Reasons to Review Your Life Insurance Policy

Did you know that life insurance policies have changed significantly over the years? To start, you have a lot more benefits than before. So, if you currently have a policy, perhaps it is time to review it to ensure you receive all the coverage you need. In the video below, Criss Crombie, the life and financial expert, explains some of the great benefits offered by life insurance policies today, such as living benefits and spousal riders. Check it out!

How have life insurance benefits changed?

Current life insurance policyholders may not know that life insurance has changed over the years. First, the insurance cost is less than it used to be because health has improved. Furthermore, these days, policies have several riders built into them compared to the older policies that do not.

For example, many newer policies have living benefits. Essentially, living benefits enable individuals to access some of their death benefits while still alive to cover critical and chronic illnesses. Other available riders are children and spousal riders. In other words, you can include family members in your policy. You can also put a business owner on your policy. Ultimately, you customize your policy to cover all of your needs.

Most policies written in the past did not have riders built in like they do today. They were standard life policies offering a death benefit with little to nothing else available. New policies have additional benefits. Therefore, reviewing your existing policy can ensure it fits all your needs.

Is it better to have a separate policy from your spouse or add spousal riders under one policy?

As we know, marriages don’t last as long as they used to. The fact is the divorce rate is high. Even if you added your spouse as a rider to your policy but then later had a divorce, you can separate the policy into two distinct policies. As to having separate policies or adding spousal riders, there’s no benefit one way or the other. With a spousal rider, you still get the two death benefits as if you had two separate policies. So, there’s no difference in that regard. However, you may save a few dollars in premiums by having spousal riders on your policy.

Life Insurance Questions?

We hope that this information was useful to you.

If you’d like to learn how we can help you plan your retirement, call Empower Brokerage at (888) 539-1633 to speak to one of our Life and Annuity experts or leave a comment down below.

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This Article Was Updated On 02/15/2024.

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