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Perhaps it is only after much persuasion that you finally bought insurance. But if you thought that you need not look into it for another 15 to 20 years you could be highly mistaken.
Know that once you have purchased insurance you cannot rest assured thinking that you need not take a relook for around a decade's time. For, just as increased income initiates an enhanced lifestyle you need to reconsider your insurance requirements on a regular basis. Your needs may change with increased income and passage of time and accordingly you need to buy adequate insurance after taking into account the changes that life has brought in.
Wondering how often you need to analyse your insurance requirements? Once in 3 years should be appropriate depending on your changing priorities and the enhancement in your lifestyle. If your insurance portfolio consists of unit linked plans know that you need to keep a track of them once in 6 months - for they are market linked.
Switch funds and opt for a more balanced fund if you are not comfortable with equity funds. Also note that need analysis holds the key to the right combination of insurance plans for your portfolio. Increase your insurance limit after considering your income, age, priorities, risk. Reviewing your insurance needs will stand you and your family in good stead and act as a strong buffer enabling you to sail through troublesome times with ease.
Comparison shopping is the in-thing today in insurance. Before you narrow down on a particular insurance product look out - there may be better products with more suitable features at competitive prices. Take your pick from them.
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