Life Insurance Checklist for the New Year
January 5, 2023
A life insurance checklist for 2023 ensures you do not lose any essential parts of your life insurance coverage. You can make a few investments that offer the same protection and peace of mind that life insurance provides. This form of insurance is one of the best gifts you can give your family. Whether or not you already have coverage, though, there are a few crucial details that you should tend to before the New Year arrives. Thus, staying on top of your life insurance coverage is imperative.
The Life Insurance Checklist for 2023
Consider the following life insurance checklist to be sure that you and your family are ready for whatever the New Year may bring.
Make Sure Your Life Insurance Isn’t Ending
The first item on your New Year life insurance checklist is simple — ensure that your coverage isn’t ending any time soon. If you previously invested in a term life insurance policy, it may expire soon. Your insurer should send notifications that this date is coming up soon, but it’s easy to miss these notices if you aren’t paying attention. Be sure to check your policy end date. Most term life policies are good for anywhere from ten to 30 years.
Confirm That Your Rate Is Staying the Same
You may have invested in a variable life insurance policy. This type of coverage adds an investment component to your coverage that you continuously contribute to when you pay your monthly premiums. These payments allow the policy’s cash value to grow, and the insurer typically offers a variable interest rate on the value. Though this can be advantageous if your investments are successful, it can also be risky because there is no guaranteed return on investment. Check your interest rate to see if it will change in the New Year.
See if You Need To Update Your Coverage
It’s also important to consider whether you need to update your coverage in the coming year. Are you planning on adding any new members to your family? Have you recently had a change in your expenses that would warrant additional coverage? Questions like these are essential to ask yourself as you consider what coverage to choose. If you need to update your coverage, talk to your insurer about the best option.
Get Life Insurance That Fits Your Budget
Finally, assessing whether your current coverage is compatible with your budget is vital. If your income has fluctuated, you may need to adjust your coverage to ensure that your premium payments don’t strain your finances. Conversely, if you’ve recently seen an increase in your income, you may want to consider the benefits of increasing your coverage or opting for a permanent life insurance policy.
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.
Find out how one policy can make a powerful impact.