Life Insurance Audit

A life insurance audit is a thorough and objective evaluation of one’s current life insurance coverage to make sure the policy matched the policyholder’s needs.  The fact is that most life insurance policies aren’t suitable for the policyholders, and most of the time, the policy holder is unaware of this. 

According to Ash Brokerage, nearly 65% of all in-force life insurance policies are inappropriate for the life insurance holder, priced incorrectly, or are under-performing.

Why Might I Need A Life Insurance Audit?

The following are just some of the main issues that can be uncovered during a life insurance policy audit:

1) The Policy May Collapse

If you send in your monthly premium payments without checking your policy’s cash values, you might be in danger.  Sometimes, the cash values can keep your policy in force.  If the cash value drops to zero, you might be required to make a large premium payment in order to keep your policy active.

2) Coverage That Is Too Expensive

Like car insurance or health insurance, life insurance premium rates are always changing due to market values, economic conditions, etc.  A policy that was once priced at $500 per year may only be $100 per year nowadays.  If you never run a life insurance audit, you, as a policyholder, may never know that your are simply throwing money down the drain.

3) Better Coverage For Less Money

That if you could find a cheaper policy for the same amount of money you are paying right now?  For example – your policy with a $100,000 benefit may be costing you upwards of $600 per year.  What if you could find a similar $100,000 policy for just $250/year.  You would be a fool not to switch, right?