January 22, 2024

Why You Shouldn’t Skip Your Annual Review

Few things in life are certain, but if there’s one thing that is, it’s that life is constantly changing. Career changes, marriage, divorce, new homes, welcoming children, paying for college; very few people can look back just a few years and truthfully say their life is exactly the same. For this reason, reviewing your life insurance coverage year after year is so important. As your life changes, so can your life insurance needs. We sat down with BetterLife expert Mary Hale, FMLI, to learn more about annual policy reviews and their importance.

Q: Why is an annual policy review important?

An annual policy review is important because life is ever-changing, and your current policy should provide adequate financial coverage for your beneficiary(ies) if the unexpected happens. For example, a policy taken out ten years ago when an insured member was single, might need more coverage now that the insured has a spouse, two children, and a new home. Or, it could be a scenario where someone in their 60s wants a plan to cover any final expenses so their loved ones are not burdened upon their passing. Life insurance can be confusing, so it’s helpful to speak to a licensed agent who can assess a member’s situation and determine which product would be the best fit. Bottom line: We care about you and your family, and we want to make sure that our members have adequate coverage in place that is comfortable and affordable should the unexpected happen.

Q: What happens at a policy review? What can someone expect?

A policy review involves a licensed agent reviewing current policy information and current member situations to ensure the policy matches their needs. Sometimes, the insured needs a higher face amount. Sometimes, they may need a longer or shorter term. Sometimes, a permanent plan makes the most sense. Every situation is different, and our licensed professionals are trained to ask the right questions, so they have a good understanding of the situation and can make recommendations specific to you and your family’s needs.

Q: When is the best time to do an annual review?

Anytime! However, a review should happen at least once per year. Generally, a review is done before the anniversary date of the policy. Completing a review before the policy anniversary date is even more important if a member has a term policy because these policies provide a guaranteed premium for a specific term.

Q: What happens next if I find out my policy no longer fits my needs or my information is outdated?

An agent can recommend various plans and coverage amounts and will gladly update your information.

Q: I don’t know who my agent is. How can I set up an annual review?

You can call 888.964.0830 to connect with an agent directly and receive a review over the phone. If you prefer an in-person meeting, visit www.betterlifeins.com/schedule-an-appointment to be connected with an agent in your area.