September is a busy month. Not only is school re-starting everywhere, but it’s the “National” month for a couple of areas that I deal with. You may have known that September is National Preparedness Month (after 9/11), but it’s just come to my attention that it’s also national Life Insurance Awareness month.
Interestingly enough, I’ve had a couple of clients lately inquire about their life insurance. For some reason, people of all age and income ranges try to avoid the subject, but it’s the one insurance you are guaranteed to use. Or at least your family and business will be able to use!
Here are three reasons you need to review your life insurance at least every two years…
- Things change. Let’s face it, things change more now than they ever did. Job security, global business, war, the economy…you name it and it’s probably affecting you. Your life insurance is probably obsolete after 3 years, so you need to stay ahead of the curve. The benefit amount and maybe even beneficiary should always be reviewed and changed if needed. The only thing worse than not having life insurance is having the wrong amount go to the wrong place!
- It’s still cheap. Well, okay inexpensive. People are living longer, healthier lives and the rates for life insurance is one area of insurance that isn’t rising. You can get very affordable rates to start or increase your insurance, even if you’ve got a few medical issues.
- Investment. Regardless of whether you are a proponent of term or permanent life insurance, you must at least consider the investment possibilities of life insurance. There are policies out there for some of you that can earn cash value to be used later in life. At the very least, you’ve made an investment in paying off your final expenses so that someone else doesn’t have that burden.
Final thought from a business perspective. If you’re a key person in your business then that business is financially hampered if you die. It’s just as important to an organization to have life insurance on its key people as it is for a husband or wife to have insurance on their spouse. I recommend you park yourself in front of a competent life insurance professional and find out what your options are.
© 2011 Dan Weedin. All Rights Reserved