Why is it necessary to perform Life Insurance Audit?
When you purchase your policies, you may have made certain assumptions about policy charges, interest rates, planned premiums, and other issues. But life is constantly changing. The original reason for your purchase may still exist, yet your needs have changed, requiring more or less coverage. That’s why it’s so important to regularly review your life insurance coverage. A new family situation, a different career, a shift in financial status – any of these common events, plus many others, should trigger a re-evaluation. Do the life insurance choices you made years before still make sense now?
A Life Insurance Audit can bring insight into your life .
A Life Insurance Audit offers an excellent opportunity to make sure your insurance coverage fits your current needs. It’s always a good idea to review your situation every few years to ensure all of your needs are being met.
Your advisor will talk with you about your existing policies in relation to your original and current goals. Information about your policies will be gathered and several illustrations will be requested from the issuing companies to see if your life insurance is on track, and if not, what is necessary to bring it up-to-date. After all information is received, your advisor will review the findings with you. If changes need to be made, you will be offered suggestions to adjust your current policy or advised of alternatives to help reach your goals.
The Life Insurance Audit Process
A Life Insurance Audit is a multi-step process that provides you with a comprehensive evaluation of your life insurance coverage and incorporates the following information:
When should you consider a Life Insurance Audit?
Your life insurance is one of the most valuable assets you ca known. Consider a Life Insurance Audit when: