Everyone should have life insurance at some point in their life.
Unfortunately, simply resolving to purchase a life insurance policy isn't enough to take care of your loved ones if you suddenly pass away. You have to follow through with this decision by doing some preliminary research - and you have to ensure that you keep up with the parameters of your policy as you age. Today, we're discussing the importance of re-evaluating your existing life insurance policy and how you can help optimize it for your current needs. Let's dive in!
To help, we have assembled some important talking points you will want to discuss with your life insurance agent.
Yes. A physical is part of the preliminary medical exam you will have to take in order to receive your life insurance policy rate. This test is designed to measure the current state of your health in order to determine how likely you are to use your life insurance sooner versus later. See here for tips on how to pass a life insurance medical exam.
Just as with car insurance, there are many different groups who sell life insurance policies. Also similar to car insurers, life insurance providers will sometimes offer sales or incentives to try to lure buyers into their plans.So how are you supposed to know if you're actually getting a good deal or not? Fortunately, at the Mutual Fund Store Life Insurance, we do the shopping for you. We take into account the results of your medical exam, your life insurance needs and your location to find the best life insurance option for you. All it takes is a free consultation to get started.
We understand that the circumstances of your health can change in a mere instant, which can in turn impact your policy.
For instance, if you discover that you have a pre-existing condition, like diabetes or heart disease, your life insurance rate may be increased in order to compensate for your change in health. On the flip side, positive changes to your health, like losing weight or lowering your cholesterol, can reduce the rate of your life insurance policy.
As a result, it is important to have an annual medical checkup each year and report the findings to your life insurance agent. Failing to do so could be considered a form of life insurance fraud, which could come with some fairly hefty consequences, including not having your life insurance policy paid out to your beneficiaries.
As the name implies, living benefits are typically funds that can be paid to the policy owner while he/she is still alive. While living benefits are rare for term life insurance policies - our favorite type of life insurance option - there are exceptions to this rule. For more information on living benefits in your current or future life insurance policy, please direct your questions here.
As you grow older, the rate of your life insurance policy begins to climb as your need for the policy begins to dwindle. This is because the older you are, the higher your mortality rate is. Also, the older you are, the less likely you are to need a life insurance policy to assist family members when you pass away because by this time, most of these family members are self-sufficient and no longer need your financial support. As a result, we recommend to many of our clients that their need for a life insurance policy should be re-evaluated when the policy owner enters retirement.
Life insurance is not a "set it and forget it" type of purchase. Just as your body changes with age, so does your life insurance policy. To learn more about finding the perfect life insurance policy for your needs, or revising the plan you already have, set up your free consultation with The Mutual Fund Store Life Insurance - Financial Engines today.
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Term Life Insurance products are offered through TMFS Insurance Agency LLC, a separate company, affiliated with Financial Engines Advisors, L.L.C. (FEA), in states where licensed. TMFS Insurance Agency, LLC is under common ownership with FEA. Each entity is its own separate entity that provides services for its client independent from the other.