With literally hundreds of thousand of life insurance policies at risk out there, I just can’t emphasize enough the danger of not reviewing your coverage. This is an agent caused problem, so I believe the prudent direction would be to have your universal life policy reviewed by an agent other than the one who wrote the original policy. The original agent often has a vested interest in you not knowing the facts.
To recap, many universal life insurance quotes were originally provided, much like adjustable rate mortgages, with little or no discussion of what happens if things start going in the wrong direction.
Millions of people are losing their homes because the mortgage broker took the path of least resistance and showed his customer the cheapest way to get in the door. I wonder if he or she is around now to hold that door open as they leave their American dream behind.
Hundreds of thousands of universal life policies will have their prices skyrocket to unaffordable levels in the near future all because an agent to the path of least resistance and showed his or her client the cheapest way to get in the permanent life insurance door. If that agent is still in business, they should have to sit down with your family and explain why they didn’t show you the guaranteed option and offer you a choice of a product that wouldn’t self destruct.
Don’t wait to get your life insurance reviewed. The cost of waiting too long is enormous.
This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.