The Importance of Reviewing Your Client's Life Insurance Policy

If someone were to say, “Once you buy life insurance, you don’t have to worry about it again," they would be quoting a myth. In reality, life insurance is like any other financial asset. Staying abreast of actual performance is as critical for life insurance as any particular stock. Continued due diligence in reviewing your clients’ life insurance will help prevent surprises in the future.

There are several reasons your clients should review their life insurance, such as:

• Changes to their lifestyle or business situation.
• Beneficiary designations may be out of date.
• Life insurance ownership, if not set up properly, could result in estate taxation in large estates.
• Medical advances have resulted in more favorable pricing for mortality in newer products. 
• Economic times are causing lower crediting rates than projected several years ago.
• Policies being underfunded with premiums may not be in force at maturity. 
• The life insurance protection may not be available at death using reasonable projections.
• Outstanding policy loans may cause the policy to lapse.
• Financial strength of the carrier may have changed.
• New policies have living benefits, such as chronic illness and long term care, that older policies did not offer.

Let Ohlson Group help you in reviewing your clients’ life insurance policies. Book an appointment here!

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Until next time… good selling!
​
Raymond J. Ohlson
Founder & Retired CEO
Ohlson Group
​1-877-844-0900