While purchasing a life insurance policy can help with future financial concerns, consumers are advised to check up on their coverage, as their needs could change, according to a recent report from the New Jersey Star-Ledger.
Jim Marchesi, a certified financial planner, told the paper that consumers should have their life insurance provider supply them with in-force illustrations. These will show how their whole life coverage will change over time.
"You want to see how the policy will perform if you keep paying the premium, and how the policy will perform if the premium came out of the cash value," said Marchesi.
There are a number of factors that could necessitate a review of a life insurance policy. For example, getting married, having children or buying a home all present additional financial concerns that may have to be accounted for through this type of protection.
As consumers get older, they may also find they have reason to adjust their coverage. That is why some experts recommend getting a term life insurance policy, which will last over a particular period of need.