Spring cleaning means sorting through paperwork, shredding some, and reorganizing others into appropriate files. It’s also the perfect time to review your insurance policies.

Here are seven life changes that should prompt a review for effectiveness of coverage and appropriateness of premiums. If you answer yes to any of the following questions, we suggest you come in for an insurance review:

• Have you increased the size of your family through marriage, adoption or the birth of a child? If so, you may want to make sure you’ve purchased enough coverage and that your beneficiary designations are up to date.
• Have you decreased the size of your family through divorce or the death of a spouse? These are also life events that should spur you to update your beneficiaries and review the scope of your policy.
• Has anyone in your immediate family become disabled since you purchased your policy? If the financial increase is significant, the additional cost of care might prompt you to update your coverage.
• Have you lost a job, received a promotion, started a new business or expanded an existing one since you purchased your policy? Depending on your age, these changes in job status could affect your insurance needs, particularly if you now own your own business.
• Are you now a primary caregiver for an elderly parent or grandparent? Have your financial responsibilities increased due to this change?
• Is your policy close to expiring?
• Are you healthier now? Have you quit smoking or lost a significant amount of weight? If so, you could qualify for lower premiums.

Life insurance policies tend to be items people purchase and store away.  This can lessen the effectiveness of the policy and eliminate the opportunity to save money on premiums. For these reasons, we recommend an annual review.

If you have any questions or would like a review, our insurance specialist Matt Weyers would be glad to sit down with you and review your policy.