At Federated Mutual Insurance Company, It’s Our Business to Protect Yours®. Part of that commitment is to make sure that our clients know the options available to help protect not only their business, but also their families, with financial resources in the event of an unexpected loss. One of these options is life insurance. September is National Life Insurance Awareness Month, which provides a great opportunity to remind you about this important tool and the impact that it can have on a family or business after the death of a loved one or owner. Listen to a short message from the LIAM 2020 celebrity spokesperson.
Even if you already have life insurance, it’s a good idea to take a look at your coverage periodically to see if you want to consider any adjustments for a variety of reasons:
- Do you have a term policy that is reaching the end of the level term period? If so, your policy may have a term conversion provision that could allow you to continue coverage, while helping to avoid the significant annual increase in premiums in future years or an end to your coverage altogether.
- If you have a permanent policy, like whole or universal life, do you know how your policy is doing? Lower interest rates or changes in premiums paid over time can result in a policy being in danger of lapsing sooner than originally projected. Be sure to review your annual Policyowner Statement each year. If your policy is not performing as expected, a discussion of options to improve policy performance with your marketing representative may be in order to help prevent you from inadvertently losing coverage. Increasing the premium amount by even a small amount may have a positive impact on the duration of the policy.
- Have you recently had a major change in your life? Events like the birth of a child or grandchild, death of a spouse, business partner or other family member, marriage, or divorce are just a few of the changes that may prompt you to consider a change in your policy’s primary and/or contingent beneficiary designation.
- Do you have policies that you don’t understand or question whether you should continue them? Ask your marketing representative for an audit of your existing policies. They can provide general information about how your policies work and what options may be available if you want to make a change.
During Life Insurance Awareness Month, review your existing coverage to help make sure it meets the needs of your family and/or business. If not, or if you have questions concerning your coverage, contact your Federated marketing representative to discuss your options.
This article is for general information and risk prevention recommendations only and should not be considered legal, coverage, financial, tax, or medical advice. The information may be subject to regulations and restrictions in your state. There is no guarantee following these recommendations will help reduce or eliminate losses. The information is accurate as of its publication date and is subject to change. Qualified counsel should be sought regarding questions specific to your circumstances. All rights reserved.
Published Date:September 15, 2020
Categories: It's Your Life