Reasons for reviewing Life Insurance policy

Nite

Valued Contributor
Most of us think that life insurance is something you can purchase only once, but actually, that’s not true at all. It is evident at any point, there are going to be changes in your life insurance plan, thus your insurance needs are also going to alter.

Change in Income A new job could bring a change in the lifestyle, which will likely be reflected in your monthly expenditures, and you always want to protect your family if anything happens to you. So, it is a perfect opportunity to review your life insurance plan.

Change in Health condition Positive and negative changes in your health may also affect your insurance plan. So, you should review and evaluate your policy as per your health conditions.

Change in Type of Policy Whatever the reason, there can also be times when it might occur to you that you need a different type of policy, because your old life insurance policy just won't suit you anymore.
 

Mika

VIP Contributor
Once you have bought a life insurance policy, you cannot make any changes to the original policy document until the policy matures or you decide to drop the policy. However, you can buy multiple life insurance policies from different companies and when you are buying the policy second time, you can make the changes that you want.
 

Nite

Valued Contributor
Yes, you can make changes to your life insurance plan the second time you buy, and the mentioned above are the reasons why it becomes necessary for one to review their existing life insurance plan and see if they like to change it, so that they can achieve the desirable financial goals. Afterall, our goals and needs keeps on changing at different stages of life, thus our insurance needs are going to change too.
 

Yusra3

VIP Contributor
The main reason for reviewing Life Insurance policy is to check if the policy is still valid and in force.

If you are planning to take a fresh start in life, you need to ensure that your existing insurance policies are still valid and in force. You can do this by checking the policy details with the insurer or the company that issued it. If you are not sure about any of the details of your policy, then it is better to get it reviewed before making any plans.

Another reason for reviewing Life Insurance Policy is to check if there are any changes in terms and conditions in the policy. The other thing that you need to keep an eye on is whether there has been any amendment made in your existing policy or not. if yes then make sure that these changes are acceptable by you at all costs.

If you have decided to create a new life insurance policy, then it's a good idea to get it reviewed by an expert before signing up with any provider who offers such services at reasonable rates.
 
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