Insurance

Part 2 of 3: Life Insurance Buyers’ Common Q&As

Written by Mint.com
Published Jul 5, 2017
1 min read
The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service.

Reviewing your policy

How often should I review my policy?

We suggest reviewing your life insurance policy once per year to make sure you have enough coverage. Most importantly, you should review it anytime your life and circumstances change.

What should I look for during my policy review?

When reviewing your policy you should look for anything that may need updating. Examples include your name, address, phone number, billing information, and beneficiary.

When should I update my beneficiaries?

Make sure you keep your beneficiary designations up to date. There are certain circumstances that will warrant a beneficiary change. These include:

Marriage or divorce
The birth or adoption of a child
Your designated beneficiary passes away
You are now caring for your elderly parents

When should I apply for a new policy for more coverage?

Just as life is ever changing, so are your life insurance needs. You may have purchased a small insurance policy when you were fresh out of college to cover your student loans. A few years have passed and now your lifestyle has changed. Here are some common circumstances in which you may want to increase your life insurance coverage:

Starting (or adding to) your family
Purchasing a new home
Job promotion with higher income

Natasha Cornelius is the content manager and editor for Quotacy. She has worked in the life insurance industry since 2010 and has been making life insurance easier to understand with her writing since 2014. A long-time Mint user, Natasha lives in Bozeman, Montana where she loves to garden, DIY anything she can, and explore beautiful Big Sky country. Connect with her on LinkedIn.