Life is busy and if you are like anyone else who is driven by family, wealth management and quality of life, you have a lot of balls up in the air at any time. But there is a way to manage your life insurance policy that is efficient and clear.
The outcome of a plan is not that it always goes to plan but that you are ready if it doesn’t. This gives thinking time to your policy, it is important and you must do this and review it each year for financial wealth that will see you safely through retirement and now.
POLICY REVIEW STEPS
State your objectives in writing and keep this policy statement with each contract.
GET AN IN-FORCE LEDGER EVERY 2 YEARS.
This is a report from your Life Insurance company, this tells you where your policy is at, it’s like a financial report on your policy. The business and investment circles are going through big changes always, with 30% of the Fortune 500 made up of businesses that weren’t even around in 2003. So checking in on your policy regularly is just smart business.
ARE YOUR FINANCIAL OBJECTIVES BEING MET?
Keep this with your term policy so you have a brief note to review at your biannual life insurance policy review – remember these are free, you only pay if you can save or make money.
YOUR FINANCIAL STRATEGY
Ascertain that your in-force portfolio is meeting your objectives. If not, can the current portfolio be modified to meet your objectives?
The biggest influence on this can be life events; marriage, change in health, change in lifestyle and future plans.
Evaluate options to see whether an alternative can better meet your needs.