Questions to Ask About Your Insurance Policy: Is Your Policy Working Efficiently?

Virtus Wealth financial advisors > Questions to Ask About Your Insurance Policy: Is Your Policy Working Efficiently?

by | Apr 10, 2021

Whether you are new to life insurance or had a policy for many years, finding the right coverage from a provider you can trust is important. Maybe you have questions about the appropriateness of the benefit amounts and premiums or what if your original agent may no longer be around to service the policy?  To help you feel confident in your policies, Chuck Elhoff, a partner here at Virtus Wealth Management offers a Professional Service Review of your life, disability and long-term care policies – for a one-time fee of $350.Chuck can help by looking at your policies, new or old, and make sure they are working efficiently for you.

We will provide you the answers and guidance to the following questions, as part of this value-added service.

For Life Insurance

  • Are there significant premium increases coming under the terms of the contract?
  • Policy may lapse in the future due to improper funding, adjust now or the policy and premiums will be forfeited.
  • Is the owner the insured? Should they be the owner?
  • Are your beneficiaries out of date?
  • Should the beneficiary designation have per stripes?
  • Has the most beneficial settlement option been selected?
  • Are there outstanding loans? If so, what is the interest cost?  Should it be repaid?  Is there an efficient way to repay within the terms of the contract?
  • Does the contract offer a conversion option? Should you care if it does?
  • Are there tax-free dividends in the policy?

For Disability Insurance

  • Is this policy still necessary?
  • Can the waiting period be increased and the premium reduced?
  • Are there options to increase without health questions?
  • Is the cost of a living rider appropriate?
  • Is the residual benefit in place?

For Long-Term Care Insurance

  • Is there an inflation rider? If so, is it simple or compound?
  • Are there premium increases?
  • Is the benefit daily, monthly or lump sum?
  • Is there a home health care benefit?
  • Any non-forfeiture benefits?

Charles Elhoff, one of our Founding Partners, is a licensed Life and Health Counselor, which means, under the Texas Insurance Code, a person who examines a life, accident, or health insurance policy, or an annuity (among other policy types) to give advice or other information.

Charles has the training and many years of experience to support him in providing you advice and information regarding:

  1. The policy, plan or contract terms, conditions, benefits, coverage, or premiums
  2. The suitability of
    1. Changing, exchanging, converting, replacing, surrendering, continuing, or rejecting a policy, plan or contract; or
    2. Accepting or procuring a policy, plan or contract from an insurer or heath benefit plan insurer.

If this is a service you find beneficial at this time, please call our office at 817-717-3812 for an appointment.  This is an ongoing value-added service that we offer here at Virtus Wealth Management, so if this is appropriate for you at a later time, please know that we will be here for you.


This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice.

For information about specific insurance needs or situations, contact your insurance agent.

This article is intended to assist in educating you about insurance generally and not to provide personal service.

Insurance products offered through LPL Financial or its licensed affiliates.

 

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