You Have Life Insurance. But Do You Know What You Have?
September is Life Insurance Awareness Month.
So let’s start with something simple.
Do you know what life insurance you actually have?
✨Not whether you remember buying a policy.
✨Not whether something comes out of your paycheck every month.
✨Not whether your benefits portal says “life insurance.”
Do you know what you own?
✨What kind of policy is it?
✨How much coverage do you have?
✨Does it have cash value?
✨How much are you paying for it?
And maybe most importantly...
Would you know where to find all of that information if you needed it today?
A lot of people have life insurance.
Far fewer have actually looked at it lately.
And that matters because you cannot decide whether your coverage still fits your life until you understand what is already sitting in the drawer, attached to your job, or being drafted from your bank account.
So this month, we are starting with clarity.
👇🏾Let's hop in.
The Wealth Minute
“I Have Life Insurance” Is Not Enough Information
When I ask someone whether they have life insurance, the answer is often a quick:
“Yes.”
Great.
Then I ask the next question.
“What kind?”
Pause.
“How much coverage?”
Longer pause.
“Is it through work or do you own the policy yourself?”
Now we are searching emails.
That is not unusual.
Life insurance is one of those financial decisions people can make once and then barely think about again.
But “I have life insurance” does not tell us very much.
You could have:
✨Term insurance that ends after a certain period.
✨A permanent policy designed to stay in place longer.
✨A policy with cash value.
✨Coverage through an employer.
✨Several policies purchased at completely different stages of your life.
And each one can behave differently.
That is why the first question is not:
Do I need more?
The first question is:
What do I have?
Check out this video to learn more:
Don’t Overpay for Life Insurance (Do This Simple Policy Audit)
💬 Mindset Shift: From: “I have life insurance, so I’m covered.”
To: “I understand what I own and why I own it.”
🕊️ Faith Note: Stewardship starts with knowing what you already have. This is essentially the meaning of Proverbs 27:23.
Bottom Line: Before you buy more, cancel anything, or assume you’re fine...Audit what you already own.
Wealth Moves
Use this worksheet to conduct a Life Insurance Review.
For every policy, identify:
Who is insured
The insurance company
The type of policy
The death benefit
Any cash value
The monthly premium
You do not need every number down to the penny.
Estimates are fine.
The purpose is not to pass a test.
The purpose is to finally see the whole picture in one place.
Once you can see it, you can start asking better questions.
The Freedom Path
Is Your Life Insurance Tied to Your Job?
Employer life insurance can be valuable.
But I do not want you confusing having coverage at work with having a complete life insurance plan.
Those are not necessarily the same thing.
If most or all of your life insurance comes through your employer, here is something worth knowing before retirement gets any closer:
What happens to that coverage when the job ends?
✨Does it continue?
✨Does the amount change?
✨Does the cost change?
✨Can you take it with you?
Do you even know?
The Life Insurance Review specifically asks whether you know if your employer coverage ends or changes when you leave work or retire.
That question becomes even more important for someone who is five, two, or even one year away from retirement.
You do not want to discover the answer after you have already separated from employment.
And you definitely do not want to assume that something you have today will look exactly the same in retirement.
The goal is not to panic.
It is simply to know.
Because financial freedom requires knowing which resources actually belong in the plan after the paycheck stops.
Watch this video for more:
Is Work Life Insurance Enough to Protect Your Family?
💬 Mindset Shift: Work coverage is a benefit. It should not be a mystery.
🕊️ Faith Note: Wisdom means understanding what could change before it changes. (Proverbs 14:15)
Bottom Line: Know now what happens to your life insurance if your job changes.
Wealth Moves
Reach out to an HR team member. Ask the following questions:
How much life insurance coverage do I currently have through work?
What happens to that coverage if I leave the company?
Can I keep or take any of it with me if I leave?
Coffee Chat Question
If we were to meet for coffee, what would you want to know?
Feel free to email me questions that will anonymously be added to this section during each edition.
“Lisa, I Found an Old Life Insurance Policy. Should I Cancel It??”
Not yet.
First, figure out what you actually have.
What type of policy is it?
What is the death benefit?
Does it have cash value?
What are you paying for it?
An old policy is not automatically a bad policy. And a policy you have had for years should not automatically stay just because it is familiar.
Before you cancel anything, understand what you would be giving up.
💬 Mindset Shift: Old does not automatically mean wrong. Familiar does not automatically mean right.
🕊️ Faith Note: A careful review before making a change is part of wise stewardship. Proverbs 21:5
Bottom Line: Do not move retirement money just to avoid loss. Make sure the strategy also supports the income, growth, and protection you may need later.
⚡ Your Next Right Move
This week, gather every life insurance policy you own.
For each one, write down:
What is it?
How much is it?
What am I paying for it?
Do not change anything yet.
Just get clear on what is already in your financial life.
Clarity first. Strategy second.
🕊️ Faith Note: “Be sure you know the condition of your flocks.” Proverbs 27:23
You cannot steward well what you have not taken time to understand.
This week, do not rush to change anything.
Know what you have first.
Stay Awake Out There,
