Five Questions to Ask Yourself When Conducting a Mid-Year Life Insurance Audit

Business woman conducting life insurance auditJust as swiftly as it began, this year is already halfway over. And as we head into the thick of summer, now is a good time to reflect on the first half of 2017 by making a note of any changes that could affect your life insurance needs.

To help make sure your policy is still working for you, conduct your own life insurance audit by asking yourself these five questions:

1. Has my employment status changed?

Even though the unemployment rate has largely decreased over the last several years, there are still unfortunate circumstances that could leave you or a spouse/partner unemployed. Regardless of the situation, an unemployed family member may mean that you want to shop for a cheaper, less comprehensive life insurance policy, at least until your family’s earnings balances back out.

2. Have I received a raise or promotion?

You don’t have to lose your job in order to be affected by your employment. A raise or promotion can also impact your life insurance policy. If you were recently told that you will be earning more money, consider directing some of that toward your life insurance policy.

3. Have there been any changes to my family?

Changes relating to your family structure may alter your life insurance needs. For instance, if you recently became married or brought a new child into the world, you should think about increasing the amount on your life insurance policy to help protect your loved ones. On the flip side, if you recently became divorced, you may wish to decrease the amount on your life insurance policy.

4. Is there a more affordable plan that meets my needs?

The Mutual Fund Store Life Insurance specializes in matching the best life insurance policies with your budget. Since policies are continuously changing, your current plan may no longer be the best option for your needs.

5. What happens next?

If you have been affected by any of the aforementioned events, it is critical that you evaluate your life insurance policy to meet these circumstances. The Mutual Fund Store Life Insurance is here to help you navigate any policy adjustments that must be made.
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