Have you thought about your life insurance policy lately? If you’re like many residents in the Tampa Bay, Florida area, you may think of life insurance as a “pay it and forget about it” kind of bill, but this could be a mistake. It actually makes good financial sense to review your life insurance policy regularly to make sure it suits your current situation.

Chances are, you could call any life insurance agent in the Tampa Bay area and they would be more than happy to discuss life insurance with you, but remember that insurance agents are in business to make money. Selling life insurance can mean high commissions for agents, so they have a strong motivation to sell you the policies giving them the greatest payday. To avoid this conflict of interest that could push you into paying more than you need to for life insurance, your CPA in Tampa from Reliance Consulting, LLC would be happy to provide you with an objective examination of your life insurance coverage.

Examining your life insurance policy is sometimes referred to as a “needs analysis” in the world of insurance. Some issues that your CPA in Tampa might consider in your needs analysis might include:

• Have you been married or divorced since you purchased your life insurance policy?
• Have you become a parent?
• Do you have children leaving for college or who are about to become self-sufficient adults?
• Have you bought or sold a home?
• Have your assets increased or decreased significantly?
• Have your debts increased or decreased significantly?
• Can your assets generate the same income as a life insurance payout?

The main purpose of a needs analysis is to make sure that you are not buying too much or too little coverage. Your life insurance policy should help your family and others who depend on you to maintain roughly the same standard of living they enjoyed when you were alive. The dependents on your life insurance policy might include your spouse, children, elderly parents, or even your business partner or employees if you are a business owner.

Please contact a CPA in Tampa from Reliance Consulting, LLC to learn more about how a life insurance needs analysis by an objective financial expert can help you better calculate the coverage you need.