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- Life insurance premiums may go down after review
- May 7th, 2010 3:03 PM
Reviewing your life insurance policy after a major life event can help ensure that the appropriate beneficiaries are covered – and for the right length of time.
Having a baby can increase the amount of coverage you’ll need, while filing for a divorce may reduce it. A recent report by the New York Times indicates some other ways that reviewing your life insurance policy can lead to savings over time. Setting aside a substantial amount of savings can reduce the financial safety net necessary in the event of a death.
Those who have developed new medical conditions may see their premiums increase, according to the report. This can also happen regardless of health, but simply because one’s life expectancy gets shorter as they age.
“If you didn’t qualify for the lowest rate due to health issues the first time you got life insurance, however, a clean bill of health may lead to lower rates if you reapply a few years later,” the report says.
A life insurance policy equal to five to seven years of an individual’s salary may be enough to protect their family’s finances in the event of their death, experts say.
This article was originally published by Life Quotes, Inc.
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