Review your life insurance investments

Even if you already have life insurance, it is important to review your investment for effectiveness.

05:25 26 March 2014

One of the ways you can ensure that you are covered for the unexpected is by maintaining life insurance. Not only is it important to make sure you have protection for your loved ones if something happens to you, but you also need to make sure that you are receiving the best deal possible.

 

Just as your physical health needs a checkup every year, your financial health should also be reviewed. You can take time to make sure your insurance covers everything you want and that you are paying a fair price. 

 

Here are a few steps to use while you are reviewing your life insurance. 

 

• Make a couple of lists—compile a list of the life insurance companies that offer a variety of life insurance products, as well as a list of the things that are included with your current life insurance provider or everything you would like to have.

 

• Quotes—Get in touch with the providers that you wrote down. Get one or two quotes from each life insurance company and try to make them as comparable as possible. If there is a difference between what coverage you have with your company and what you would like to have, get separate quotes for each of these scenarios for future comparisons.

 

• Compare—once you have all the quotes for the different life insurance companies on your list, find ones that seem to give you a fair deal for the type of coverage you want. You may not be selecting the least expensive quote unless that is what you are looking for. Once you have choices narrowed down, try to find references. Companies may offer a great product, but if their customer service is non-existence your loved ones may be dealing with a headache instead of benefitting from the investment you have taken time and effort to maintain for the future.