Presumably, most would agree that where you are now in your life as opposed to where you might have been several years ago is considerably different. This is because there are many variables beyond your control that have a significant effect on your “own” world whether you planned on it or not. With this same thought in mind, even your best intentions with respect to your financial planning goals and objectives need to be revisited on a regular basis. Significant life changes typically trigger our reasons for needing to review what we put in place just a short time ago. Specifically with respect to life insurance; the newlyweds, the new baby, the new house, the new business venture are just some of those major life changes that require us to review our policies. Life insurance plays an extremely vital role in the thorough financial plan of both individuals and businesses. It is both a unique and valuable property that needs to be integrated into the strategies designed to accumulate, conserve and distribute wealth.
Because of the ever changing financial opportunities and products available to the consumer, it is wise to have a comprehensive policy review. This does not mean you have to replace your existing policies, but it does mean you should determine objectively how the policy is performing. I utilize various third party objective resources that help in this evaluation process. Some of the reasons for performing a review are: Policies may not meet current needs, older contracts may use higher mortality costs than current policies, ownership of life insurance may adversely affect estate taxes, beneficiary designations may be out of date, existing term insurance may not be convertible or premiums may be reaching the end of their guaranteed period.
The POLICY REVIEW will provide you a detailed analysis of your policy status and allow you to view all the options available that may or may not be to your advantage. This is to help you better understand your policy and how it is performing.