The life insurance industry has experienced dramatic changes in the design and pricing of its products. Additionally, the life insurance you purchased in the past may no longer adequately address your current situation and needs. Traditionally, people largely regarded life insurance simply as protection for their loved ones, but times have changed.
Today, life insurance is generally less expensive than contracts purchased in previous years. Also, it now can offer many additional benefits and features such as:
- Business succession planning,
- Mortgage or other debt pay-offs,
- Supplemental retirement income,
- Estate preservation or equalization, and
- Wealth transfer.
As a result of these changes, it is not uncommon for an existing life insurance policy to be potentially improved upon in terms of cost, coverage, and product flexibility. Today, long-term care may also be a benefit included in a life insurance policy. Generally, this represents a more efficient option than a stand-alone long-term care policy. We’ll be happy to explore this alternative for you.
Our objective is to determine whether a change might be appropriate or to affirm the insurance you currently have continues to meet your needs. If a change is warranted, we will review the expenses of a new policy as well as discuss insurance company underwriting criteria and how it may impact a decision to make a change.
*The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AL, AR, AZ, CA, CO, NC, NM, OK, TX, VA, WA, WY.
*Elite Financial Management, Cecil A Ross Investment & Insurance Group, and LPL Financial are separate entities.