Life insurance is essential to financial planning in Reading, PA, but it’s easy to forget your policy once you have it. Reviewing your life insurance policy and ensuring it meets your needs is a good idea.
Reasons Why You Should Update Your Life Insurance Policy
You should review and update your life insurance policy regularly for several reasons. Here are some of the most common reasons:
- If you’ve had a significant life event like getting married or having a baby, you may need more coverage than before.
- Your career may have changed, or you may be making more money than before. This could mean you need more coverage to protect your family in case of an unexpected death.
- If the beneficiaries listed on your policy have changed, the life insurance payout will not go to the people for what was intended. Updating the beneficiary information is essential for any changes in circumstances.
- Your health may have changed since you first got the policy; if so, updating the policy can ensure that the insurer covers any medical conditions.
When To Update Your Policy
It’s a good idea to review your life insurance policy at least once a year or every five years, depending on how frequently your circumstances change or if any significant events in your life could affect your current coverage level—if you don’t know when to review and update your life insurance policy, then consulting with Berks County Insurance can help you determine when might be the best time for updates and adjustments to be made annually.
If you live in Reading, PA, and need help reviewing or updating your existing life insurance policy, contact Berks County Insurance today! We can provide valuable advice on adjusting a current plan or finding one that fits better with current lifestyle needs.