Is your Life Insurance Policy Still Relevant? - FPiD

I was on the phone with a client yesterday, and they introduced me to their colleague who had the following question;

I bought a Life insurance policy from another broker ten years ago, and I wonder if this is still a good investment. 

Should I continue, or should I stop it? I want to figure it out!

I started by asking a few basic questions like;

1. How old are you now?
2. Why did you buy the life insurance?
3. Is the need for protection still there?
4. Do you still have people dependent on your income?
5. Will your absence impair their lifestyle?
6. Are there any living benefits attached to the policy?
7. Are these living benefits still relevant for you?
8. Does this policy meet your protection needs?

We also discussed a few other things about the policy, and by the end of our conversation, the person was fully convinced that they should continue the policy.

They also realized that the cover amount was inadequate, as the policy was bought ten years ago, and their income and lifestyle have improved considerably. 

They thanked me for clarifying and promised to reconnect for their future financial needs. 

What about you?

Have you reviewed your investment/protection needs/plans recently?

Do they still meet your requirements?

Are you adequately covered? 

Is your policy still relevant to your protection needs?

30-Days win With Money Challenge

Here is the 30-Days Win With Money Challenge, which includes 30 small daily tasks, including reviewing your existing investments/insurance.

Click here to join the Facebook group or here to join our WhatsApp group.

Attend the Curtain Raiser event on the 8th of January to help you prepare for the challenge and clarify your questions. 

Take charge of your finances and finish richer in 2023.