Know This Before Replacing Your Life Policy
KNOW THIS BEFORE REPLACING YOUR LIFE POLICY
When I do life insurance reviews and replacements as a part of the financial and retirement planning in Naples, I give my clients full and complete disclosure of every detail and comparison of both policies. Even though some aspects of the new policy may look inviting, you really must get to the bottom of the details to determine whether or not your making the right decision.
Life Insurance Reviews can lead to a replacement when top market carriers are so fiercely competing for new consumers. If you gather all the right information and evaluate every aspect, you can actually save a generous amount of money on premiums while even having your benefits increased. In today’s market it is extremely important to have a life insurance review as part of your financial and retirement planning in Naples. Just having your stocks and bonds reviewed is no longer sufficient!
Make sure you weigh out the affects of a life insurance review that turns to a replacement. When replacing a policy you will have to pay acquisition charges on the new account. Just like the account you are replacing the new insurer will want to be paid for the expenses of bringing on a new client. This includes things like marketing expenses, commissions, and other direct and indirect marketing expenses. Your current policy may also charge you a surrender fee for early termination. Both acquisition fees and surrender fees will pay a huge part in deciding on your new policy. If the surrender fee is high and the acquisition fee is high you will need to look at the projections of the new policy. By projections I mean the timely check of face values, total premium accumulations, and so forth. In a lot of cases your policy will not be generating any better benefits and sometimes worse benefits for the first few years of the new policy.
However, a careful examination of the IFL “in-force ledger” by a professional in financial and retirement planning in Naples like myself, can help you determine if the benefits of the new policy will occur in a timely fashion and if the final projections are worth applying to the positioning of your portfolio. Insurance reviews that result in a replacement can be a very beneficial thing to you and your beneficiaries as long as it is done correctly.
Keep in mind that a financial and retirement planning professional in Naples can also help you contact and work with your current insurer to possibly get a modification in your contract to fit your present needs. This could occur at a much lower upfront cost. It all depends on your situation and the insurer. All the variables must be analyzed by the help of your agent for financial and retirement planning in Naples. If you are looking for professional consultation contact Josh Sparks, your local life agent to help determine if there is a policy on the market that could help better position you in the market place.
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Josh Sparks
