March 01, 2023
Your Insurance is Even More Important During a Recession
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:
- Premiums on many in force life and DI policies are level and won’t change, even during a recession.
- Some life insurance policies have features, such as loan provisions, that may be helpful during financial challenges.
- If you are looking to decrease your insurance costs, there may be adjustments that can help you reduce premiums while keeping the policy in force.
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.
If you need contact information for your agent, we can help.
Did you know that nearly 68% of life insurance owners with financial dependents report they feel financially secure as compared to 47% of non-owners?*
*2022 Insurance Barometer Study, LIMRA & Life Happens, April 2022, p. 19.
Katie M. Jenkins
President & Chairperson