What Online Life Insurance Quotes Don’t Tell You -- The Importance of Policy Reviews
Sometimes change can affect more than you think. Your life insurance needs, for instance, are as dynamic as your life itself. Does your life insurance policy still fit current circumstances and objectives?
It is a good idea to meet with your financial professional routinely to size up your coverage. Together, you can identify any life, economic and industry changes that may have affected your coverage. You can then adjust accordingly when necessary.
Routine reviews every year or two are important to:
• Evaluate policy performance in the current economy
• Review industry trends
• Uncover subtle changes that may otherwise go unnoticed
• Make certain your loved ones are cared for
WHAT’S COVERED IN
A LIFE INSURANCE POLICY REVIEW?
PROTECTION
If your goal is income protection, is your death benefit large enough for your family to maintain
today’s standard of living?
If your goal is estate protection, would your current death benefit cover today’s estate settlement costs?
ANNUAL PREMIUMS
How much are you paying for your coverage?
Can your goals be met more economically?
Recent updates to mortality tables reflect longer life expectancies and mean lower premium rates.
OWNERSHIP STRUCTURE
Is the current policy ownership the most tax efficient for your goals?
BENEFICIARY DESIGNATIONS
Are any optional riders and coverage still necessary?
Are there new options that may be appealing?
CASH VALUE AND PERFORMANCE
Is the performance of a permanent policy meeting your expectations?
Is the cash value capable of sustaining the policy?
RECENT INSURANCE INDUSTRY TRENDS
Insurers are introducing new product features for various life scenarios (instead of death benefits). For example a LifeAccess Accelerated Benefits rider provides tax free withdrawals to help with the costs of becoming chronically ill – partially solving long term care issues.
Or a LongevityAccess rider provides guaranteed income for eight years or more to insureds who reach age 90.
Free Life Insurance Policy Reviews
With the help of The Hartford, RISKPRO Insurance Agency, LLC is pleased to offer free insurance policy reviews for our clients. This is a no-cost and no-obligation offer to evaluate coverage with respect to your stated objectives and current situation. This independent review helps you in the following ways:
• Simplify it for you by knowing where to look and what to analyze
• Facilitate any changes that may be necessary
• Offer experience and knowledge about tax implications and the uses of life insurance
• Be a resource for the latest advancements in underwriting, costs and benefits
What Is The Next Step?
If you have a term policy, please provide the latest statement.
If your coverage is permanent, you should request an in-force illustration from your current carrier be mailed to your home.
Once we receive this information we will have the policy review to you as soon as possible.
Conact us with any questions.
Photo by surlygirl
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