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Be Sure to Review Life Insurance Needs Regularly

12/21/2009

The recession has had people more focused than ever on reducing life insurance premiums and other costs, but that doesn't mean it's wise in the long term to forego such an important financial resource.

With that in mind, Detroit News columnist Brian J. O'Connor recently focused on his efforts to save on life insurance as part of a broader attempt to reduce his family's monthly expenses by $1,000.

One key point of advice he offered is for people to review their existing policies every two years to make sure that sufficient coverage is still provided and that beneficiaries and other details are all up-to-date.

O'Connor noted that failure to do so could result in an ex-spouse receiving an insurance payout, and also pointed out that his own insurance needs have changed considerably since the birth of his son. He also cited potential savings for couples or individuals who combine their different policies with the same company.

Elsewhere, SmartMoney.com advises people to have their own policies rather than depending on coverage from their employer, and suggests researching whether it would be cheaper in some cases to actually purchase higher amounts of coverage. The website also notes that some insurers are also considered far friendlier to people with chronic conditions like diabetes, which can result in dramatically lower premiums for those customers.

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