THINGS TO CONSIDER
A thorough policy review should start with a current review of the insured’s personal, financial and/or business situation. Is the policy needed for its original objective or have the insured’s needs changed? Only after the insured’s needs are determined can the policy itself be reviewed. In-force illustrations may be requested from the issuing life insurance carrier.
Consider the following when reviewing the policy:
- Is the policy performing as expected?
- Has the policy experienced market volatility or decreased interest or dividend crediting rates?
- Has the insured’s risk tolerance changed?
- Has there been any change in the carrier’s financial status?
- Have there been any improvements in medical underwriting of the insured’s impairments, or are there table shaving programs available that could reduce a policy’s mortality costs or eliminate undesirable ratings?
- Have there been reductions in the current costs of insurance available in the marketplace?
To learn more about Life Insurance Policy Reviews, download our free Info Sheet HERE.
