It May Be Time to Audit Your Life Insurance Policy

Securing life insurance goes a long way in achieving peace of mind and protecting your loved ones and business partners ahead of the unexpected. But, in order to have long-term value, your policies must be properly managed. As your needs change over time, your policies need to be adjusted accordingly. That’s why it’s important to periodically conduct a life insurance policy audit with a trusted insurance agent.

At Doeren Mayhew Insurance Group, we work with our valued clients to ensure their insurance coverage fits their unique situations throughout their lifetime. A policy audit can help determine if you have adequate coverage and if the policy is structured properly. It could also save you money — or provide more coverage for the same premium with a new policy.

So, even though taking a look at your policy seems like a no-brainer, there are many reasons why changes may be needed, including:

  • With a 92% attrition rate in the insurance industry, your insurance agent may have retired or may no longer be in the industry
  • Life changes such as marriage or divorce, having children or adopting, a death in the family, starting a new business or a change in business ownership, and more may necessitate a policy audit.

We are available to help clients like you periodically reassess your life insurance needs. We will review and offer unbiased comments in several important areas:

  • Policy type
  • Policy ownership
  • Insurance carrier
  • Issue and expiration dates
  • Premium amount
  • Insured individuals and beneficiaries

In performing an effective audit, we will also answer the following questions:

  • Have your financial goals and objectives changed?
  • Has your income changed?
  • Has your health or lifestyle changed?
  • Has your family status or business structure changed?
  • Is your current coverage still competitively priced?
  • Are the designated beneficiaries correct?
  • Has your existing policy lapsed or is a higher premium currently required?
  • Will your policy coverage last long enough?

Purchasing a life insurance policy is one of the largest financial and legal transactions an individual will make in their lifetime without the assistance of an attorney. That’s why it’s best to utilize the services of a qualified insurance agent in securing adequate life insurance coverage and then conducting regular insurance policy audits.

Backed by more than 130 years of industry experience — and a breadth of knowledge on life insurance, we are here to provide the guidance you need. If you’re looking for specialized advice in selecting a policy, or modifying an existing policy, please contact Robert Reaume via email or by phone at (248) 817-1248.

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