South Florida Hospital News
Saturday October 20, 2018
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May 2018 - Volume 14 - Issue 11

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Do You Get a Physical Once a Year?

Do You Bring Your Car in for Service Once a Year? Do You Have Your Life Insurance Independently Reviewed Once a Year?

A life insurance policy is a legal agreement between the insurance company and the owner of the policy. Very often it has provisions and options that must be managed. If not the owner of the policy can lose valuable rights given to them.

Often, after the policy is purchased it goes into a draw. For example, many term policies have very specific dates to convert to a permanent policy without evidence of insurability. Many policy owners miss this window due to a lack of paying attention to important dates.
 
All life insurance policies are based on assumptions outlined in a multiple page illustration. Sometimes these illustrations exceed 30 pages. Do you think this is because they want to protect you or themselves? The answer is both.
 
The assumptions are current, or projected earning rates, mortality and expense costs, payment amounts and timing of payments and medical underwriting ratings.
 
Since you purchased your policy, your health may have improved, you may have stopped smoking, the earning projections may have decreased, you may have under funded the contract, the internal expenses may have increased or your need for a particular type or amount of coverage may have changed.
 
Since there are so many life insurance companies offering their own contractual obligations, it is very important to independently review your contract. You go to the dentist because you can’t see under your gums, you go to your doctor because you can’t see inside your body and you have your life insurance policy reviewed because you can see the internal costs of your policy.

 For more information, please contact Howard Wolkowitz at HWolkowitz@mycoastalwealth.com or (954) 558-3673.

The opinions above belong to Howard Wolkowitz and the information contained herein does not necessarily represent the opinions of MassMutual or its affiliated broker-dealer MML Investors Services, LLC. . All information is believed to be from reliable sources; however, MML Investors Services, LLC makes no representation as to its completeness or accuracy.
 
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. Securities, investment advisory, and financial planning services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC (link to www.sipc.org). OSJ: 1200 S Pine Island Rd., Suite 350, Plantation, FL 33324. CRN202004-227479.
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