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How Often Should I Review My Life Insurance Documents?


Life insurance can be a very important part of your estate plan, and it is extremely important that you understand how your beneficiary designations will work with your overall estate planning. Reviewing these documents at least once a year is something that we all should remember.

Those named beneficiaries – are they still current and someone you want? If your insurance plan isn’t up to date and you pass away, then your insurance benefits might end up in the

wrong person’s hands!

Here are just a few examples of situations that can arise and cause a serious impact on your planning:

· A change in your marital status could result in an ex-spouse receiving the benefits of your life insurance upon your death.

· The birth or adoption of a child or a grandchild without modifying your documents could result in only those named on the policy receiving a share of the insurance.

· Your named beneficiary predeceases you and the insurance ends up being paid out in a manner you do not wish!

Certainly, we have laws that can resolve some of these issues should they arise. But I am sure that you do not want to have to fall back on this approach. So, avoid these situations above, as well as many others by reviewing your insurance policies and how they fit into your overall estate plan. The annual review can go a long way to providing not only piece of mind, but also avoiding unintended issues in the future!


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