Here on the MBK Beat blog, you’ll find useful information and direct tips from Mark Kostrzewski our leader on what you can be doing to help enhance your income strategies. We help professionals be aware of what they could be doing on the life insurance front as they take on new roles and responsibilities in life. Knowing all the tricks of the trade, we’ve spent years perfecting customized solutions for everyone from the recently retired to the community banks and credit unions of Western New York. Here are 6 reasons you may want to think about looking at your life insurance portfolio..
- Policy dividends on whole life policies continue to drop precipitously due to long term low interest rates, adversely affecting policy performance. Are there any other better options?
- Declared interest rates on universal life policies have been reduced to the minimum guaranteed rate (3% in most cases) for the same reason, jeopardizing the long-term viability of these products. What can be done to stop the bleeding ?
- Most no lapse guarantee products are not holding up because the stringent premium payment requirements are often not met. Additionally, policy loans will negate the guaranteed benefit, which most policyholders are not aware of. How can this be fixed?
- Most people don’t realize that term life insurance rates are not guaranteed to stay level forever. Many policyholders don’t realize that they are in store for a geometric premium increase at the end of the guaranteed premium period (10 to 20 years from original purchase). What other options might a client have?
- Mortality rates continued to decline, but many insurance carriers fail to pass along these savings to existing customers. Are there any companies that treat existing policyholders more fairly?
- Prior life insurance needs may no longer exist in many cases. Can existing policies be repurposed to address current and future financial needs like long-term-care benefits, or supplemental nontaxable retirement income?
You can get a look at all of these things with very little work on your end. We can help provide assistance with finding you a few new holes that you can fill in with regards to your life insurance policy. If you have any questions regarding your life insurance information, we can sit down and take the first steps within a few minutes.
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