Also have another layer of protection, don’t be an orphan policy holder. If your life insurance agent is no longer in the business, you are an orphan policy holder. That’s not a good idea, agents are more than helping you buy a policy. They should be monitoring your policy as well. They can help you save thousands of dollars in premiums or increase your death benefit. If your agent is not contacting you, for whatever reason, establish a new agent of record. This is especially crucial if you have a cash value life insurance policy, and you receive an annual statement.
You should have a life insurance agent contact you half yearly to review your coverage.
- Trade up. You can potentially save thousands of dollars or increase your benefit by replacing your coverage. If your in your 60′s or 70′s and still fairly healthly, might be time to trade in the old policy for a better performer. Cash value can be transfered from you old policy into a new one and dramatically improve your situation.
- Most people believe they have whole life insurance where they really rely on all plan and riders included.The plan can be outdated as time to time especially when we have medical card coverage for hospitalization. Even though we are protected with a medical coverage but we must also be sure that our current medical coverage are enough as today medical cost are rising expensively . With a poorly structured investment link policy fund too can effect your policy investment profit as there are no agent to monitor for you your policy fund investment. With an in force illustration you can figure out where you stand with your policy. An agent can help review those numbers and cut through the annual statement fine print.
- You can potentially save yourself thousands of dollars by letting the cash value pay for your premiums towards the end of your life. Often its use it or lose it with cash value.
- Term policies can be converted in permanent coverage with no health evaluation. Remember term is like renting a house with a an option to buy with no prequalification. But conversion has age limits, like age 65 or 70, and sometimes only part of the term length. Better figure out that before you conversion options have expired.
- Agents have on hand your beneficiary information and can help you keep it updated, so when the time comes your claim can be promptly paid out.
* So don't risk your life saving and protection of been an orphan policy holder. Start asking your families, friends or colleague of their trusted agent advise or you can get advise from me as i provide free full analysis review for my customers too.