Is Your Insurance Outdated?
The life insurance industry has changed. New products have been developed. Prices are falling, yet many policies are still underperforming. Meanwhile, goals may now be different. The old "buy it and forget it" mentality no longer applies. However, studies show:
- Most policyowners have not reviewed their insurance within the last five years.
- Most policyowners no longer have a servicing agent.
- Most existing policies could be restructured to provide more value - either in terms of death benefit increases for the same premium dollars or premium reductions for the same death benefit.
Gateway Financial provides an objective, third-party assessment of their clients' life insurance to assure that it is suited to the client's financial goals and they are getting their money's worth.
What is Included in Gateway Financial's Life Insurance Review and Market Study?
We open the "black box" of life insurance and provide information to policyowners so they can make informed decisions about their insurance portfolios. Gateway's insurance review is a written report that typically includes:
- Needs assessment relative to client objectives.
- Detailed policy summary including a review of policy ownership and product type.
- In-force re-projections of future cash values and death benefits based on to-date results compared to original expectations.
- Evaluation of the underwriting class based on current medical information (to be provided by insured) and assessment of possible rate class improvements for existing policies.
- Evaluation of policy charges and assumptions and their impact on performance.
- Evaluation of the insurance company's current financial ratings and outlook.
- Recommendations to bring current policies in line with initial expectations, if policies are underperforming.
- Evaluation of funding strategies, including third-party financing.
- Restructuring strategies such as consolidations, 1035 (tax free) exchanges, face amount decreases, or sale of policy to third party (when coverage is no longer needed).
- A comparative survey of current insurance products to determine most favorable pricing.
The end result is an understandable and objective insurance evaluation.