Many Americans might think life insurance is a one-size-fits-all purchase, but one financial expert says that couldn't be farther from the truth.
What works in a life insurance policy for one consumer might not work for another, said financial planner Van Sievers in a column for the Montgomery Advertiser. Sievers explained different circumstances require different coverage levels when it comes to term life insurance. For example, someone with several dependents and a lot of assets might need bigger coverage levels and more unique riders than someone with a simpler financial situation. Additionally, policyholders may need to change coverage levels as they grow older and life situations change.
"Talk with a financial planner who offers policies from many companies whose financial strength is ranked high by rating agencies. Also, make sure you are comfortable with the policy's options for adjusting your coverage down the road as your life changes," he wrote.
Keeping on top of those changes and adjusting one's life insurance policy accordingly can also help seniors avoid having to cut a policy entirely when the premium payments become costly later in life.