Policy Reviews – When was the last time you reviewed your life insurance policy?

When was the last time you reviewed your life insurance policy?

Many times, consumers are paying too much for their life insurance, they have too much or not enough coverage or their permanent policy is under-performing.

It could be for a number of reasons like these:

  • Your needs have changed
  • There are better options available than what you currently have
  • Your agent structured your policy wrong.

It’s always good to do a “check up” on what you currently have.  Fill out the form on the side and one of our experts will run a comparison for you and/or answer any questions.

Here are 5 ways an agent can perform a policy review:

#1)  Underwriting Assessment

We’ll review your current health and lifestyle and look for any improvements to get you a better rating which in turn may lower your premiums.  On the flipside of that, if your health is the same, we’ll look to see if any other life insurance companies will give you a better health classification which can lower your premiums as well.

#2)  Market Comparison

The agents contributing to this site are independent and will “spreadsheet” your current policy to everything else available based on your current situation.  They’ll let you know if you’re in good shape or if there’s room for improvement.

#3)  Lapse/Performance Analysis

For those who have permanent policies – whole life, universal life, indexed universal life, variable life etc., we’ll review the health of your policy.  We find that many agents are overzealous with their illustrations or the policy wasn’t structured correctly based on your needs and your policy may be under performing.

#4)  Financial Strength Assessment

With all the new regulations and capital requirements life insurance companies face, there’s been a lot of financial strength downgrades and a growing number of acquisitions because of these regulations.  We’ll let you know where your life insurance company stands.

#5)  Secondary Market Analysis

If you’re over the age of 65, we can take a look at selling your life insurance policy on the secondary market in exchange for a lump sum payment.  If you’ve ever considered letting your policy lapse or discontinue your policy sometime in the future, this is something you should explore.

Just know that life insurance isn’t a “set it and forget it” purchase.  Always make sure it’s covering your changing needs and always make sure you’re getting the best possible rate for term life insurance OR make sure it’s performing if you have a permanent life insurance policy.

If you’d like a second opinion on your current policy to see if it can be improved upon, contact us.  You have nothing to lose.