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Life Insurance Policy Review

Life Insurance Policy Review

June 28, 2021

A Review Will Tell You If Your Life Insurance Policy Is on Track.

Your life insurance policy fit your needs when you purchased it, but as your life and other things have changed, it may no longer fit, creating gaps in coverage.  Here are the top reasons to have your policy reviewed:

Your Goals May Have Changed

Marital status, 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 or your business.  It may not be able to provide income to supplement retirement, pay tuition, or purchase a second home. 

If you will face an estate tax, you should know if your policy will cover it and the tax will not become a burden to your family.  As your family has grown, your policy’s beneficiaries need to be updated.

A life insurance policy review will give you the answers and a plan for adjusting your policy to keep it on track.  We will take the time to get to know you, understand yo

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 no additional underwriting. 

If future care and access to money for yourself is a concern, policy riders are available which offer a variety of living benefits including low-cost long-term care and chronic illness choices.

Americans are living longer, and your policy should survive you.  Policy guarantees and maturity extension riders can make sure your policy is designed to last and be in-force when your beneficiaries need it.    

A life insurance policy review will give you options based on your health, your longevity, and your need for living benefits.  Our team will do the work for you and put together a strategy to ensure your policy performs best for your particular situation.  As a top producing, national firm with nearly 30 years of experience, we have decades of product knowledge and underwriting leverage with the top insurance companies.  This translates to cost savings, customized solutions, and medical underwriting advantages for our clients.


The World Has Changed

Taxes likely are rising and changes to personal, business, and estate taxes are 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.

The future of estate tax levels is uncertain and knowing how your policy should be owned and structured to address either an existing or potential estate tax is critical. 

A life insurance policy review will make sure your policy’s benefits match your need for liquidity and show you how your policy can be structured to be kept outside of your taxable estate but not out of reach to be able to access its living benefits.  Our extensive knowledge in structuring life insurance solutions to fit unique estate and wealth plans comes from three decades of experience.   In addition, we are well-regarded by the attorneys, CPAs and wealth managers with whom we work in tandem in helping our clients achieve their goals.


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 (or worse yet, could be facing impending lapse).  While the policy you purchased years ago is still in force, the life insurance company may have altered non-guaranteed underlying assumptions that could be detrimental.

Conversely, recently mandated mortality table changes have forced insurance companies to use lower mortality tables associated with new policies. 

A life insurance policy review will determine if your policy is still the best fit for you or if other options will offer more benefits and better pricing.  At Cedar Point, we are not tied to a single carrier or a set of proprietary products.  If needed, we can access our expansive network of life insurance companies to find a policy structure best suited for your needs.


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 Cedar Point Financial can help.  We will start by understanding your goals, evaluating your policy and tapping into our expansive network of solutions and relationships to make sure the policy you own is doing its job.