Insurance Made Simple
For when things get complicatedInsurance Policy Review for Peace of Mind
You have an insurance policy. That’s great! It gives you peace of mind of knowing that you have protected those you love.
A great insurance policy isn’t a static thing. You don’t just set it and forget it. Life happens. Stuff happens. There are things that go on throughout your lifetime, and your insurance policy needs to keep up with those life changes.
If your policy doesn’t keep up with your life, then it might not give the desired protection you want when you need it most. That completely takes away from the initial point of the plan; protecting those you love. There goes your peace of mind.
Think back to when you got your current policy. Think about where you were, and what was happening in your life. Now think about how life has changed since you got that policy. I bet there have been a few changes.
Not all life changes mean that a new policy is needed. Sometimes just a review to be sure you’re still protected is enough. Welcome back peace of mind.
What sorts of life changes might suggest a review or a possible change in an insurance plan is needed? I have narrowed it down to a few key elements that will help in determine just that.
Relationships
If you have gotten married, separated, divorced, living common-law, or lost a partner, then a review is needed. Your plan should reflect your new, or updated status.
Children
Have you had children or grandchildren since you got your insurance policy? Does that current policy reflect your needs and wishes for these children who are now such a large part of your life?
Real estate
If you have bought or sold property, changed your primary residence, purchased a recreation property, or bought a property for investment, then a review is needed. If might be to compensate for the change in your debt load. Taxes that are owed on an investment or recreation property derails many people’s dreams of leaving to family when they are gone. An insurance plan can help.
Your job or income
Have you changed jobs since your last policy? Are you making more money? Are you making less money? Any of these changes should suggest a review of your current coverage.
Your debts
Have you taken on more debt since your last insurance plan? Less debt? If an insurance plan is partly designed so the debts you leave behind can be looked after, then a review is needed.
Your health
Has your health improved since your insurance plan was put in place? If so, then a more affordable plan might be available, or a different kind of insurance might be available to you. If your health was gotten worse, then taking advantage of plan renewals or conversions that don’t require any medical underwriting might be worth considering now.
Important people or things
Do you have important people or things that you would like to remember when you are gone? Possibly a relative or friend you would like to be sure gets a tax free financial gift? If you have a charity, or special organization that you would like to support after you are gone, an insurance policy is a great way to do that too. It skips the need for these things to be mentioned in a Will as an insurance policy contract stands separate from a Will, and acts entirely on it’s own.
Affordability
Are you finding your current policy is stressing you out for making the payments each month? If your current plan is too expensive, then you will eventually either skimp out on other important things you must pay for, or you will let the policy lapse. Some insurance is better than none at all. A review and search to find a more affordable option might be better than struggling with payments.
If any of these scenarios fit how your life has changed since your last insurance policy, then a review is in order. A review can be an easy exercise in comparing where you were with where you are now.
A review will indicate where any changes or improvements could or should be made. That puts you in control of your insurance plan again.
Welcome back peace of mind. You will now have the details necessary to make a great decision for you.
A great insurance plan doesn’t just happen. But with the right planning, the right guidance, and the right advisor, you can have a great plan. Gotta love peace of mind.
Remember, an insurance policy isn’t about you. It’s about protecting those you love. A great plan does just that.
Robert Dice is an independent life insurance and group benefits broker in Guelph, Ontario. He calls his practice ‘Insurance Made Simple’. There are many things in life that are complicated. Protecting those you love doesn’t have to be one too. Everyone deserves a great insurance plan.