Your beneficiaries have changedDo you want to change the beneficiary from your children to a spouse or any other dependent in your family because your children have started earning? Or do you want to make your parents the primary beneficiaries? Whatever is the reason, you will have to assess time and again whether the people who were dependent on you are still expecting financial help from you or not.
Your health has changedIf you have noticed a gradual improvement in your health or lifestyle, then you must ask the agent if you can get any bonus coverage. In case, your health has deteriorated you must consider buying life insurance for all your beneficiaries. Make sure that you have got all the people covered that are financially dependent on you.
Most insurers allow you to get riders for security against critical illnesses on your life insurance policies. It’s always good to get such add on riders in the beginning. However, if you don’t have them, you can always ask your agent if it is possible to add them after your review.
Your debt situation has changedIf you have taken up loans, you might want to review your insurance and increase the cover. However, if you have paid all your debts that existed when you had bought insurance, you might want to buy new insurance policies that will direct your additional portion of the income towards investments in insurance.
Your marital status has changedIf you have recently got hitched then consider reviewing your life insurance policy. You might want to increase your life insurance cover and add your spouse as one of your beneficiaries. If you are not able to do so right away because of all the wedding exertions, consider doing so in the next 2-3 years.
Reviewing insurance policies is not something most of us consider. However, the importance of this routine for planning your finances can’t be emphasized more. By reviewing and making necessary changes to your insurance plans, you will build yourself security with a strong base.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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