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Finance

You bought the policy… now what?

by Thrivent Financial Red Mountain Group September 1, 2015
written by Thrivent Financial Red Mountain Group September 1, 2015

THRIVENT FINANCIAL GROUP PHOTOPurchasing proper insurance coverage is an important part of a healthy financial picture.

With many policies, however, staying engaged ensures you have adequate coverage as your life changes.

As life changes, your insurance needs also can change. Particularly with long-term care insurance, reviewing your coverage on an ongoing basis helps ensure you and your loved ones are financially protected from risks associated with extended medical needs. If you bought coverage 10 years ago, for example, meeting with a financial professional to make sure the policy still offers the protection you need for now and the future is essential to you and your family.

Some policies, like whole life insurance, require minimal engagement after purchase. If those policies are attractive to you, your financial professional can help guide you toward an option to best meet your needs.

A good plan is to meet with your financial professional for annual insurance check-ups. A financial professional can help you assess whether the policies still are appropriate and are fulfilling their appropriate role in your personal financial strategy. They also are abreast on the latest changes in the regulatory landscape, and can help guide you toward newer options, which are often created as financial regulations change.

When you review your policies, Thrivent Financial recommends asking these questions:

  • What kind of financial protection do I need?
  • Do I have the right amount and type of insurance?
  • Do I have the right beneficiaries designated?
  • Is my family aware of my policies?
  • Do I have other financial areas that require attention and protection?
  • Is my level of coverage appropriate?
  • Am I clear on the terms of my contract?

These types of meetings can ensure that when it comes time to collect benefits on your policy, everything meets your expectations.

As it is appropriate, you also should review pertinent policies family members hold to make sure they are still appropriate. Raising the subject may create some momentary awkwardness, but it is far better to discuss policies and options ahead of time to ensure nothing is missed or forgotten when it comes time to claim insurance benefits.

Some sample questions include:

  • Do you have insurance coverage? If so, what kind?
  • Where can we find your policy information in case you need help from us if/when you activate your policy?
  • How can we contact your financial professional? Your insurance company?
  • Are there any special requirements in your policy that we should know about?

Taking the time to evaluate your coverage and talk with your family about your insurance policies is important. It is a good way to make sure your benefits meet your expectations and are there when needed.

Thrivent Financial prepared this column for your local representatives’ use.

For more information, contact Thrivent Financial Red Mountain Group representatives Jeff Kolzow, Jeff Rodemeyer and Rick Aussprung at (480) 396-5333. Thrivent Financial Red Mountain Group is located at 2941 N. Power Road, Suite 105, Mesa, AZ 85215.

About Thrivent Financial

Thrivent Financial is a financial services organization, which helps Christians be wise with money and live generously. As a membership organization, it offers its nearly 2.4 million member-owners a broad range of products, services and guidance from financial representatives nationwide. For more than a century, it has helped members make wise money choices reflecting their values, while providing them opportunities to demonstrate their generosity where they live, work and worship. For more information, visit Thrivent.com/why. You also can find us on Facebook and Twitter.

Insurance products are issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, Wis. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They also are licensed insurance agents/producers of Thrivent.
For additional important information, visit www.Thrivent.com/disclosures.

 

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