Some of the reasons for this review process are:
- Insurance companies have good and bad runs. You don’t want to be with a company who is having a bad run.
- The interest rate assumptions you used when you bought your insurance may have changed. If interest rates have dropped you might be in danger of having your insurance lapse or having a large future price increase.
- The insurance companies might have come out with a newer product that better fits your needs. Insurance companies are constantly developing new ways of funding insurance. Sometimes these new ideas make a lot of sense.
- The cost of insurance you’re paying for has decreased. If you have an old policy, there is a good chance that you could reduce the amount that you pay for your life insurance.
- Your life insurance needs have changed. Your personal situation might have changed and the policies that you’ve had in place can be changed to fit your new circumstance better.
I’m always interested in your comments. Because we are a regulated site, we can’t have a comment box. So, please give us a call or send me an email. I’m interested in what you’re thinking about your life insurance program.
Credit: Josh Patrick - for informational purpose only.