So, you got life insurance, what now? Many people believe that life insurance is a one and done kind of purchase. But it is important to review your insurance at different intervals in your life for a variety of reasons.

Let’s start with what is or was your purpose for buying insurance and think about all the changes that have occurred since you last updated your insurance.

Maybe you are unsure if the events in your life warrant a check up on your insurance? Have you recently changed your marital status, bought or sold a home, started a family, changed jobs or retired, started a business, had a change in your health status, or similar life events?  Significant life events can affect those around you. It is important to consider that your need for insurance can evolve; and this could result in a change in the amount or type of insurance coverage you have.

Even if you have not had a major life event, you should always review and adjust your insurance policy to fit your current circumstances. So, maybe it is time for a review?

Check out our checklist below and see if it is time for a review:

• Is your benefit amount enough for current and future needs?
• Have you had any major life changes?
• Are your beneficiaries up to date?
• Revisit your costs – Are your premiums still affordable?
• Do you have the right type of insurance for your needs?
• Do you have questions or need more information about your policy?
• Has it been over a year?

The most common type of life insurance sold is Term insurance. With term life insurance, your premiums stay the same for the life of term selected (typically 10 or 20 years) but, after this time premiums increase. Term life insurance policies can have flexibility within them including different features to extend your insurance term or convert to permanent insurance. Do you know the type of insurance you have and if it has any special features?

Here at Verecan our advisors are not paid on commission, we are solely here to help you find what is right for you, even if that means no insurance at all.  We are an insurance broker which gives us a unique perspective with unbiased advise and access to multiple insurance providers. This offers you a better selection to get the top rates and coverage on the market and means that we can find the product that gives you the right protection at the best value. Insurance should never be a one size fits all, and we will find the right customized strategy that meets your needs. So, let’s connect and review, and find the right product for you.