Greg L. Davis can help you review your existing life insurance coverage, including policy costs, benefits, and available options, to determine whether your coverage continues to align with your original goals and current needs.
Policies are often purchased once and rarely looked at again. A few things may have changed since yours was issued.
Life insurance pricing can shift over time as products and underwriting evolve — your original policy may not reflect what's available today.
Some life insurance policies may have current values that differ from those originally illustrated due to changes in nonguaranteed factors, such as credited interest rates, dividends, or policy charges, depending on the type of policy.
Underwriting guidelines vary by carrier, and some health conditions once considered higher-risk may qualify for a better rate class than when your policy was issued.
The products and funding approaches available today may differ from what existed when your policy was originally put in place.
Here's what Greg L. Davis looks at as part of a complete review.
A look at your current goals and how your existing coverage lines up with them.
A plain-language breakdown of what your policy actually does and how it's structured.
How premiums and any policy cash value have moved over time.
How your life insurance death benefit may change over time based on your policy's current terms and assumptions.
Whether your health profile may now qualify for a different underwriting rate class than when the policy was issued.
A look at the financial strength ratings of your policy's carrier.
Whether your policy's current funding approach still fits your goals.
How your policy's cost generally compares to other insurance products available today.
Depending on what a review finds, a few general options may be worth discussing with Greg L. Davis. Not every option applies to every policy, and any decision should account for your individual circumstances.
In some cases, a policy can be adjusted to better align with your original goals.
If you hold more than one policy, it may be worth reviewing whether consolidating them could simplify things or reduce costs.
Under IRC Section 1035, certain life insurance and annuity contracts may be exchanged for a new contract without immediately recognizing a taxable gain, subject to IRS rules and the terms of both contracts. Consult your tax professional to understand whether this may apply to you.
Depending on your current needs, increasing or decreasing your coverage amount may be worth considering.
The goal is an objective, thorough look at your current coverage — with any recommendations based on what may fit your specific needs and goals.
Whether you need a life insurance review, want to learn about features of life insurance, including certain tax-related considerations, are looking for help understanding your 401(k) rollover options, or want to better understand your retirement income options — take the first step today. Schedule your free 30-minute call with Greg L. Davis — no pressure, no obligation, just clarity on what's next.
This information is educational only and does not constitute tax advice. Please consult your own tax professional.
25920 Richville Dr, Torrance, CA 90505
CA Insurance License: #0C04390