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Why Annual Reviews are Important

Updated: Aug 16, 2022

Life changes so quickly. We make plans and prioritize what is important to then find ourselves in 5 years under completely different circumstances. Maybe a new child came into the world or you purchased a new home. No matter the reason- this is why an annual review of your life insurance policies is so important. Many of my clients purchase term life insurance because it makes sense for their needs. So the assumption is that an annual review is not necessary- the term and face amount typically stays the same throughout the life of the policy. However, your beneficiary might. How many of us have a 20 year old child? If you know a 20 year old who could be trusted to utilize the proceeds from a life insurance policy in an appropriate manner, please send them my way. I would recruit them in a minute. My point is that most are not. But give it 5 years. Now we are talking about a 25 year old who hopefully has a job and maybe even a family. This person would now be a terrific candidate for your beneficiary. If you do end up making a change, you may also want to speak with your estate planning attorney. It might be time to update your will as well. So, make this a mid year goal. Reach out to your agent and schedule coffee or a zoom call to review your plan. Afterwards, make a note on your calendar to schedule the next one for the same time next year.

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