Set & Forget may be a great strategy for your Instant Pot but not for Life Insurance. A common mistake made by both consumers and agents is the Set & Forget strategy. Simply put, this idea is one where you purchase a 20 or 30 year policy and then forget about it except for the premiums.
This is a bad idea in all cases because life happens. Things change and your coverage should adjust according to those changes. New homes, marriage, babies, and jobs require a reevaluation of both the amount and type of coverage. Retirement, kids leaving home, and divorce may require a different strategy than the one used when the policy was initially purchased.
This is why an Annual Review is so important. Sitting down with your agent and reviewing your life, the changes that have taken place in the past year, and the dreams for the coming years are all part of the review process.
However, and this is a word of caution, when we are in the midst of those changes, they often don't register with us. Those changes just become part of who we are. That's why your agent is trained to ask questions and work hard to truly understand your situation. He or she is outside the situation and very often can offer insights into things you may not have considered.
Don't Set & Forget, schedule an annual review with your agent today to make sure your financial situation is on solid ground and your loved ones are protected.
Reach out to me at any time with questions or for your own Annual Review.
Full Disclosure: I am a Life Insurance Agent for The Catholic Order of Foresters, Catholic Financial Life, Stewardship Financial Group, and a Development Officer with The Catholic Foundation.
Phone: 740-324-0702
Email: hahnjamesm@gmail.com
"When considering purchasing Life Insurance from an agent - service, knowledge, and reputation is just as important price."
Comments
Post a Comment