“After you buy life insurance…
READ YOUR POLICY CAREFULLY
After you carefully read your policy, you should be able to answer the following important questions:
- Is your personal information correct?
- Do premiums or policy values vary from year to year?
- What part of the premium or policy value isn’t guaranteed?
- How will the timing of money paid and received affect any interest the policy might earn?
Your insurance agent, financial advisor, or an insurance company representative can help you understand anything that isn’t clear.
If you’re not satisfied with your new policy, you can return it for a full refund within a certain period, usually 10 days after you receive it. The review period usually is stated on the first page of the policy”
REVIEW YOUR LIFE INSURANCE POLICY EVERY FEW YEARS
Review your policy with your insurance agent, financial advisor, or an insurance company representative every few years to keep up with changes in your policy and your needs.
- Have the premiums or benefits changed since your policy was issued?
- Do the death benefits still meet your needs?
- Do you need more or less coverage after life events, such as birth, adoption, marriage, job change, death, or divorce?
The insurance company can provide policy statements and illustrations to help with this review. As the policy owner, you can change beneficiaries at no cost. Be sure to review your beneficiaries every few years, especially after major life events that affect your life insurance needs.” – National Association of Insurance Commissioners (NAIC), Life Insurance Buyer’s Guide.