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When facing changes, make sure to update life insurance

Posted On Thu, November 5, 2009

Life can bring about many changes, and accordingly, it should lead people to re-examine their life insurance policy.

According to a recent story from Cleveland television station WKYC, consumers need to make sure that as they experience life changes they make a proper account of their life insurance. Life changes could include children going to college or whether they acquire a mortgage.

Bob Higgins, who is an insurance attorney with the Hahn Loeser law firm, told the station that he recommends term life insurance for people who are just starting out to shop for it.

"The disadvantage to that type of policy is that, at the end of the term, if you've been fortunate enough to survive, you have nothing to show for paying premiums," Higgins said.

For people who are making a little more money, a plan that involves an annuity may be the best option, as it allows them to build equity.

According to the Insurance Information Institute, there are a number of life insurance plans available for consumers. Along with a term plan, consumers may consider buying a whole life or permanent plan, which will pay out no matter when the person dies.

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