Life Insurance

How to Use a Personal Coverage Review as a Financial Checkpoint

If there’s one thing that’s true about life, it’s that time moves us forward. Our personal lives change, our financial lives change, even the world around us changes. So it begs the question, is your life insurance keeping up?

Just as you would schedule an annual physical check-up, it’s important to schedule a personal coverage review (PCR) once a year to make sure your coverage is still serving you in the best way possible.

What might have changed?

When you first purchased your policy, your coverage was based on many factors, including: your current income, marital status, dependents, mortgage amount and investment assets.

It’s likely most of these have changed or will change over time.

Together, you and your financial professional can determine if:

  • Your policy is still meeting your protection and financial needs.
  • Your policy still fits into your long-term retirement income strategy.
  • You have enough coverage in place to help offset the impact of market volatility on your assets.
  • You have the right coverage in place to help keep pace with today’s inflation rates.

When is a good time for a PCR?

While a PCR can happen at any time, big life changes are a great opportunity to revisit your coverage. For example:

Even if you’re satisfied with your current coverage, a PCR provides a great checkpoint for making sure your beneficiaries are up to date and being reminded of the different advantages of your policy.

In the end, taking care of your financial health is just as important as taking care of your physical health.

Schedule a personal coverage review with your financial professional today.

This post is for informational purposes only and should not be considered as specific financial, legal or tax advice. Depending on your individual circumstances, the strategies discussed in this presentation may not be appropriate for your situation. Always consult your legal or tax professionals for specific information regarding your individual situation. Accessing cash value will reduce the policy death benefit and may require an additional premium to keep the policy in force.


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