With life insurance, you don’t want to take a “set it and forget it” approach.
The general rule of thumb is to review your life insurance policy with your broker or agent at least once a year. Reviewing your life insurance is a way to ensure that you have the right plan and the adequate amount of coverage to protect your loved ones. Also, if you have a permanent life insurance plan, this is an excellent time to make sure it’s helping you meet your overall financial goals.
This time is also the perfect opportunity to learn about new coverage options, discuss any concerns you may have about your rate, and take action before a policy expires.
The other important time to review your life insurance policy is after you have a major life event like getting married, divorced, having a child, buying a house etc.
Another often-overlooked time for scheduling a life insurance review is if you experience a change in your health, both good or bad. If your health took a turn for the worse, is a reason to increase your coverage or examine additional coverage opportunities, but keep in mind that a new policy may cost more. However, on the other hand, if your health has improved like losing weight, exercising more, quitting smoking, and getting control over an issue like high blood pressure might help you get a better rate. That also goes for if you recently quit a dangerous hobby or left a risky job.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
