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Reasons to Review Your Current Insurance Policies

Enrico H. Bawar - April 21, 2016

The insurance industry has seen many changes in the last 10-20 years.

New and different types of insurance contracts that offer more flexibility and choices then the traditional Whole Life Policy or Universal Life Policy.

A longer life expectancy; which has resulted in many new policies having lower mortality costs than existing policies.

Secondary Guarantees; new contracts are available that provide lifetime guarantees on Variable Life and Universal life policies. No matter how the underlying investment performs.

Because of these and other improvements in many cases it might make sense to exchange your existing contract for a new policy.

In addition your situation has probably changed since you purchased your life insurance, and the reason you originally purchased it may no longer apply.

Options that are available

  • Increase your death benefit with no additional outlay; and in many cases a lower premium.

  • Reduce or eliminate the premium for the same death benefit you currently have; in some cases you can also withdraw money from your current cash value.

  • Exchange your current policy for a hybrid LTC / Life insurance policy. Provides a combination of long term care insurance and life insurance in one contract.

  • Increase the income stream you are receiving, or plan to receive, from your existing policy; due to new types of loans.

  • If you have a large policy loan you can exchange for a new contract with better loan treatment.

  • If you no longer need life insurance you can transfer your cash value to a tax advantaged investment and eliminate the insurance costs. 

 ***This example is for discussion purposes only. Actual results will vary based on your specific situation, including your current health. Please consult with you own tax and legal advisor(s) when making tax and legal decisions.  A personalized basic life insurance illustration is required which would include product features and any guarantees. CRN-1253386-072015
Enrico H. Bawar
Financial Planner
Advanced Planning Group of NY
Lincoln Financial Advisors
1359 Broadway, Ste 820
New York, NY 10018
M: 646.229.7725
P: 646.532.3969
F: 212.244.4004 

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