What Does a Life Insurance Policy Review Entail?

Do you have an old policy that you have not looked at in a few years (possibly several years)?

Maybe you bought this policy when you were newly married. Maybe you bought the policy to help accumulate savings. Maybe you bought this policy with the intention to help with taxes down the road. Regardless of your original WHY, the question is- does your policy still fit with your goals for the future? As we all know, life happens, and relationships and circumstances can change very quickly.

The advisors at Sears Wealth Management & Insurance Solutions always recommend that you have a policy review meeting on a regular basis. Whether our office helped you obtain your policy or you bought it several years ago, we offer full policy reviews which help you determine what you currently have and what changes may need to be implemented. 

What Does a Policy Review Entail?

In addition to assessing your current financial goals and objectives, a typical comprehensive policy review is focused on:

• Annual Premium

  • How much are you paying? Can you buy the same coverage for lower premiums?

• Death Benefit

  • Does your current death benefit still provide you with the coverage your family needs?

•  Beneficiary Designations

  • Do you need to update your beneficiaries to properly address your intentions?

•  Supplementary Benefits

  • Are there new options that may be of benefit to you? Are there riders that need to be removed?

• Policy Ownership 

  • Is the policy ownership structure tax-efficient and does it still make sense?

• Policy Performance

  • Are there better options to help improve the policy’s performance and build cash value?

 If you have questions about your current life insurance policy, feel free to give us a call. We are here to help.