Knowing your contracts supports healthy financial strategies
Purchasing proper insurance coverage is an important part of a healthy financial picture. However, with many contracts, staying engaged ensures you have adequate coverage as your life changes.
As life changes, your insurance needs can also change. Particularly with long-term care insurance, reviewing your coverage on an ongoing basis helps ensure you and your loved ones are financially [pull_quote_right]Staying engaged ensures you have adequate coverage as your life changes.[/pull_quote_right]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 contract still offers the protection you need for now and the future is essential to you and your family.
Some contracts, like whole life insurance, require minimal engagement after purchase. If those contracts are attractive to you, your financial professional can help guide you toward an option that best meets your needs.
A good plan is to meet with your financial professional for insurance “check-ups” annually. A financial professional can help you assess if the contracts are still appropriate and are fulfilling their appropriate role in your personal financial strategy. They are also abreast on the latest changes in the regulatory landscape and can help guide you toward newer options that are often created as financial regulations change.
When you review your contracts, 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 contracts?
- 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 contract, everything meets your expectations.
[pull_quote_left]Raising the subject may create some momentary awkwardness.[/pull_quote_left]As it is appropriate, you should also review pertinent contracts that family members hold and make sure they’re still appropriate. Raising the subject may create some momentary awkwardness, but it is far better to discuss contracts and options ahead of time to ensure that 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 contract information in case you need help from us if/when you activate your contract?
- How can we contact your financial professional? Your insurance company?
- Are there any special requirements in your contract that we should know about?
Taking the time to evaluate your coverage and talk with your family about your insurance contracts is a good way to make sure your benefits meet your expectations and are there when needed.
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This article was prepared by Thrivent Financial for use by Loveland representative Libby Greiwe. She has offices at 423 Wards Corner Road in Loveland and can also be reached at (513) 239-2933.
About Thrivent Financial
Thrivent Financial is a financial services organization that helps Christians be wise with money and live generously. As a membership organization, it offers its nearly 2.3 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 that reflect their values while providing them opportunities to demonstrate their generosity where they live, work and worship. For more information, visit Thrivent.com/why. You can also find us on Facebook and Twitter.
Insurance products issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI. 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 are also licensed insurance agents/producers of Thrivent. For additional important information, visit Thrivent.com/disclosures.
