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Client Profile

Richard bought life insurance when his first child was born. However, he hasn’t reviewed his policy in the 10 years since he purchased it.

Richard’s personal situation may have changed a lot in 10 years. The policy he originally bought may no longer meet his and his family’s current needs. By periodically reassessing his life insurance policy, Richard will be able to determine if any adjustments are necessary.

Richard first bought life insurance to help provide a financial cushion for his family in the event of his death. While this is still important, it may become less of a concern as his children grow up and leave home. From time to time, Richard should revisit his reasons for buying insurance and evaluate whether his existing coverage is appropriate for his current objectives.

Family changes, such as births, deaths, marriages, and divorces, can cause beneficiary designations to become outdated. Richard should review his beneficiaries and contact his insurance company if he wants to make changes.

Richard’s insurance policy will be able to pay benefits only if the company that issued the policy remains financially sound. He can find out the company’s status by checking financial reports and credit ratings from the major ratings agencies, such as A.M. Best and Fitch.

Richard’s health outlook has improved since he quit smoking a few years after he purchased his policy. He may now qualify for an upgraded health rating and lower premiums.

Routinely reviewing life insurance can help ensure that coverage is adequate and beneficiary designations are up to date.


Client Profile is based on a hypothetical situation. The solutions we discuss may or may not be appropriate for you.

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