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Life Insurance: Are You Covered?
When and How to Refinance Your Life Insurance
By Melinda Copp
As a parent, having a life insurance policy is one of the most important things you can do for your family. However, just like any other financial plan that you put into place, you can't just buy it and forget about it. If you want to get the most coverage for your money, you need to revisit your policy periodically and consider the pros and cons of refinancing. Also, as your life changes, your life insurance needs change too. So you need to make sure the policy you have is enough to cover your needs.
"I had a small policy that would cover my burial expenses with a little left over," says Matt Kraycar, a dad from Hilton Head Island, S.C. "But when my son was born, I refinanced to get more coverage." Kraycar wanted to make sure that his family wouldn't be financially affected by his death, so a refinance made sense.
But refinancing isn't always a smart decision for everyone. If you're thinking about refinancing your life insurance, consider the following tips for knowing when to do it and whether or not it is a good idea for your family.
"If you've been paying on your current life insurance policy for several years and interest rates drop, you may be able to get more coverage for the same amount or less," says Steven Weisbart, an economist with the Insurance Information Institute. Some companies offer discounts depending on how much coverage you buy.
"For example, if you want $200,000 in coverage it might be just as much to get $250,000," says Weisbart. And in addition to these benefits, refinancing gives you the chance to double check that your policy is right for you and your family.
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