Friday Financial Tidbit-Reviewing your term life insurance coverage

I have a written a ton of posts and have talked at length before on the podcast about term life insurance. If you have read those posts or listened to the podcast you know that I highly recommend that you have term life insurance rather than whole life insurance. But what I have not discussed before is why you need to review your coverage from time to time.

Having ten times your income in term life insurance is what I recommend to most people. But what if you got your policy ten years ago? Chances are, if you are a good worker, that you probably make more money today than what you made ten years ago and you might now have only six or seven times your income in insurance. What about your health? Have you lost weight, stopped smoking, or lived a healthier lifestyle since you first got your policy? If so, those factors can definitely reduce your rates. Or maybe you did not look around for the best policy when you initially signed up for your life insurance and just picked the first company you found. Well in that case, you might be able to find a better deal just by looking around!

There are a lot of places to get insurance quotes but my favorite is Zander insurance.  So if you have life insurance I highly encourage you to check out your coverage once a year and shop around and see if you can get a better deal. Who knows; you might be either under-insured or you are overpaying for your policy or both!

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