After such an unexpected 2020 it is no surprise that resolutions are looking slightly different this year. Finances and being financially prepared for unexpected events will likely be an important resolution this year. To help you feel more prepared to protect yourself and your loved ones here are some life insurance resolutions (we have heard the new buzz phrase is ‘Intentions’ but whatever gets you into preparation mode…) for 2021.
Understand life insurance
Have you always wondered whether you need life insurance? Have you ever investigated in or gotten round to discussing why you would consider getting a policy in place? If you financially support your loved ones, and therefore the level of reliance is on you then getting life insurance in place to protect them should be a top on your list.
Make sure you have sufficient insurance in place
Do you already have insurance in place but your unsure if it is enough? As your life circumstances change so does your insurance needs. You may need more coverage depending on your situation, and conversely you might be carrying too much.
Do you only have a group insurance policy through work? Do you know if this covers for medical or a lump sum only policy? Have your life insurance needs changed since you bought your policy? These are some of the questions you may want to ask. Evaluate your policy payment structure and look at whether your current policy type is going to be able to go the distance for you.
Review Your Beneficiaries
Life insurance is put in place to provide financial safety for your loved ones if something happens to you. It is important to review and update your life insurance beneficiaries just in case there have been any recent changes. If you have gotten divorced, remarried or have had children since you took out the policy.
Make Sure Your Family Knows About Your Policy
It can be hard to bring up the topic of finances with your loved ones. However when it comes to insurance if your beneficiaries do not know that the policy exists then how would they be able to claim in a timely manner? Its good for your family to know what you have in place and with which provider.
If you do not have a copy of your policy or would like a copy, contact us today we can help make sure you have everything you need for 2021. If you would like to review your insurances or discuss taking out your first policy contact our team, we can set up a meeting with one of our advisers for you.