7 reasons to review your life insurance policy

Update of the prize according to age.

The monthly value of life insurance changes over time. With advancing age, insurance companies adjust the risk and the policy premium increases. When evaluating the current market, it is possible to find options with lower costs in other companies for the same level of coverage and age group.

Changes in family structure

Events such as marriage, divorce, or the birth of dependents change protection needs. The insured capital may need to be reinforced to ensure the financial stability of a new child. In the case of a divorce, updating the beneficiaries of the contract is an essential step.

Reduction of housing credit debt.

In policies associated with mortgage credit, the insured capital must reflect the amount owed to the bank. With the monthly repayment of the loan, the due amount decreases. The revision of the policy ensures that the insurer updates this value, avoiding the payment of premiums on a capital that has already been settled.

Transition to ITP coverages

Policies usually include coverage for Absolute and Permanent Disability (IAD) or Total and Permanent Disability (ITP). IAD is only activated in situations of total dependence on others. Reviewing the insurance allows the transition to an ITP policy, which provides protection from 60% or 66% disability, covering scenarios where the policyholder still maintains autonomy.

Improvement of health condition

Factors such as quitting smoking or positive changes in clinical indicators reduce the risk associated with the insured. A non-smoker or someone without aggravated risk factors benefits from lower premiums. Updating medical information with the insurer can result in a decrease in monthly costs.

6. Access to additional coverage

The insurance market currently offers integrated assistance services. Several policies include access to medical networks, specialty consultations, diagnostic exams, and clinical support. Transferring the policy allows adding these options to the contract for use in current health situations.

7. Budget optimization

Transferring life insurance to a different entity than the financing bank often results in a reduction of cost. In many cases, the decrease in the insurance premium compensates for any penalties that the bank may apply to the spread of the housing credit.

Options for market evaluation

Analyzing proposals from different companies is an important step for good financial management. You can simulate on the Poupança no Minuto to compare your current insurance with the conditions available in the market.