Some Thoughts on Life Insurance

Life insurance is not a fun topic of conversation, but it can be a critical element of your plan. "Rules-of-thumb" about the amount and type of coverage are rarely the best answer. Every scenario is unique. Would your family's standard of living change if your income stopped tomorrow? Do you need to purchase coverage, or do you have enough assets to self-insure? Do you need term for temporary coverage or a permanent option? Our consultative process can help you ask the right questions. Then we use computer software to provide you with detailed answers and an appropriate plan of action. 

Many people purchase life insurance, cross it off their to-do list, and never revisit the topic. If you already own a policy, we can help you determine if it is a good fit. Plans and goals change and what was true in the past may no longer be accurate.

To complicate matters, the life insurance industry has changed dramatically over the past twenty years. Many companies have merged, others have gone from mutual to publicly-traded stock companies. Some have even done away with having their own field representatives. This has happened at a time when many of the products sold in the past either have an increasing premium, such as a short-duration term insurance product, or a flexible premium structure with a non-guaranteed death benefit, such as a universal life product. In addition, changes in insurance regulations have actually lead to lower premiums on today's policies.

The need to monitor your life insurance is greater than ever, but this does not happen automatically.  With increasing or flexible premium products, it is critical that you review not only what your life insurance looks like today, but also what it will be in the future based on today’s assumptions.

Regardless of where you are in the insurance planning process, you may want an experienced advisor to guide you. Colin Murray is a Chartered Life Underwriter® designee - a financial designation for advanced life insurance and estate planning. Schedule an initial 30 minute consultation - without cost or obligation - to get started.