Help Keep Your Life’s Goals on Track

Help protect your financial future with a periodic life insurance review

You’re already on your way to a more protective financial future with the life insurance you have, but how often do you review your policy? Do you still have the same needs as when you first bought coverage? Can your needs be met more economically? With the passage of time, life changes, and scheduling a client review with your agent can help keep you on track.



You may periodically review your bank statements, retirement portfolio, and car insurance, but have you recently looked at your life insurance policy? Life insurance is a part of your financial strategy, and a regular review can help make sure your goals and protection needs are being met. Consider these statistics:



In addition to making sure your coverage needs are met, you may be able to improve your situation in several ways:
  • You may be able to lower your premium cost for the same amount of coverage.
  • You may be able to gain more coverage for the same premium you are paying now.
  • It may be possible to improve the death benefit guarantee.
  • There may be a way to help improve policy performance and build cash value.
  • You may be able to gain features and benefits not available on your current policy.
If you haven’t reviewed your life insurance policy in a while or other policies that may be in your household, a phone call to your life insurance agent is all it takes. Your life insurance agent is trained to review certain items to make sure you’re on track with your life insurance goals.
All financial tools need a periodic review, including life insurance. Life insurance policy offerings have changed significantly over the years, and making the right adjustments now may better prepare you for the future.



Life is unpredictable, and the passage of time may bring about a new home, a job change, children, and even a change in health. These are all life events that may affect your life insurance coverage. A client review gives you the opportunity to review your current financial situation and evaluate your life insurance needs.
Here are a few life events that may prompt a further look at your life insurance coverage:
  • Change in marital status
  • New home
  • Job promotion/job change
  • Taking on debt
  • Planning for college
  • Planning for retirement
  • A significant change in assets
  • Changes in your business if you’re a business owner
This list of life events is a guideline to help evaluate your current situation. There are many other events to consider, like whether or not your children are out of college and on their own. In this case, the original reason for purchasing coverage has probably changed, and there may now be a need for retirement or estate planning.
In addition to life events, there may be other circumstances that may affect your policy:
  • Your health: Have you lost weight or stopped smoking? Your health is a consideration when reviewing your life insurance policy.
  • The economic environment: Interest rates fluctuate and could be quite different from where they were a few years ago. These interest rate changes may play a role in the performance of your policy.



Your agent will take a comprehensive look at your policy and analyze its features and performance to see if your original objectives are being met. If adjustments need to be made, your agent will present you with options. If the policy is currently on track with your original goals, then no changes will be needed. The important step is to take action and to see if you’re still on track with your financial protection needs.
There are a few items to note when reviewing your life insurance policy. The list below is not meant to be comprehensive, but it may help you get started in the right direction.
  • Examine your annual premiums: How much are you paying? Is the amount still within your budget?
  • Look at your beneficiary designations: Make sure your beneficiary designations are up-to-date.
  • Review the death benefit amount: Does the death benefit provide you with enough coverage? Items that may affect your death benefit are cost-of-living expenses and any life events.
  • Consider your supplementary benefits: Are there riders or endorsements you no longer need? Are there new riders that may be beneficial to your situation?
Life insurance is a key component to your overall financial plan. Take a moment and help ensure your life insurance goals are being met.



Give your agent a call today to help make sure you’re on track with your life insurance goals.

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Robert E. Chittick is CEO of the LHENetwork. He is also the founder and partner of LHENetwork, The Life and Health Experts, Canaan Financial Group and Canaan Marketing. He is a sales coach and trainer for insurance agents, financial advisors and planners since 2001. He can be reached at
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