An audit is simply a check-up on your life insurance policy to make sure it is doing its job. It doesn’t require much of your time and costs you nothing, yet it gives you the peace of mind you expect from your coverage.
An audit will answer these six key questions:
1) Do you have enough coverage?
Have circumstances changed in your life since you first purchased the policy? Do you require additional coverage
2) Is your premium guaranteed for as long as you will need?
How many years are left for which the face amount and premium will be guaranteed? Is this enough time or will you need coverage beyond that point, which is precisely when the price could go up?
3) Is the rate you are paying still competitive?
Are lower rates available, either for the short-term and/or the long-term? Has your medical condition or lifestyle changed in such a way that you would qualify for a lower premium?
4) Do you still have the most appropriate product?
Is the existing product still appropriate? Or would alternative products—term, universal life, or whole life—provide welcome added value?
5) Are your owner and beneficiary designations correct?
Are the original designations still relevant? Or have changes taken place regarding your family, business, and estate that call for amendments to the policy?
6) Should you get a policy on your spouse, kids, or business partner?
Does your spouse have enough coverage? Is it time to start policies on your children? How about life insurance on your business partner and key executives?
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