Life Insurance

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Insurance Policy Review Program

If you realize the importance of life insurance as part of your financial strategy, you should recognize how critical a regular review of your coverage can be. It can help determine whether your goals and current coverage are still aligned. Suppose you have had a life-changing event recently or are unsure that your beneficiary designations are current. In that case, you may consider a complimentary insurance policy review with A G M Investment Group.

Why Should an Insurance Policy Be Reviewed?

Many people buy an insurance policy, put it away in a safe place, and never pay much attention to it other than paying its premiums. Specific types of insurance – term, whole life, universal, or – variable – are designed to address particular needs. Over time, a change may occur – either with the insurance need or with the performance of the policy insuring that need. Like other assets, a life insurance policy needs to be reviewed to determine whether it meets your needs and goals and performs reasonably well to expectations. In other words, determining if you carry the right amount of life insurance will likely fluctuate at different times in your life.

Updating Your Life Insurance Coverage

As your personal and financial situations evolve, a periodic review of life insurance coverage can help ensure you are appropriately protected. Any of the factors below may be a trigger for a consultation with your insurance professional:

•       Marriage

•       Divorce

•       The purchase of a new home

•       The birth or adoption of a child

•       Retirement

•       A new job or promotion

•       Increased debt burden

•       College education expenses

•       Charitable giving

•       Financial planning due

•       Ownership in a business

•       Planning for retirement

Insurance Policy Performance and Cost

Any number of factors can affect the cost or performance of a life insurance policy, including:

• Policies that were illustrated at interest rates that are unreasonable in today’s economic environment or may underperforming based on market or interest rate reductions

• Policies that were funded, or funded with a combination of term and permanent coverage, to keep costs down with the result of longer than expected or higher than expected premiums

• Policies with premiums based on older (2001) mortality tables will be more expensive than those based on more recent (2009) mortality tables. As a result, there may be opportunities for more excellent insurance coverage and lower premiums

• A term insurance policy is reaching the end of its term, and premiums will increase substantially

• New riders may offer more appropriate features, such as Return of Premium or Guaranteed Death Benefit Protection

Policy Review Process

A G M Investment Group offers a free insurance policy review service. In addition, you are not obligated to purchase insurance due to this service. An insurance policy review may indicate that your policy is performing as intended and that you should continue reviewing it regularly. If the review reveals any underperformance or other challenges, your policy review report will contain specifics, and we will explain their impact. Your policy review report may also offer options to address the specific challenges uncovered by the review. We can assist you in exploring those options, or you are free to explore them with any other financial professional you choose.

The following are some of the essential factors to consider in evaluating whether you should surrender or exchange your existing policy for a new policy:

• Surrender charges may be due on an exchange of one contract for another

• A change in policy may require a physical examination

•  If you are not in good health, premiums for a new policy may be higher, or you may not qualify for coverage at all

•  Any new policy is also likely to have a new contestability period

• Surrenders may be taxable. You should consult your tax advisors regarding any liability on surrenders or exchanges of existing policies

Contact Us

To schedule an appointment for your complimentary, no-obligation insurance policy review, call us at 630-857-9177 or submit your request via email. You can also complete the Contact Us form online for your personal or business needs; a representative will contact you.

Because riders provide some kind of benefit to the policy owner, an extra premium may be charged.

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