- Annually: Like with life insurance, an annual review is a good practice. Use this time to confirm that your policy details are accurate and up-to-date. Make sure your contact information, beneficiaries, and any changes in your employment or income are reflected correctly.
- Job Changes: Anytime you change jobs or experience a significant change in your employment situation, you should review your disability insurance coverage. Different employers offer varying levels of disability insurance benefits, so it’s essential to understand what you have through your employer and whether supplemental coverage is necessary.
- Life Events: Similar to life insurance, major life events such as marriage, birth of a child, or a divorce can impact your financial needs and coverage requirements. Review your disability insurance coverage to ensure it aligns with your current situation.
- Every 3-5 Years: Conduct a more thorough review every few years to reassess your financial situation, job stability, and any changes in your medical health. This will help you determine if your coverage remains sufficient or if adjustments are needed.
- Policy Terms and Conditions: Stay informed about any changes to the terms and conditions of your policy. Insurance companies may update their policies over time, and these changes could affect your coverage, premiums, or benefits.
- Health Changes: If your health status changes significantly, it could impact your insurability or the cost of your premiums. Regularly reviewing your policy allows you to understand whether your existing coverage is still suitable given any changes in your health.
- Financial Goals: As your financial situation evolves, your disability insurance needs might change as well. Regular reviews can help ensure that your coverage aligns with your current and future financial goals.
- Age Milestones: Some disability insurance policies have age-related changes in coverage or benefits. Check if your policy has any specific age-related provisions that could affect your coverage.
It’s important to note that disability insurance policies can vary widely in terms of coverage, definitions of disability, waiting periods, benefit periods, and other terms.
For more information about reviewing your disability insurance policy, contact Set for Life Insurance today!
