A. You can review your life insurance policy, especially if it is a permanent life insurance policy, from the following 3 perspectives -
From Financial Strategy Perspective
- How are you preparing to achieve your financial goals and aspirations?
- Are you taking advantage of all of the tax strategies available inside of life insurance?
- Will your financial strategy be realized in the event of a premature death or disability?
- Are you comfortable using your retirement savings to pay for health care/nursing home costs?
From Coverage Perspective
- When was the last time you evaluated your life insurance needs?
- What type of life insurance do you have?
- How much coverage do you currently have?
- Why or how did you choose your current coverage? • Has it kept up with inflation?
- What is the termination date of your coverage?
- Do you intend to use your coverage to provide living benefits as well as a death benefit?
- Have your goals for these policies changed?
From Protection Perspective
- Will your outstanding debt be covered by your current coverage?
- If you¹ unexpectedly passed away, would your family be financially stable?
- Have you experienced any life changing events since you purchased your coverage?
- Do you desire to leave a legacy to your spouse and next/future generations?