Time for a Life Insurance Check-up

If you purchased a term life insurance policy ten or fifteen years ago, it may be time to revisit that decision.  Just think how many changes there have been in your life during that time – do you think that your family would still have what they would need financially in case you’re not there anymore?

Here are some questions to consider.

Housing – Have you moved or refinanced?  If you have, perhaps the mortgage is now larger and would require a higher pay off amount.  Even if you hadn’t planned on your spouse paying off the house, make sure you have enough set aside to cover at least a few months of mortgage payments during the difficult transition period.

Children – Is there a new member of your family, that wasn’t there when you originally purchased your term life insurance plan?  Then you must plan for that child’s expenses, allowing for everything from braces to college.  In fact, allow enough for tuition increases that many years down the road. 

Health – Has your health improved since you originally bought the life insurance policy?
Perhaps you lowered your weight, quit smoking, or dropped your cholesterol.  It is quite possible that a new term life policy for the remainder of the original period could have a lower premium than the original policy. 

Time – One of the best advantages of the internet is the ease it brings to shopping for term life insurance.  There’s so much competition in the industry that dozens of companies are lined up to give you a free life insurance quote.  The only thing it will cost you is a few minutes of your time to see if the term life insurance quote you originally received is still your best deal.

There’s no time like the present to check your term life insurance rates now!