What is it? Why do you need it?

Life insurance provides a safety net for your loved ones in the event of your passing, offering financial protection and peace of mind during difficult times. However, simply acquiring a life insurance policy isn't enough; it's equally crucial to review it regularly to ensure it remains aligned with your evolving needs and circumstances.

Life insurance is a contract between an individual and an insurance company. In exchange for regular premium payments, the insurance company promises to provide a designated sum of money to the beneficiaries named in the policy upon the insured person's death. This payout, known as the death benefit, can help cover a variety of expenses, including funeral costs, outstanding debts, mortgages, education expenses, and daily living costs for the surviving family members.

While obtaining a life insurance policy is a significant step toward safeguarding your family's financial future, it's not a "set it and forget it" endeavour. Life is dynamic, and your circumstances can change over time. Here's why it's important to review your life insurance policy regularly:

1. Life milestones: Major life events like marriage, the birth of a child, purchasing a home, or sending a child to college can impact your financial responsibilities. These changes might require adjustments to your coverage to ensure your loved ones are adequately protected.

2. Changing financial goals: As your financial goals evolve, so should your life insurance policy. You may want to increase or decrease your coverage based on your current financial situation and long-term plans.

3. Beneficiary designations: Over time, relationships and family dynamics can change. Regular views allow you to confirm that your designated benefiaries are up-to-date and accurately reflect your wishes.

By staying proactive and attentive to your financial liabilities and your existing policies, you can provide your loved ones with the enduring protection they deserve.