Like any asset, life insurance policies should be periodically reviewed to see that the owner’s objectives and the beneficiary’s expectations are being met. For example, do you have too much or too little insurance based upon the objectives you want to accomplish with the policy?  It seems like an easy question, but your needs could have changed significantly from when you originally purchased the policy.

In many instances, policies may not have been accumulating in value as well as or remaining in-force as long as you expected.  Declining interest rates over the last decade have left many policies short of their projected accumulation that determine how long policies stay in force.   

Considerations when reviewing your policies should include the evaluation of your beneficiary designations, adequacy and/or necessity of death benefits, annual premium costs, cash value, income tax considerations, and new policy designs currently available in the market place.

Some positive updates to insurance contracts such as improved underwriting classes for healthy individuals and updated mortality tables have improved pricing considerably.  Many carriers also offer no lapse guaranteed contracts that can lock in insurance and prevent any future lapses in coverage.

If you currently have a life insurance policy in place, and have not reviewed it recently, please give us a call.  We can assist you with the evaluation of the policy with respect to your current needs and objectives.