What is a Life Insurance Audit?
A Life Insurance Audit is more than just getting new quotes, it's a comprehensive process that evaluates your current life insurance coverage and is designed to determine whether your current life insurance performance is in line with your goals and expectations. The Life Insurance Audit determines whether more cost effective or enhanced coverage is available.
Why Have an Audit Done?
Many clients do not realize their life insurance needs may have changed since they first purchased their policy. Also, certain assumptions were made at the time of purchase about interest rates, planned premiums and policy charges that may be out of date given a constantly changing market. Because of these changes, you may learn that regardless of the fact that you have made all of your insurance premiums on-time, your policy may lapse before the end of your life. That's why it's so important to have a Life Insurance Audit done regularly. In our experience, Insurance Audits have often been able to achieve one or more (and in some cases, all) of the following benefits for policy-owners:
Lower or no premiums
Higher death benefits
A more highly rated company
For variable policies, better investment selections.