I'm not getting enough returns from my permanent life insurance. Should I shift to another policy? LifeMartagent
Total Comments: 21
Posted: Thu Jan 01, 2009 07:14 pm Post Subject:
What you need to do is request an inforce ledger from your current company. This will show you your projected future cash values, year by year.
Then, you need to have an insurance agent run illustrations with other carriers. However, on these illustrations they need to add the cash value of your current policy, this will bring down the premiums on your new policy or if you keep paying the same premium you will may have a higher death benefit and/or cash values.
After the agent runs these illustrations for you, you may find that you will be better off transferring the cash values in your current policy to another carrier with a better product. This is often the case, because the cost of insurance has come down over the years, due to the fact that people are living longer.
After completing this analysis, you will be able to make a decision as to whether you should keep your current policy or get a new one.
This process is part of a life insurance policy review. Chances are you have never had one. If that's the case you need to have one at least every 3 yrs. I do this for my clients and I am often able to save them money or increase their death benefits. I am always amazed at how often people do not know what they own or how it works.
Posted: Thu Jan 01, 2009 07:14 pm Post Subject:
What you need to do is request an inforce ledger from your current company. This will show you your projected future cash values, year by year.
Then, you need to have an insurance agent run illustrations with other carriers. However, on these illustrations they need to add the cash value of your current policy, this will bring down the premiums on your new policy or if you keep paying the same premium you will may have a higher death benefit and/or cash values.
After the agent runs these illustrations for you, you may find that you will be better off transferring the cash values in your current policy to another carrier with a better product. This is often the case, because the cost of insurance has come down over the years, due to the fact that people are living longer.
After completing this analysis, you will be able to make a decision as to whether you should keep your current policy or get a new one.
This process is part of a life insurance policy review. Chances are you have never had one. If that's the case you need to have one at least every 3 yrs. I do this for my clients and I am often able to save them money or increase their death benefits. I am always amazed at how often people do not know what they own or how it works.
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