Prudent insurance planning requires periodic stock taking of your insurance portfolio to rationalize cost with benefits.
Are you over insured? Does the policy duplicate coverage of another? Does your insurance contain a bundled investment component that requires close monitoring? Are your risk exposures adequately addressed?
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Engage in Periodic Review
Make insurance policies work for you by owning what you need and not paying for what you do not need. Fund only policies that you can afford because these are very long term commitments that need to be adhered to.
You should review what you bought periodically, which allows you to check if your policies are still in effect. Most insurance companies entertain a reinstatement if you do not make claims and provide a resonable explanation.
There are Caveats
Not everyone needs life insurance. People who have been careful savers all their lives often have no need for life insurance as they have accumulated enough wealth to sustain their family. The difficult part here is to understand and calculate what is needed by the family in 20 years.
Similarly, people with no dependents often have little need for life insurance if they have much cash in the bank at all (to cover funeral expenses, for example). Life insurance is only necessary, if in the event of your death, people would be left in a financial bind without some sort of resource, or income.
So, How Much?
Understand that the older you get, the more expensive your policies will get to replace and you may not be in the pink of health when you first bought a policy. Know how much to buy and how much you will need before committing to a policy, it is afterall a long term commitment. Finally, work with an adviser that can compare policies and understand your entire investment and protection needs hollistically.
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"Are you paying too much for your insurance?"