Forward Bank

Whether you have experienced major life changes or simply want to reevaluate your coverage, updating your life insurance policy can provide peace of mind and financial security for you and your loved ones.

5 tips for maintaining your life insurance policy:

1. Review your coverage

Life insurance needs can change over time, so it’s important to review your coverage periodically to make sure it still meets your needs. This could involve increasing or decreasing the coverage amount based on changes in your financial situation, such as a salary increase or a new debt.

2. Adjust beneficiaries

Your life insurance policy will include the names of beneficiaries who will receive the death benefit in the event of your passing. It’s important to review your beneficiary designations periodically to ensure they are up to date and accurate. This is particularly important when there are changes in your family, such as the birth of a child or a divorce.

3. Evaluate personal circumstances

Major life events such as marriage, divorce or childbirth can have a significant impact on your life insurance needs. It’s important to evaluate your policy coverage in light of these changes to ensure that you and your loved ones are adequately protected.

4. Consider riders

Life insurance policies can include riders that provide extra benefits or coverage. For example, a long-term care rider could provide coverage for nursing home or home healthcare expenses. It’s important to consider whether these riders would be beneficial based on your personal circumstances.

5. Work with us

We can help you evaluate your life insurance needs, determine the appropriate coverage amount and policy type, and assist you in updating your policy and ensuring that it aligns with your broader financial plan.

If you could use help looking over your life insurance policy, please contact Forward Investment Services.