Life Insurance Review & Market Study
The life insurance industry has almost certainly changed since you bought your last policy. New products have been developed and prices are falling, yet many policies are still underperforming. Meanwhile, as your policy continues along the same path year after year, your goals may now be different. The old “buy it and forget it” mentality no longer applies in today’s ever changing and competitive economic environment.Furthermore, there is a fatal flaw in today’s life insurance policy management system. Annual statements do not sufficiently analyze the future performance of a life insurance policy. It is information without meaning (cash value, premium and death benefit). It doesn’t address the issues that can impact the policy’s long-term value such as whether the policy will lapse prior to life expectancy or whether it is overfunded. Add to that, the system relies on agents and brokers who receive “heaped compensation” (substantially all in the first year) to service the policy. It is no wonder policies go unattended without consideration.
Trust and Estates Magazine published a study that shows the following:
- 71% of trustees have never performed an annual policy review
- 84% of trustees have no procedures in place for due care
- 92% of policies can be restructured to reduce costs or increase benefit
- 78% of policy owners/trustees report they have no active servicing agent
This leaves trustees and/or fiduciaries in a rather precarious position. If policies that can be made substantially more efficient continue to be ignored, beneficiaries can become angry. There is another name for angry beneficiaries – Plaintiffs!
WealthPoint provides an objective, fiduciary quality assessment of your life insurance portfolio. We will help you determine if your insurance still meets your specific planning needs and whether your products are still competitively priced. Our reviews are provided on either a fixed fee or contingency basis.
WealthPoint, LLC and its agents are presently licensed to sell traditional life insurance in AZ,CA,CO,MI,MO,NM,NY,OH,OR,IL,WA. Insurance services are limited to residents of the above listed states. Information relating to securities is intended for use by individuals residing in AZ, CA, CO, NM, and NY only. This site is not intended as an offer to sell securities, which may be done only after proper delivery of a prospectus and a client suitability review.