Review Your Existing Life Insurance Policies Every 3 years

You’ve heard me remind you to review your estate planning documents every 3 years. Add a review of your life insurance as well. Have beneficiaries changed? Do they need to be updated?  Have people come and gone in your life and you’d like someone else to receive the funds? Also run in force illustrations for all of your life insurance policies. Life Insurance policies have different names today so they could have variations of the following words; Annual Renewable Term up to 30 Year Term, Universal Life (UL), Indexed Universal Life (IUL), Variable Universal Life (VUL), Whole Life (WL), Flexible Whole Life, Flexible Premium Whole Life, Variable Whole Life. And there are many other titles, descriptions, and acronyms to describe various life insurance policies. The main reason to review this is changing interest rates being credited to policies in the last 10 to 15 years. This impacts the dividends being paid as well, if the policy pays dividends. I met ...

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