Could An Annual Review Of Your Life Insurance Policy Save You Money?

Preston Rosamond |


By Preston Rosamond

Shopping for life insurance—and, indeed, any kind of insurance—is not a one-and-done kind of deal. As your circumstances change, you will likely find that your life insurance coverage and add-ons need to change as well. After all, life insurance is one of the most important components of your financial plan to make sure your loved ones are protected if you pass away.

The truth is, you don’t know when your family is going to need your life insurance benefits, so you should conduct a life insurance review annually with your financial advisor to ensure appropriate coverage. Here’s how an annual review could save you money. 

A Comprehensive Perspective

While it’s important to make sure you have the right coverage amount and have updated your policies to reflect life changes, there’s a bigger picture to look at as well. Instead of using your current policy as a base to build off of, we take a step back and ask the question: Do you even need insurance in the first place?

Sometimes insurance is not the most efficient use of your money. Some people have the means to self-insure and do not even need insurance. Since we are an independent advisory firm, we have the freedom to ask these questions in order to do what is truly in the best interest of our clients. You can save a lot of money by cutting out unnecessary insurance premiums and redirecting that money to more profitable investments.

However, many people really do need life insurance. Performing an annual policy review can still save you money. We will review your policy design and how you pay your premiums. There are a number of options available, and you may find some hidden savings. We’ll also conduct an in-depth analysis of how your needs have changed and how they compare to your current policy, looking at your entire financial picture. 

We will discuss whether or not your current policy meets your current and forecasted needs and what changes or additional insurance you may need. Do you need additional riders such as long-term care and chronic illness? Does a longer life expectancy affect your insurance needs? How have your goals changed? Debt and funeral expenses are only the beginning when determining insurance needs. Other things to consider are your spouse’s retirement and career goals, your children’s education, and the legacy you wish to leave. 

Need A Life Insurance Review? We Can Help

If it’s been a while since you’ve reviewed your life insurance, consider partnering with a full-service financial firm like The Rosamond Financial Group. We practice comprehensive financial planning to make sure all parts of your financial life are working in tandem, including your life insurance policy. Book a free introductory meeting online to get started!

About Preston

Preston Rosamond is a financial advisor and the founder of The Rosamond Financial Group Wealth Management, LLC with nearly two decades of industry experience. He provides comprehensive wealth management and financial services to individuals, professionals, and families who enjoy simplicity and seek a professional to help them pursue their goals. Preston personally serves his clients with an individual touch, a sincere heart, and his servant’s attitude is evident from the moment you meet him. Learn more about Preston or start the conversation about your finances with him by emailing or schedule a call with our online calendar.