Hi everybody this is Steve, today we're here
to do some myth-busting, and today's
myth is, I don't need to review
my life insurance policy and honestly,
it's really important for you to review
your life insurance policy because
generally people will buy the policy,
they'll set up the payment method, and
they throw it on the shelf. And as life
changes you need to update your policy,
whether you were single when you bought
the policy and your parents are the
beneficiaries, maybe you were married and
now you're not.
There's nothing worse, if something that
happens to you, to have your family have
to work through issues with incorrect
beneficiaries, no beneficiaries, and
actually the contingent beneficiary. So a
second beneficiary is also important in
the event that something happens to you
and your beneficiary at the same time. My
wife and I both have policies on each
other and actually we went on a
anniversary a few years ago our sons had
just reached the age of 18 and we had
just each other as our beneficiaries.
Good time to update the policy and make
sure that our oldest son was able to be
a second beneficiary if something were
to happen to both of us at the same time
when we're out of town and life changes, you
know, you get married, you buy a house, you
have children, there's just a lot of
reasons to update. Remember what you have
and remember that you got it for those
people that it's going to take care of.
