The Importance of Reviewing your Life Insurance
The Importance of Reviewing Your Life Insurance Policy
Do you go see your doctor once a year for a check-up? I can promise you that some people are thinking in their heads:
- Yes! Every year
- No! I do not like going to the doctors and I’m very healthy
- Sometimes… if I’m up to it
Have you heard those stories where people look back and wish they would have gone to the doctor? That they would have found the problem sooner – before it hit them?
Well, in a way… life insurance works the same way.
There are MANY people out there that bought a life insurance policy… thinking this policy would last them forever…. And never looked at it again.
Similarly, as with your health… everything may be ok… you may go on with your life and have no problems with your health or insurance plan.
OR… you could be one of those people looking back and wishing you had reviewed your policy.
WHY? Why would you need to review something that is permanent and will pay when you die?
Well… that is not always the case.
There are SEVERAL types of policies out there.. and some are guaranteed to last – but most are not.
They are based on hypothetical investment returns (including fixed returns) and hypothetical expenses. Well, these hypothetical projections do better or worse… they WILL have either a positive or negative impact on our policy.
I have been in the business since 1997. As I reviewed policies over the years, I was able to save people from policies that were going to expire – they had no idea. I was also able to save people money – we are living longer – which means the cost of insurance goes down!!! Why? Prices are based on mortality tables – meaning… when they expect us to die. But since that age has gone up… it means there is more time to pay on these life insurance policies so the prices go down… but not on your current plans.. you have to “refinance”… think of it terms of a fixed rate home loan… when rates decrease… you do not just get the lower rate in your loan – you need to refinance to reap the benefits of decreasing rates.
I urge you to give me a call to for a free review of your life insurance policies. It never hurts to save money or to be aware of where your policy stands. Contact our office at (714) 547-8787 and we will be happy to help you.
Warmly,
Melissa Levin,
President of Melissa Levin Insurance Services
Once your life policy is in place, reviewed, and optimized it’s always important to start thinking about setting up a family trust to protect your assets. Here’s an article by one of our preferred estate planning attorneys who breaks down how personal property is handled in an estate.
