The Importance of a Life Insurance Audit

Written By : BenaVest

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April 27, 2018

The Importance of a Life Insurance Audit

Is it time to review your policy?

Life insurance is hard. It’s hard to know if you have the right kind. It’s hard to know if you have enough. And it’s hard to know the importance of a Life Insurance Audit.
The Importance of a Life Insurance Audit
The insurance companies have made it even harder by coming up with bewildering names: whole life, term life, universal life. Some life insurance policies have a cash value, while others do not. Some invest that cash value in the stock market, while others pay a fixed rate of interest.  Some insurance policies combine all of these ideas.
The Importance of a Life Insurance Audit
A recent study by life insurance advocacy group LIMRA discovered that 80% of Americans overestimate the cost of affordable term life insurance – especially millennials, some of whom think the premiums are 200% higher than they really are, that is because of the fact that they do not understand the importance of a Life Insurance Audit.  How much would a healthy 30-year-old pay per year to keep up a 20-year, $250,000 term life policy? When LIMRA posed that question to consumers, the median response was $400. In reality, the annual premiums are commonly less than $200.


This is why it is important for you to sit down annually with an insurance professional to review how your policy works and how it will help you to protect your family.
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This is why it is important for you to sit down annually with an insurance professional to review how your policy works and how it will help you to protect your family.
When you’re young, a certain type of policy is needed. As you raise a family and take on more responsibilities, your needs change again. At some point, when the nest is empty or other life changes occur, you may not need life insurance at all – or alternately, you may desperately need it to protect your estate for your heirs.
Reviewing your life insurance policies is one way to make sure you have the coverage that is right for you and your family now – not when you bought it, and review the importance of a Life Insurance Audit.
When is the last time you thought about your life insurance? Is it time to take another look?

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates.



1 – [4/25/16]

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What are the advantages of whole life insurance?

Whole life insurance is a type of life insurance that you can potentially have for life. That is, as long as you pay your premiums you will be covered. This is one of the biggest advantages of whole life insurance over term life insurance. 

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If you have anyone that is financially dependent on you the answer is yes. If you have just bought a new home and share the mortgage with a spouse or partner, for example, if you were to pass away your spouse may have difficulty paying the mortgage on their own. 

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