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Life moves in tandem with the flow of time, and as the years roll by, inevitable milestones like marriage, children and career alter the scope of life in a manner that’s invariably difficult to grasp in foresight or gauge in hindsight. This intrinsic inability adversely affects our net worth, compelling us to reconsider our life insurance requirements.
Beyond doubt, Life cover demands constant reassessment that should be done at regular intervals. The biggest advantage of this diligence is the fact that it minimizes the probability of underinsurance while keeping one’s financial plan exactly in line with the evolving needs of life.
So how does one go about a life insurance review? Although you are the best judge of the circumstances of your life and the ensuing financial needs, here’re a few helpful pointers:
Cross check your insurance portfolio at least once in a year: A life insurance assessment aided by foresight can help identify the most appropriate policy. On the one hand, it will be in line with the underlying objective of the financial plan and on the other, it will keep you on your toes in anticipating future expenses.
Don’t hesitate to seek expert advice if and when you are unable to assess financial objectives or find it difficult to map them to your portfolio.
Always remember: Financial commitments are a function of time, be it expenses related to healthcare or costs linked to children’s education. Expenditure is an ever-erupting volcano that keeps spreading over time. However, constant review helps in better evaluation and prompt revision of life cover.
