08/03/2022
Why An Audit of your Life Insurance Policies is Important?
When a person hears the word “audit,” it almost immediately brings to mind a panic signal. However a life insurance audit,is a comprehensive study of your existing coverage to make sure it still fits your needs.
Back in your parents' or grandparents' day, they might have purchased a life insurance policy, put it in a file and only thought about it when the bill came for the annual premium or when the insured passed away. And that was usually fine. Today, however, policies are a more complicated financial tool that needs to be monitored -- much the same as any other assets you hold in your portfolio. The goal is for your life insurance policy to be there for your beneficiaries when they need it most. That is not the time you want them to be surprised, so it's vital to perform a policy audit on an annual basis and take any corrective action that is necessary.
There are many things that we do automatically each year to ensure the safety of our families: regular maintenance on our cars, changing batteries in smoke detectors, etc. We do this to provide safety and wellbeing for our loved ones. Don’t they also deserve the same commitment for their financial future? One afternoon each year with your advisor will provide your family with the financial protection they deserve.
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