By Michelle Durham
PHILADELPHIA (CBS) – When is the last time you looked at the contract accompanying your life insurance policy? In advance of Saturday’s National Insurance Awareness Day, one Voorhees-based expert wants you to do just that. The policy you purchased may have changed over the years.
CEO of the wholesale life insurance distribution organization CPI Companies Ronald Sussman says you should take part of Saturday to sit down and re-evaluate your policy and read all that fine print.
“It’s important not just because the policy might need changing, but because your stage of life is different. People should be obtaining information from their insurance companies called “in force” information and comparing that information with what they were told when they purchased the policy. They should also be looking for the duration. Term insurance policies that have maybe a 10, 15, 20 year term. You purchase it, pay premiums and don’t realize you are coming up to the end of that term period.”
And you could find yourself facing significant increases, or without coverage at all.
To find out if your insurance policy is working for you, go to CPI Companies’ website, PolicyAudits.com.