It's Time to Dust Off those Life Insurance Policies

Enjoying Retirement

Life insurance is the one critical component in catastrophic planning that is a must to own. It’s a major part of any healthy financial plan. Unfortunately once we own it, we have a tendency to stick it in a drawer and forget about it. In my opinion, this can be a big mistake as life is constantly evolving and changing over time, so are your life insurance needs.

The temporary life insurance policy you bought 15 years ago that’s about to expire in 5 years is collecting dust in your file cabinet. You won’t remember to address it until you get a letter from the insurance carrier that it’s about to expire. This is why it’s a good habit to review your life insurance policies every year individually, as part of your annual financial review. Chances are the reason you bought the policy for in the first place, have changed.

Typically our main concerns are our mortgage, the children’s education and loss of an income. So what happens when the kids are out of school and the house is close to being paid up? If you have substantial assets that you acquired over your working years, even the loss of income may not be an issue anymore. So failing to occasionally review your life insurance policies can be a mistake in the long run. It will at least get you thinking about where you’re moving forward with your financial plan and protecting what’s important to you at that snap shot in your life.

The needs of someone who is about to retire and moving into a fixed income situation are far different than someone in mid-life who is still part of the work force and earning an income. In the end having a solid financial game plan including life insurance is critical to cover your funeral expenses and any estate planning that will help ensure transferring wealth to your estate.

So don’t let those life insurance policies collect dust in that file cabinet, pull them out and have an insurance professional take that snap shot with you. It will give you the ability to move forward with a solid retirement plan and approach. 

About the author: Mark Yurkovic has been in the life insurance business for over 12 years, and holds CLTC, LUTCF, and CES designations. He enjoys building remote control boats, and playing instruments including the piano, guitar, banjo, and mandolin. Mark would love to discuss life insurance options and work towards finding the best policy fit for your family. You can contact Mark at 1-800-651-1953 or