Here are some reasons why it is important to have an annual consultation with your financial and insurance advisor(s):
1-The landscape of what is available in the insurance and financial industries is constantly changing and evolving. It is important that you are aware of the cutting edge products in the industry that could be a significant upgrade from what you have and save you in premium dollars. You may have an older product that is underperforming severely compared to other potential options, but you leave it simply because you are unaware of other options! It is your advisors responsibility to make you aware of the best options for you on a continual basis!
2-A consultation goes a long way in keeping you informed and educated in your knowledge of how your policies work and why they are important now and in the future. This gives you great peace of mind in understanding how you are protected and what your retirement will look like! Most of us need a refresher every now and again so that we at least have a basic understanding of the concepts of how things work. For example, I am not an expert on mortgages and how they work (because I don’t do mortgages for a living), but gain great peace of mind just by understanding the basics of how my mortgage is set up. However, a lot of what I have learned recently may become very foggy in the months to come, and I will likely need a refresher on my mortgage after a while also!
3-You need to know that your advisor is still heavily involved in the business and therefore up to speed with all the current best products in the industry. Many advisors are semi-retired or lower their activity level in the business after a time, and consequently are not up to speed on the new products available in the industry that may be a better fit for their clients. It is very easy for advisors to fall behind if they are not careful!
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