Make a resolution to review your coverage and beneficiaries!
The start of a new year is a great time to re-evaluate your life insurance coverage. Changing circumstances may lead to different insurance needs. Did you have a baby? Get married? Purchase a new home or car? If so, you’ll want to check whether you have the right fit in policy protection.
Take some time to talk with your Sales Representative and review your certificates to see if they meet your current needs. Even if you haven’t experienced a life changing event, you could be eligible for discounts or new insurance products may better serve your needs.
Impact on Life Insurance and Annuities
Changes—such as a birth, divorce, remarriage or even a new mortgage or new job—are indicators that you might need to make changes to your life insurance, or at the very least, that you should review your coverage.
Read your policy carefully and answer these questions:
•What is your current amount of coverage? Is this sufficient to protect your loved ones if something were to happen to you?
•Do premiums or benefits vary from year to year?
•Is there cash value? If so, how does it grow?
•Can the certificate be converted into another form of insurance or annuity?
•Are the beneficiary designations on your life insurance or annuities current?
In the case of the birth of a child or a new marriage, you might want to consider increasing your death benefit.
Alternatively, events like paying off your mortgage, retirement or children finishing college might mean that you can lower your life insurance coverage and premiums. Your life insurance company might be able to offer “conversion privileges” from your current term life insurance policy to a new whole life insurance policy without a medical exam. You might also be able to expand your death benefits so they can be used while you are still living. Ask your PRCUA Sales Representative about these options.
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