If you ever had any question as to why annual reviews were important, this was the year that settled it. Look no further than the steep inflation of last year’s summer and you’ll find just how much can change in twelve short months.
These changes are precisely why financial agents hold annual reviews in the first place. Whether your wallet gets tighter or your finances flourish, your situation will probably change after 365 days. Your insurance agent looks at your whole financial situation to help you land on what’s best for your future. An annual financial review is an opportunity to meet your needs and still reach your goals.
For anyone out there who may still need convincing, here are many more benefits of annual reviews:
Adjusting for Lifestyle Changes
As you get older, things tend to cost more — both from inflation and from life’s natural progression. Annual reviews help you take stock of these financial changes. Maybe you bought a house this year, or got a new job, or had a baby. Regardless of what happened to you during the past year, your policy will always need some annual fine-tuning, whether that means an added beneficiary or a simple adjustment to your premium.
As you get older, things tend to cost more — both from inflation and from life’s natural progression.
Increasing Your Coverage
Some years, you may want to increase the amount by which your family is protected. Maybe you need to increase your death benefit to account for recent inflation. Maybe as your children get older you need to review your beneficiaries. Family and home life are rarely predictable, so an annual review is a great time to catch things before they fall through the cracks.
Converting or Upgrading Your Policy
New and innovative financial products hit the insurance market every year. Some of these will have benefits which could improve your life and legacy. Maybe you heard about cash value and want to build interest with no market risk. Maybe you heard about living benefits and realized how much they could protect your family. Or maybe your agent has a new opportunity that meets your needs in ways you can barely imagine. You may never know — until you hold your annual review.
New and innovative financial products hit the insurance market every year. Some of these will have benefits which could improve your life and legacy.
Remind Yourself Why You Have Your Policy in Place
The best insurance policy is the one that is in force when you need to file a claim. An annual review can remind you why you got covered in the first place: for your partner, your kids, your grandkids, your legacy. Routine annual reviews highlight the importance of your policy and remind you that you have access an insurance expert with your best interest at heart.
Plus, It’s Easy — Your Agent Does All the Work!
Your agent is always going to reach out to you for an annual review, just make sure you follow through with it. This lasting relationship is one of the benefits of our industry. Your financial advisor is a lifelong benefit, an advocate who protects you through uncertain times.
An annual financial review is how your agent takes care of your needs — it’s how we can give you a year’s worth of peace of mind.