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As you consider ways to manage expenses during a recession, keep these points in mind when evaluating the life or disability income insurance (DI) you have:
It’s important to remember that reversing reductions may not be available. Applying for new coverage in the future, if you let your policy lapse now, will likely result in higher premiums, if you qualify for a new policy, as the older you are, the higher the premiums generally are.
Even if you feel confident about the coverage you have today, it’s a good idea to have regular check-ins with your agent. They can help you devise a coverage plan for life changes you have experienced or see coming on the horizon.
Katie M. Jenkins
President & Chairperson
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*2022 Insurance Barometer Study, LIMRA & Life Happens, April 2022, p. 19.