Why You Should Review Your Life Insurance Policy in 2025
Life Insurance/New Years Resolutions
As a business owner raising kids (BORK), your plate is already overflowing with responsibilities. From running your business to juggling family life, it’s easy to overlook your life insurance policy. But as life evolves, so do your needs, and your coverage should reflect that. Starting 2025 with a life insurance policy review is one of the smartest moves you can make for your family and business. Here’s why.
What Is a Life Insurance Policy Review?
A life insurance policy review is a comprehensive evaluation of your current coverage to ensure it still aligns with your financial goals and life circumstances. It involves analyzing the type of policy you have (temporary or permanent), your coverage amount, beneficiaries, and any changes in premium costs. Think of it as a financial wellness check-up to keep your family’s future secure.
Top Reasons to Review Your Life Insurance Policy
1. Major Life Changes
Have you welcomed a new child into your family, started a business, or taken on significant debt? These milestones directly impact how much life insurance you need. A review ensures your policy grows with your responsibilities.
2. Business Growth or Changes
If you’re a small business owner, your life insurance may need to account for changes like expanding operations, securing business loans, or adding key employees. Key person insurance or buy-sell agreements may also be worth considering.
3. Outdated Beneficiaries
Family dynamics can shift over the years. Ensure your policy’s beneficiaries still reflect your wishes, especially after events like marriage, divorce, or the birth of a child.
4. Policy Performance
If you have a permanent life insurance policy, such as whole life or universal life, reviewing its cash value and performance is critical. Market conditions and policy costs can impact its value.
5. Cost-Saving Opportunities
Insurance rates have become more competitive. A review might uncover better policies or lower premiums, saving you money while maintaining adequate coverage.
How Often Should You Review Your Life Insurance?
Experts recommend reviewing your policy at least once every two years or after any major life change. The start of a new year, like 2025, is an ideal time to reassess your financial plans and ensure your life insurance remains relevant.
The Benefits of a Complimentary Life Insurance Review
We offer complimentary life insurance policy reviews to help you:
Understand your current coverage
Identify any gaps in protection
Explore cost-saving opportunities
Ensure your policy aligns with your family’s needs and goals
A free review not only gives you peace of mind but also ensures your loved ones are protected no matter what the future holds.
