The Importance of a Life Insurance Policy Review
You spend your life building a portfolio of stocks, bonds, real estate and IRA’s.
You keep a pulse on the performance of these financial products, monitoring market fluctuations, interest rate trends and pricing efficiencies.
As your life’s plan evolves, you continually set and reset investment objectives and strategy, as needed.
Formally or informally, you have set up a periodic financial review process tailored to your individual needs. That’s good financial practice.
Life insurance, annuities, long term care and disability insurance are financial products that require similar periodic care. Insurance and annuities are an integral part of any sound financial plan.
Reasons for a life insurance policy review
If the foundation is weak, the whole plan can tumble. Policies should be reviewed annually and these important life events may warrant a review of your insurance portfolio sooner:
- Starting a new job
- Losing a current job
- Purchasing or selling a house or vacation home
- Having a new child or grandchild
- Nearing or entering the retirement stage of your life
- Changing a marital status
- Receiving a promotion
- Starting a new business or selling one
- Taking on a partner, associate, or employee or having one leave/retire
- Changing group, personal, or business insurance coverage
- Premium payment constraints
- Underwriting guidelines may now allow for a rating to be removed
- Desire to change investment strategy into a safe or tax-free vehicle
Many things have changed in the last ten years. From plummeting interest rates to improvements in the medical field, things are not what they were even five years ago.
The cost of insurance has come down dramatically as people are living longer and more efficient policies with additional benefits are being introduced constantly.
Results of a life insurance policy review
After a life insurance policy review, we usually find one of the following:
- You can have the same amount of coverage for a lower premium.
- You can have have more coverage for the same premium.
- You can stop paying premiums for reduced paid-up coverage.
- The worse case scenario is peace of mind knowing what you currently have is the best available at this time.
At Abrams Insurance Solutions, there is no cost for this important service that may save you $1,000’s.
We will review your current needs against your current policy design and other alternatives in the marketplace.
Even if we didn’t sell you your life insurance policy, we will review it for you with no obligation.
After a thorough review of available offerings from more than 70 of the best insurance companies, we will provide the results of our research in a clear and concise report for you.
Why not make sure that you have the best available and least expensive policy for your unique circumstances with a policy review?
Contact us today for a free no obligation life insurance policy review.