Life Insurance Policy Review

Time to review your life insurance policy? Has it been a while since you’ve looked at your life insurance policy? Many people put a lot of effort into the initial purchase of insurance. You may have shopped around on-line, asked a friend, and finally completed an application and an exam. When was the last time you checked if your current policy still meets your needs?

At Pacific Insurance Brokerage we can help. Your old policy may be just fine. If it is we’ll recommend you keep it, especially if your health has changed. Newer policies may have benefits your old policy does not have. In recent years companies have been automatically including riders on many policies that cover critical illness such as a heart attack or life threatening cancer. Often these policies cost about the same as a policy without these benefits, or only marginally more. As independent agents, we can give you a quick scan of the marketplace to see if your current plan can be improved, subject to qualification.

Have you checked your beneficiaries lately? If you have gone through a divorce, or the loss of a loved one, the beneficiaries you indicated when you purchased your policy may no longer make sense. A beneficiary check usually takes a call to a home office toll free number or a log in to a carrier portal. Your Pacific Insurance Brokerage representative can assist with beneficiary designations.

Is the amount of coverage aligned with your goals and objectives? It is natural that as your income grows the desire to fully protect your beneficiaries increases. Your broker can help with that increase with a second policy, of appropriate replacing your current policy with a larger policy.

Should you purchase a term policy or a Cash Value policy? This is the age old question in the insurance business. Term insurance provides the most coverage for the least amount of money up front, frequently with guarantees of 10,20, or even 30 years. A cash value policy gives you more options down the road to continue coverage, or utilize the cash value to skip a few premiums, fund a goal such as a college education or supplement retirement income. Your Pacific Insurance Brokerage Representative can help you make an informed decision.

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