You should check to find out if your existing life insurance policy needs a tune up. Just like reviewing your mortgage interest rates, your home owners insurance, or auto insurance for a better deal, you should also review your life insurance to see if it is still the best deal or if you could improve it by saving some money or adding additional benefits for the same amount.
A no cost policy review is suggested annually, but it is even more important to have one completed if you haven’t had a policy review in a while and especially if your existing policy is more than a few years old or your needs have changed due to changes in your life since your original policy effective date.
An independent agent can help you make certain that the coverage you purchased years ago will protect you and your family when it is really needed and at the same time determine that you aren’t paying too much. Over the past 10 years falling interest rates, advances in underwriting practices, lackluster stock market performance and other factors have affected the performance of many in-force permanent life policies. These policies may not be performing as expected and may not meet your original objectives. In addition, new policy choices with additional underwriting rating classifications have been added. Competition has made the insurers become more aggressive in making offers and providing improved pricing for each rating category. Also product benefits have been expanded to provide living benefits so the insured has living value. Living benefits include more flexibility in using policy cash values that can be accessed free of income taxation as well as market risk. Additional living benefits can also include chronic, critical, and terminal illness riders; some of which may be included at no additional charge depending on the policy chosen. You may not know a lot of people that died before age 65, but most everyone knows someone that suffered a critical health condition, such as a heart attack, experienced cancer, a stroke, a major organ transplant, end stage renal failure, (ALS), etc. or possibly even needed assisted living before age 65. So if you don’t already have chronic, critical and terminal illness riders included in your existing policy, it is a good idea look into a new policy that does, compare costs, and replace your old policy with a more comprehensive policy with those benefits included.
Other reasons that it is a smart idea for getting a second opinion on your existing policy, such as with getting a second opinion with a doctor on your health options, are listed below. You certainly don’t have anything to lose, other than a few minutes of your time gathering your old policy info and giving written authorization to me. As an independent agent, my team and I do the rest of the work by comparing your existing policy with what a newer policy could offer and then sharing the results with you. Of course if your existing policy still turns out to be the best deal after comparing, and I can’t save you some money or add additional benefits for approximately the same money, or other options that appeal to you, then you’ll have peace of mind knowing your existing policy is still working well for you. So don’t delay, start the review process today by calling me at 941-404-5334!
You want to make sure you are still meeting all your objectives and also to check to see if you had any major changes in your life that may affect your new expectations. Some examples of major changes are:
• Birth or adoption of a child
• Deaths, Divorces and Marriages
• Employment, career, or income changes
• Sale or purchase of a home
• Taking on the care of a parent or relative
• Planning or nearing retirement
• Planning for a child’s education or wedding
• Starting or selling a business
• Tax-law changes
Some other additional reasons to review policies annually may be:
• Your needs have changed since your original policy was purchased and you now need to build cash value within your policy
• You want to change to permanent insurance to last your entire life, if you only originally purchased a term life insurance policy (set up only for specific number of years).
• You want to add living benefits within a new life insurance policy (Living benefits can include chronic, critical, and terminal illness riders; some of which may be included at no additional charge depending on the new policy chosen.)
Again don’t delay, call me today at 941-404-5334!
Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.
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