Now is the time to review your policy
At the Private Bank, working with wealthy families has given us valuable insights into their priorities and values. Wealth protection and preservation—and ensuring families are cared for no matter what happens—are almost always among their most important goals. Whether you seek protection for your business, your loved ones or both, life insurance can help give you peace of mind.
A periodic review of your life insurance is an important component of a wealth plan checkup. Three questions can help you understand how it fits in and whether any updates are needed.
First, what was the primary purpose of using the life insurance policy to achieve your goals? For example, you may have had young children many years ago and purchased life insurance to protect their lifestyle or education goals if anything happened to you.
Second, has that purpose or intent for your existing life insurance policy changed over the years or since you reviewed it last with your advisors? Perhaps your children are now grown and on their own. In addition, you may have an asset base that has accrued to cover any lifestyle goals you may have.
And third, how does your life insurance policy work? What are the intricacies? What are the expected outcomes? If things have changed outside of your control, such as the economy or markets or interest rates, how has that affected the specific type of life insurance you own?
Once these three questions are answered and a discussion is taking place, you can decide on next steps and if anything needs to be changed to help you achieve your goals. When you're ready to review your life insurance policy and how that policy may fit into your future goals, please reach out to your JP Morgan team.
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