Your life changes. Review your protection.
Understand your current life insurance and revisit it as your circumstances change. Coverage conversations with John Costello serving Greater Bangor.
When a review makes sense
Marriage, a new child, buying a home, a job change, or approaching the end of a term policy can all prompt a review. You can also reach out simply because you want to understand your current coverage.
What to bring
Have your policy summary, benefit amount, premium, policy term, and beneficiary information available. Include any employer-provided coverage and a list of questions you want answered.
Understand before making changes
A review does not automatically mean replacing a policy. Ask about the consequences of any proposed change, including new underwriting, costs, and policy limitations. Keep existing coverage in place while evaluating your options.
Make the review easier
Create a simple list of your individual policies and employer benefits. For each, note the insurer, coverage amount, premium, policy owner, insured person, beneficiaries, and any end date you can identify. You can start even if the list is incomplete.
- What did you originally want this coverage to do?
- What has changed since you bought it?
- Are beneficiary details still current?
- Do you understand renewal, conversion, or expiration provisions?
Take time before replacing coverage
If a new policy is proposed, ask for a comparison with your current coverage. Discuss new underwriting, premium commitments, surrender charges if applicable, and any new policy conditions or periods that may apply.
A review can lead to keeping your current policy, updating administrative details, or considering a change. Do not cancel existing coverage while a replacement is still being evaluated.
Connect with John from Bangor, Brewer, Hampden, Orono, Old Town, or the surrounding Greater Bangor area.
Answers before your next step.
Do I need to replace my policy after a review?
No. A review may help you better understand the policy you already have. Any decision should reflect your needs and the terms of both existing and proposed coverage.
What if I cannot find all my policy information?
Start with what you have, such as a recent statement or the insurer’s name. Ask John what additional information would be useful for the conversation.
Should I review beneficiary information?
Yes. Include beneficiary information in your review, particularly after a family change. Updates must be made through the appropriate insurer or plan administrator.
Find your community.
Explore local service information, then connect with John about your questions.
Keep learning before you decide.
Visit the agency’s existing Insights blog for additional reading.