Start with what has changed
Think about the responsibilities you have taken on since your coverage was arranged. A mortgage, a new business interest or a growing family may have changed what you want your protection to accomplish. The starting point is your life today, rather than a new policy by default.
Understand what you already own
Bring your policy information and a rough account of any employer coverage to the review. Describe what you believe each policy is intended to do and the questions you have about it. Existing coverage is part of the picture; the conversation does not begin with the assumption that it should be replaced.
Ask about the duration and structure
Term insurance is generally designed for a specified period. Cash-value policies include forms such as whole life and universal life, and different structures have different features and costs. The NAIC offers an introduction to these distinctions ↗ Ask how the policy under discussion relates to your responsibilities and how long you want the protection to last.
Make room for the detailed questions
If you are exploring indexed universal life or another permanent policy, ask about funding, policy charges, illustrated assumptions and what could happen if circumstances change. A useful review should make the questions clearer, not ask you to choose based on a single illustration or headline.
Connect protection to the rest of the plan
Who depends on you? What would you want to preserve for them? How does your coverage relate to estate wishes or a future change in work? Bringing those questions together gives your review a purpose beyond comparing products. For the wider view, see life insurance at Commonwealth.
A CHECKLIST FOR THE REVIEW
- Every policy you hold, with the insurer and approximate amount.
- Who is named as beneficiary, and any contingent beneficiary.
- What each policy was originally meant to accomplish.
- Any employer coverage that might change.
- The questions you want answered about cost and duration.
General educational information. Your circumstances, applicable requirements and specific contract terms belong in an individual review with the appropriate professionals.
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