There are several reasons why it may be beneficial to restructure an insurance portfolio:
1. Changing needs: As life circumstances change, so do insurance needs. For example, if you get married or have children, you may need more life insurance coverage.
2. Cost savings: As you age, the cost of certain types of insurance may increase. Restructuring your insurance portfolio can help you find more cost-effective coverage options.
3. Better coverage: Reviewing your insurance portfolio on a regular basis can help you identify gaps in coverage and make sure you have the right types and amounts of insurance to protect yourself and your loved ones.
4. Keeping up with new products: The insurance industry is constantly evolving, and new products and options may be available that better suit your needs.
Changing laws and regulations: Insurance laws and regulations can change over time, and it’s important to make sure your coverage is in compliance and that you are taking advantage of any available tax benefits.
5. Reviewing beneficiaries: It is important to review who the beneficiaries of your insurance policy are and make sure they are still accurate and appropriate.
Reviewing your investment: If you have a cash value policy, you may want to review how your money is invested, and make sure it aligns with your risk tolerance and long-term goals.
It’s important to review your insurance portfolio periodically, ideally at least once a year, and make any necessary adjustments to ensure that your coverage remains adequate and cost-effective.
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