November 2, 2022
When do I need to review my life insurance?
Life insurance is an important part of your personal and family financial plan. Most people purchase life insurance and forget to review and update their policy to meet their always changing needs. So, when should you review your policy? We have outlined some events that could require you to revisit your insurance policy.
1) Your family has grown
As your family grows, you will need to ensure that your policy covers enough for your loved ones, including loss of income and expenses.
2) You’ve taken on new debt
Maybe you decided to start a new business or recently made a large purchase. When you add debt onto your personal or corporate balance sheet, you need to consider increasing your insurance coverage in case your loved ones become responsible for the debt.
3) Change in family structure & beneficiaries
If you were recently married, you will likely need to add your partner onto your policy. On the contrary, if you recently went through a divorce, it would be wise to review your insurance policy as well. If you have decided on new beneficiaries or situations have changed, it is important to update this information, so the claims process is easier for your loved ones.
We recommended reviewing your policy annually and taking note of any significant changes to your personal and family financial plan. If you would like to speak with someone on updating or acquiring life insurance, Northfront Financial has a specialized insurance advisor who can help you through the process.
About Northfront Financial
Northfront Financial, based in Calgary, Alberta is a boutique full-service financial planning firm serving professionals and business owners. We pride ourselves on being a different kind of investment firm. This stems from our humble roots, entrepreneurial spirit, and a culture of integrity and professionalism. Our goal is to offer the best investment products, services, advice, and ideas the financial industry has to offer from our experienced team, which includes individuals with the Chartered Financial Analyst® (CFA®), Chartered Investment Manager (CIM®), and Certified Financial Planner™ (CFP™) designations.