Here are some problems that I've come across over the past 13 years regarding life insurance policies that were (or could have been) fixed with an annual review...
- Joe is 70 years old and his parents, both of whom passed years ago, are still listed as the primary beneficiaries on his life insurance policy. When Joe passed, the policy was large enough that it required a tremendous about of paper, legal, and leg work to get the claim filed. A simple beneficiary change would have eliminated a huge headache for his family.
- Mary stopped smoking 10 years ago and now lives a healthy life with a great diet and plenty of exercise. These changes are great, however, she didn't think it was necessary to meet with her agent all those years and kept putting it off until the policy was nearing the end of the term period. She now realizes that she was overpaying on her policy for 10 years when a simple review would have caught the change and saved her a lot of money.
- During an annual review Tom realized that he was over insured. He no longer needed a large amount of coverage because his kids were out of the house and his home was paid off. The agent helped him convert part of his policy to permanent coverage for final expenses and drop the remaining term.
Annual reviews are a must when it comes to your financial health. Here are some other reasons to schedule an annual review:
- Marriage/Divorce
- New Baby
- Change Jobs
- Increased Debt (Vehicles, Student Loans, Credit Cards, Mortgage)
- New Home
- Increased Rates on your current policy.
Reach out to me at any time with questions or for your own Annual Review.
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."
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