1) In the past 12 months, have you reviewed your insurance coverages?
[x] Yes
[x] No or Partially

You should review your insurance coverage with your insurance provider every few years to ensure it is up to date and still meets your needs. Ignoring your insurance can result in excessive premiums, coverage that no longer meets your needs or out of date beneficiary designations.

Planning Tip:
Need more coverage or want to make sure that you are not paying too much, use this Life Insurance Quote website to compare different types and amount of coverage.

2) How well do you understand your insurance?
[x] Very well
[x] Somewhat
[x] Limited

You should not spend your hard-earned dollars on something you do not understand, arrange to meet with your insurance provider to have them fully explain your coverage to you.

Planning Tip:
There are many terms used by insurance companies and agents can be confusing, use this Glossary of Insurance Terms to better understand the policies you own.

3) Do you feel your insurance coverage still meets your needs?
[x] Yes
[x] Unsure
[x] No

Even if you feel that your coverage still meets your needs, it is wise to reassess your needs every few years to determine if the coverage you have is still appropriate given your situation.

Planning Tip:
Unsure if your insurance still meets your needs, use this Insurance Needs Calculator to determine if your policies still meet your needs.

4) Check the following life changes that have occurred since your last insurance review:
[x] Marital status
[x] Family addition
[x] Health change
[x] Smoking status
[x] Employment status
[x] New home
[x] Mortgage renewal
[x] Group insurance changes

Over time, life changes can have an impact on the effectiveness of your insurance coverage, not addressing these changes can have serious financial consequences for your family. Discussing recent changes with an insurance advisor will help to ensure your coverage continues to meet your needs.

Planning Tip:
As your life changes so does your need for insurance, use this Insurance Needs Calculator to determine if your coverage still meet your needs.

5) Have you ever smoked?
[x] Yes
[x] No

If it has been more than 12 months since you last smoked, you may be able to qualify for a premium reduction on any life or living benefits insurance you purchased while you were a smoker. If you have never smoked, you may be able to qualify for preferred rates on your next insurance purchase.

Planning Tip:
If you purchased insurance as a smoker, use this Life Insurance Quote website to compare your premiums to a new non-smoker policy.

6) Do you have an existing or previous health issue?
[x] Yes
[x] No

Many health issues that would have prevented you from purchasing life or health insurance in the past, are no longer considered uninsurable due to current medical treatments. If you had any insurance that was rated or declined due to a past medical condition, you should arrange to meet with your insurance provider to review that decision.

Planning Tip:
If you have any policies that are rated, or have been declined for coverage in the past, you should contact your insurance agent to determine if your situation has changed.

7) Do you own any of the following types of insurance?
[x] Life insurance
[x] Disability insurance
[x] Critical Illness insurance
[x] Long Term Care insurance
[x] Employer Group insurance
[x] Home/Renters insurance
[x] Auto insurance
[x] Renewable Travel insurance
[x] Professional Liability insurance

Throughout your life, you will purchase many different types of insurance. Some you will only need for a short period of time, others you will want to maintain for life. Maintaining good records of your insurance will help you and your family get the benefits they deserve should something happen.

Planning Tip:
Review the list to determine if there are any gaps in your insurance portfolio, use this Guide to Insurance for more information on the different type of policies you own.

8) Are there loans or collateral assignments against any of the insurance you own?
[x] Yes
[x] No

Life insurance can be a very powerful tool for building and protecting your wealth. Accessing the equity value of a policy using a loan or collateral assignment offers several planning opportunities your insurance advisor can help you to explore in more detail.

Planning Tip:
Should you consider a loan at some time in the future, request the tax status of the policy from the insurance company first, to avoid any unintended tax consequences. Use this Guide to Life Insurance to learn what different policies will do for you.

8a) If you answered yes, are you making interest payments?
[x] Yes
[x] No

Making regular interest payments will help to ensure that the value of the loan does not exceed the cash surrender value, putting the policy in danger of lapsing. Should the loan exceed the cash surrender value in the future, it may cause the policy to lapse and a loss of coverage.

Planning Tip:
If you have borrowed from your life insurance, you should make monthly loan/interest payments to avoid a lapse in coverage. Use this Guide to Life Insurance to learn what different policies will do for you.