Your life insurance policy fit your needs when you purchased it, but as your life and other factors have changed, it may no longer fit, creating gaps in coverage.
Your Goals Have Changed
Marriage, children, home ownership, wealth accumulation and employment all impact your financial situation and your future goals.
Today, your policy’s death benefit may not be enough to provide for your family. It may be insufficient to meet an estate tax or be able to provide adequate income. Then, as your family has grown, your policy’s beneficiaries need to be updated.
You Have Changed
Your health matters and can have a significant impact on your policy’s performance. If you have given up smoking or your health has improved, you may be able to reduce your premiums.
If your health has declined and you own a term policy, there may be a way to convert to a permanent policy with little or no additional underwriting.
We are living longer, and your policy should survive you. Policy guarantees and maturity riders can make sure your policy is designed to last and be in-force when you need it.
The World Has Changed
Taxes are rising and changes to personal, business and estate taxes are to be expected. Your policy is a contingent asset and can be positioned to mitigate risk from your investment portfolio and to off-set liquidity lost to taxation.
Policy Economics Have Changed
As a result of a prolonged low interest rate environment, many life insurance policies have not performed as originally modeled and your policy could be underperforming. Paying increased premiums can restrict available cash making your policy a burden to maintain. Funding alternatives, including premium finance, may reduce your out-of-pocket commitment.
Conversely, you may be able to take advantage of the recent legislative changes to the definition of life insurance allowing policyholders to put more money into a life insurance policy for the same amount of life insurance costs. This means a policyholder will have a policy with less expense and a higher rate of return on premiums with respect to cash value.
Our Exceptional Service Has Not Changed
Too often, life insurance is purchased for a specific purpose and left untouched. Do not keep wondering if your life insurance policy is meeting your current goals and objectives. Whether your policy is on track, needs adjusting or if there are better policy options, our experienced team at National Brokerage Atlantic can help.
We’ll start by understanding your goals, evaluating your policy and leveraging our expansive network of solutions and relationships to make sure the policy you own is doing its job. If necessary, we’ll create a plan to address a shortfall in coverage and explain your options so you can make an informed decision.
