Appraise Your Existing Life Insurance Policies

Your life insurance policy should be reviewed periodically to ensure that you are deriving the maximum benefit from the policy.  Certain triggering events should serve as a reminder to review a life insurance policy.

• If you move, you want to make sure your policies are updated. Too often, people move, and never inform their insurance companies. This in turn may cause missed payments, policy lapsed, policy lost, etc. 

• If you change banks and have your premiums drafted, you’ll want to make sure your insurance company makes the necessary changes to keep your policy’s premium updated.
  

• Changes in beneficiaries through death, divorce and a change in business structure. Unless you want your life insurance benefits to go to someone you don’t want, make sure you update your policy.
  

• You’ve been retired, and you may not need your life insurance coverage anymore, or you want to pay less for your policy.
  

• You would like to get rid of your life insurance policy, should you cancel it or should you try to sell it?
  

• You have a term insurance policy, should you let it lapse or continue paying the high premiums?
  

• When life insurance companies merge or are acquired the surviving entity may offer new, competitive policies with favorable interest rates and mortality charges, without offering these benefits to their in-force contracts.
  

• Changing interest rates and market returns can also lead to drastic changes in the performance of a life insurance policy.
  

• As mortality table become more sophisticated, policies based on old mortality tables may be poorly priced.
  

• New treatments for medical conditions such as high blood pressure and diabetes have lowered the cost of insurance.
  

Click here to contact us or call us (810) 714-9021 for a free appraisal of your existing life insurance policy to determine whether it is meeting its performance objectives and your needs.