Review Your Life Insurance Policy

Aug 08, 2017

by Michael Brown, FICF

As a life insurance agent, I’m not only interested in meeting new people and helping with their needs, but also in making sure that my clients review their policies as their needs change over time.

Most people are good at getting started but fail to make the time to review their policy with their agent. Life can change with a blink of an eye. It’s important you routinely talk with your agent about changes in your life so that your financial needs are taken care of.

Most people will go through six stages in life and insurance needs change with each one.

• Single coverage need: pay off burial expenses, and debts such as, student loans and vehicles
• Married coverage need: pay off debts, take care of spouse, and burial expenses
• Children coverage need: replace income to provide for family, pay off debts, college funding, burial expenses
• Empty Nesters coverage need: pay off any debts left, provide for spouse, leave legacy to family, burial expenses
• Retirement coverage need: provide for spouse, legacy, final expenses
• Death coverage need: provide for spouse, legacy, final expenses

Annual reviews can be as quick as a ten minute meeting or take as long as an hour depending on what has changed in your situation. There can be many things to discuss with your agent that may require a change in your coverage or current policy. Examples include:

• Did you get a new job or a raise?
• Did you get married or divorced?
• Did you have a baby?
• Did you make a major purchase such as a car or home?
• Did you inherit some money or other valuables?

These are just a few things that could require changes to your plan. It might mean you need more or less coverage or require a change in your beneficiaries named on your life insurance policy.

Western Fraternal Life provides life insurance products that are easy to understand and provide the flexibility needed to meet members changing needs in all stages of life. Schedule a meeting with your Western agent, or call the Home Office at 877-935-2467 to review your policy.

Michael Brown has been a financial advisor for twelve years in Iowa and can be contacted at (319) 621-7193.