Life Insurance Reviews Helpful in Managing Financial Strategies
One of Ascend Financial Group’s most extensive services is life insurance policy review. It’s amazing how many people never review their life insurance and financial needs. As life changes, so will your financial needs. Life insurance policies need to be reviewed bi-annually at least. Annually is a good rule, but sometimes that is difficult to manage. So what are the measurements for reviewing insurance?
Changes in Assets & Debts — Purchasing a house, new cars, or anything that increases the debt load. But equally to consider is reducing debts/assets. Maybe you’re downsizing as the kids leave. Insurance needs will increase and decrease throughout life.
Changes in Family — Are you adding children, or are children moving out? Maybe it’s time to consider a college savings plan for a newborn. Maybe you have a special needs child who will need financial support throughout life, in addition to special needs trust to assure the funds are set aside properly when the parents pass away.
Income Stream Changes — This happens due to job loss, or a parent staying home to rear young children. When income falls to one spouse, needs to increase life insurance coverage follows. This requires a long-term perspective as to how the family will continue financially when the breadwinner passes prematurely.
Health Conditions — A decline in health creates challenges in several areas: 1) Life expectancy might decrease. 2) the ability to generate income may decrease due to disability. 3) The family may need to rearrange its financial position to offset the health challenge.
Policy Performance — If you purchased any type of cash accumulating policies, such as whole life or a variable universal life policy, it definitely needs to be reviewed for performance reasons. Products change, tax laws change, and the market definitely changes.
The bottom line is don’t let your life insurance policies collect dust. These are critical documents to assure your family’s ability to remain financially strong in the case of your premature unexpected death. Ascend Financial Group can help you reassess your situation to determine new needs or even a reduction in needs.
Contact Ascend Financial Group!