events such as:

• Marriage or Divorce: Adjust your coverage to reflect your new family dynamics or ensure adequate protection for dependents.

• Having Children: Increase coverage to account for future expenses like education and childcare.

• Buying a Home: Ensure your policy can cover the mortgage in case of your passing.

• Starting or Selling a Business: Adjust for debts, key person coverage, or estate planning needs.

• Retirement: Reassess coverage if your financial responsibilities have decreased or shifted.

• Increased Income: You might want to expand your coverage to protect a higher standard of living.

• Debts Paid Off: You may need less coverage if major debts, like a mortgage, are cleared.

• Investment Growth: If your financial assets have grown, you might shift focus to estate planning.

• Term Expiration: If your term policy is nearing its end, consider renewing, converting to a permanent policy, or purchasing new coverage.

• Premium Adjustments: Some policies, especially universal life, may require adjustments based on cash value or changing costs of insurance.

• Policy Performance: For policies with investment components, such as universal or whole life, review growth to ensure it aligns with expectations.

• If your health has improved (e.g., quitting smoking, significant weight loss), you might qualify for lower premiums.

• If your health has declined, ensure your current policy is adequate since getting additional coverage may become more expensive or challenging.

Review beneficiaries regularly to ensure they reflect your current wishes (e.g., adding children, updating after a divorce, or ensuring proper estate planning).

Changes in tax laws or life insurance regulations could impact your policy’s benefits or structure, especially for estate planning purposes.

Reviewing your life insurance policy annually or after major life events ensures your coverage stays relevant and effective. This proactive approach helps protect your loved ones, aligns with your financial goals, and gives you peace of mind. Working with an experienced advisor during these reviews ensures that your policy remains the best fit for your evolving needs.