Get A Free Life Insurance Policy Review!
You know how important life insurance is as a part of your overall Financial Plan, so you should make sure that your coverage is adequate to meet your objectives. Your goals are constantly changing depending on what is happening in your life. A Life Insurance Policy Review does not always lead to a new life insurance policy. Here are some of the possible outcomes of a Free Life Insurance Policy Review:
- Your policy is in line with your objectives and no changes are needed
- You may need to change the beneficiary designation, which can affect the tax liabilities of your policy
- You may need to change the ownership designation, which can affect the tax liabilities of your policy
- You may find that you need additional coverage
- Your may find that your policy is not performing as expected
- You may find that it is appropriate to consider exchanging your policy for a better performing policy
Possible Reasons You Would Want To Exchange A Policy
- Your old policy may not have a guaranteed death benefit. Most of the universal life insurance policies being sold today offer lifetime guarantees.
- You may be able to exchange your policy for another policy and lower your premium, while still getting the same benefits.
- You may be able to exchange your policy for a new policy with a higher death benefit for the same premium that you are currently paying.
- Preferred and preferred plus underwriting which was not available 25 years ago.
- Special underwriting programs are available that you may benefit from and possibly qualify for a better rating
- Consider the strength and stability of the issuing life insurance company. The higher the ratings of the issuing company, the more likely they are to keep their promises to policyowners.
- New products are available that were not available when you bought your last policy. These new products may be better suited to help you achieve your goals.
Some Reasons You Would Not Want To Exchange A Policy
- Your health may have changed for the worse and a new policy may mean a higher rating.
- If your contract was issued prior to June 21, 1988, it may have some tax benefits that are not available with a new policy. These plans are not governed under the rules for Modified Endowment Contracts (MEC). This rule severely reduces the amount of money that can be deposited in a life insurance policy in the early years without losing the “first in, first out” provision in life insurance.
- New contestable period – Any time a new policy is purchased a new contestable period begins. Policies can be contested within the first two years after issue to discover if any material information was not revealed on the application that would have affected the insurer’ decision to issue the policy.
- New suicide period – A new two-year suicide period begins with a new policy. It’s important that you’re fully aware of this provision.
- Beginning a new life insurance policy also means a new period for surrender charges. It could be that your existing policy is almost out of the surrender period.
We Can Help You!
You should review your policy every few years to make sure that your insurance coverage is still appropriate for your needs. We can help you gather information about your current policies and request inforce illustrations to see if your policy is on track. If your policy is not on track, we can help you determine what is required to get it back on track. We will also compare your inforce illustrations to new policy illustrations and see if a policy exchange is recommended. If you would like a free life insurance policy review, please call InsuranceGlobe.net at 1-888-950-8376 or email us at email@example.com.