It is important for life insurance policyholders to periodically evaluate their life insurance policies in order to determine that their level of coverage is still adequate.
If it has been awhile since you purchased your life insurance policy it may be a good idea to go back and reevaluate your overall life insurance needs.
Some policy owners do an annual life insurance checkup to review their coverage and needs.
At a minimum owners of life insurance should reevaluate their life insurance protection anytime they experience a major life event: such as, a marriage, a divorce, job promotion, purchase of a new home, or the birth of a child.
It is also a good idea to check your amount of life insurance coverage anytime you get a significant raise at work, since your old level of coverage may not be sufficient for your family’s new lifestyle.
Find out how much life insurance you need using a life insurance needs calculator