A life insurance policy is one of the most important investments that a person can make. It can be a great way to protect your loved ones in case of your untimely death. However, there are certain circumstances in which you may want to change your life insurance policy. Here are six reasons to change your life insurance policy as stated by William Schantz of mafllc.
6 Reasons Why People Change Their Life Insurance Policy
More Transparency
One of the key benefits of switching to a new life insurance policy is that you will have more transparency into the costs and coverage. With an older policy, it can be difficult to understand all of the fees and charges associated with your coverage. However, with a new policy, everything should be clearly laid out in the contract so that you know exactly what you are paying for.
Better Coverage
Oftentimes, people switch life insurance policies because they find a better coverage option than their current one. Perhaps you have found a policy with lower premiums or higher coverage limits. Whatever the case may be, it’s always worth exploring your options to see if there is a better fit out there for you and your family.
Varying Circumstances
Life circumstances can change rapidly, and as such, your life insurance policy should change with you. If you have recently gotten married, had a child, or experienced any other major life event, it’s important to reassess your life insurance needs. These changes in circumstance may warrant a different type of policy altogether.
If you are remarried, you will likely want to update your life insurance policy. According to William Schantz, in most cases, your new spouse will not be automatically covered under your old policy. As such, it’s important to add them to your policy or get a new one altogether that covers both of you.
Inflation
Over time, the cost of living will increase, and as such, your life insurance policy should account for this. If you have a fixed rate policy, it’s possible that the death benefit will not keep up with the rising cost of living. As a result, you may want to consider switching to a policy with indexed rates which adjust based on the cost of living.
Better Investment Options
Investment options within life insurance policies have come a long way in recent years. If you are looking for better investment options, it may be time to switch to a new life insurance policy. As per William Schantz, there are many policies now that offer a variety of investment options, including stocks, bonds, and mutual funds.
Better Customer Service
Finally, another reason to switch life insurance policies is if you are dissatisfied with the customer service of your current provider. If you feel like you are not being treated fairly or that your questions are not being answered in a timely manner, it may be time to switch to a new company. There are plenty of great life insurance providers out there, so don’t hesitate to shop around until you find one.
Conclusion
These are just a few reasons that William Schantz has given on why you might want to consider changing your life insurance policy. Ultimately, the decision comes down to what is best for you and your family. If you have any specific questions or concerns, be sure to speak with your life insurance agent. They will be able to help you find the right policy for your needs.