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September is Life Insurance Awareness Month

Each September, the non profit organization Life Happens sponsors Life Insurance Awareness Month. This campaign is aimed at educating Americans about the importance of life insurance, and making sure that they have the coverage they need. According to Life Happens, more than 40% of Americans do not have life insurance.

This September, make sure you have adequate coverage for you and your family by reviewing your policy.

Verify the Death Benefit or Cash Value

Because life circumstances change, verify that the death benefit is adequate. You might need to increase coverage, and now’s a good time to do that. You’ll also want to verify the accuracy of your policy’s cash value. Finally, understand how it’s calculated as you prepare for the future.

Check the Term of Your Policy

Let’s say you bought your 15-year term life insurance policy five years ago when your kids were young. Now, though, your family has grown or your health has changed, and you need a longer term. When you review your policy, make sure the policy’s term is long enough for your needs.

Read the Restrictions

Does your policy require a waiting period before benefits can be paid or must you undergo an annual health exam? Know the restrictions to reduce surprises to ensure you’re following the guidelines, and not inadvertently doing something to void the policy.

Drop or Add Riders

Update the riders on your policy and drop or add them as needed.

Change the Beneficiaries

Has your life insurance policy beneficiary changed? If so, update the policy to ensure the right person gets the money from your policy.

This month, take the time to review your life insurance policy to ensure that it is accurate and up to date. As always, we’re here to help! Give us a call today at 860-589-3434.