Should I review an old permanent life policy?

Question

The situation is that I bought life insurance years ago and my family, income, and financial responsibilities have changed since then. The part I am trying to sort out is what should be reviewed instead of assuming the old policy still fits. For context, I would like to review this now while there is time to make a change rather than wait until a claim or lapse forces the issue.

Soradin · Accepted Answer

Current statements can show cash value, loans, premiums, guarantees, and whether the policy is on track. When the contract terms are examined, life insurance should be reviewed after marriage, divorce, births, deaths, job changes, debt changes, business changes, and major estate planning updates. When evaluating the policy, the review should cover amount, term, ownership, beneficiaries, premiums, and policy performance. Look first to the written contract and the latest illustration, then ask a licensed insurance professional to identify in writing the guarantees, exclusions, riders, and surrender limits that matter.

Should I review an old permanent life policy?

Soradin

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