Wealth Management Counselors Phoenix
Life Insurance and your financial stability.
When was the last time you reviewed your life insurance policies? If you’re like most people, you’ve probably stashed your policies in a drawer, filing cabinet, or safe deposit box where they’ve been gathering dust. But you should review your policies periodically to see whether they still meet your needs. Depending on the outcome, you might adjust your coverage.
We should review our life insurance policies at least once a year. Check for "Life Events" and how they may have affected your coverage and needs.
Events such as:
- birth, death, or disability in the family
- married, divorced, or separated
- bought or sold a principal residence, vacation home, or other real estate property
- children completing college or graduate school
- changed jobs, retired, or new business startup
- economic change affecting your business operation
- revision of beneficiaries
For instance, you may need additional coverage if you’re now taking on financial responsibilities for an elderly or disabled relative. Conversely, your financial responsibilities may decrease somewhat if you have finished paying off a home.
Versant Capital Management Scottsdale location has some additional tips and information on financial management and how it can affect your insurance needs.
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