Dust Off and Review Your Insurance Portfolio
March has arrived, and with it comes “Spring Cleaning” that time of year when people clear the clutter taking up space in their homes and their lives.
The real junk goes in the trash or recycling bin. Some people may test eBay, Amazon, Facebook Marketplace, and Offer-up. The even wiser person asks a professional to determine the value of old furniture, antiques, or collections.
It is hard to believe, though, that many people need to make the same effort regarding their finances and insurance portfolios.
Many individuals, after buying an insurance policy, let it gather dust. However, years slip by, and family and personal financial situations change. Keeping this in mind, now is the perfect time to sit with an experienced insurance professional to review your policy or policies to see if your needs are being met.
If you have a term life insurance policy, ensure you’re aware of when the term expires, so there will be enough time to make corrections or shop for another policy if necessary. While a term life insurance policy might have been a great option a few years ago, someone looking at the big picture should consider the purchase of permanent (whole and universal) life insurance. There are several ways permanent life insurance can help safeguard the financial future of you and your family.
- Whole life insurance is a valuable tool to add savings to your life insurance coverage. These policies can protect your children and grandchildren throughout their lives and build cash value – money that builds up inside the policy. A whole life insurance policy provides access to readily available cash when needed.
- Depending on the design, universal life insurance can provide cash value and a guaranteed benefit to your family at the time of matter when that may be. It can help address other financial concerns like death, no retirement or leaving your family with a lasting legacy.
As the social season winds down, now is the perfect time for a “spring cleaning” of your insurance portfolio with a thorough review by an insurance expert. In an ever-changing financial environment and when considering any sophisticated planning concepts, seek the help of qualified tax and estate planning attorneys, CPAs, and insurance advisors. Properly structured, various life insurance policies can go a long way toward maintaining your family’s lifestyle and protecting your assets for generations.
To discuss your advanced planning options and “spring clean ” your insurance portfolio, please contact one of our experienced professionals at 561.689.1000 ext.103 for a confidential consultation.
