While many people don't think much about life insurance after they have purchased their policy, Brian Greenberg of the Brian Greenberg and Associates firm in New Jersey, writes on the Wall Street Journal's website that it is important to check up on life insurance policies to see if changes to the policy are needed.
"One of the most common problems I see in my annual reviews is a client with insufficient insurance to cover the needs of his beneficiaries," Greenberg said. "For example, one client took out a $250,000 policy when his kids were teenagers. When they reached college age he had to increase the amount so that if something happened to him the insurance would cover college tuition costs for both kids."
Greenberg said in some cases, reviewing a policy can save life insurance policyholders a lot of trouble. He said it could end up saving someone a lot of money or perhaps covering them in a necessary area they previously were not.
Liza Horvath, who has 30 years of experience in estate planning, writes on the Monterey Herald's website that re-visiting life insurance is an important part of financial planing that can keep a family financially prepared.