A checkup for the life insurance and annuities you already own
Life insurance policies and annuities can run for decades, and a lot changes along the way. An in-force review shows you how your contract is performing today, what it’s projected to do going forward, and what options you have. Often the right answer is to keep what you have. Either way, you’ll know where you stand.
What a review covers
Is your life insurance performing as expected?
Permanent policies are sold with projections (often guaranteed and non-guaranteed values). Lower interest rates, reduced crediting on indexed universal life (IUL), declining whole life dividends, and cost of insurance (COI) increases can leave a policy underfunded. An updated in-force illustration from the carrier shows where your policy is actually headed.
Deadlines you may not know about
Term policies often have level premiums that end abruptly, and conversion privileges that expire even earlier. Some older permanent policies "mature" at age 95 or 100 and pay out cash value instead of a death benefit.
Changes in your health and your life
Improved health may qualify you for better rates. A paid-off mortgage, grown children, a new marriage, grandchildren, or a business can all change how much coverage you need.
Beneficiaries, ownership, and loans
Outdated beneficiary designations, ownership that doesn’t fit your estate plan, and growing policy loans are common and avoidable problems. An unmanaged loan can cause a lapse and an unexpected tax bill.
Is your annuity still working for you?
Your surrender period may be over. Your guaranteed rate on a fixed or multi-year guaranteed annuity (MYGA) may have renewed at a lower rate. Fixed indexed annuity (FIA) crediting may have dropped, and variable annuity fees may include riders you no longer need.
Income, taxes, and timing
Income riders such as a guaranteed lifetime withdrawal benefit (GLWB) reward good timing. Annuities held in an individual retirement account (IRA) need to be coordinated with required minimum distributions (RMDs), and inherited annuity rules have changed in recent years.
Orphan policies and carrier changes
If your original agent has retired or left the business, no one may be watching your policy. Carriers also merge, sell blocks of business, and see their ratings change.
What a review is, and isn’t
A review is about understanding, not selling. Replacing a policy or annuity has real costs, including new surrender charges and contestability periods, and should happen only when it clearly benefits you.
Ready for a review?
There’s no cost and no obligation. Book a call or email info@aiscinsurance.com.
Bring your most recent annual statement and policy number. With your permission, we’ll request an updated illustration directly from the carrier.