If you haven’t had a life insurance review in the last 5 yrs, you are long overdue. It’s likely that you don’t even remember what you have and how it works or why you have it.
Insurance Globe offers free life insurance reviews. Why should you have one? There are several reasons.
You may have an old universal life policy that may be close to lapsing and you may not even be aware. Many older policies were sold when interest rates were much higher and agents were telling their clients that at some point they would be able to stop paying premiums and have a paid up policy. Now that interest rates are so low those same policies are running out of cash value and will eventually lapse. If you are able to catch this soon enough, you may be able to salvage any remaining cash value that you have and transfer it to a new policy with death benefit guarantees.
If you have a term policy, it may be nearing the end of it’s term. It may be time to apply for a new term policy or consider buying a permanent policy. You may also be able to reduce your premiums. Life insurance rates are historically low, so if you have an old policy, you may be able to replace it at a lower cost.
If your health has changed and you are now uninsurable, your term policy may be nearing it’s end. It’s important to find out if your policy is convertible and how much time you have to convert. Conversion privileges allow you to exchange your term policy for a permanent policy with no underwriting. In other words, you do not have to medically qualify or qualify in anwyay. As long as you are in the conversion period.
These are just some of the reasons to have a review.