Life Insurance Policy Review

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Life insurance is a financial asset that is often purchased and forgotten. Left in the drawer a policy can be worth thousands and even millions of dollars but go unmanaged or reviewed for years. Whether purchased for personal use or for business planning the neglect is often the same.

A policy or portfolio of policies is designed to meet financial planning needs and manage risk. At the time of purchase the objectives are assessed to determine the appropriate product and amount of coverage. But things change over time making a periodic review important.

· Family status: dependents and marital

· Financial: income, employment, net worth, retirement, estate planning goals

· Business: ownership changes, employee turnover, company valuation

Other issues addressed include: 

· Pricing advantages and premium reduction opportunities

· Product innovations and advantageous policy design changes

· Policy competitiveness compared to newer options

A comprehensive policy diagnostic involves:

· Analysis: needs, goals and objectives identified 

· Performance: current policy (past and projected), insurance company 

· Identify problems: beneficiary designations, ownership, tax issues

Many policies that are currently in force are performing as expected and properly structured to achieve the objectives and goals. No change or modifications required. 

What is accomplished by a review is peace of mind that this valuable asset is performing as expected and if not, alternatives are considered to satisfy financial and business planning goals and objectives.

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