Issue link: http://read.dmtmag.com/i/489850
Spring 2015 — www.ncsf.com 29 29 LIFE INSURANCE Reviewing Your Policy is Important to Securing Your Family's Future Traditional whole life insurance requires continual premium payments to stay in force. With Ultimate Assurance, once the agreed-upon number of premium SD\PHQWVDUHPDGHWKHGHDWKEHQH¿WUHPDLQVLQIRUFH and cash values continue to grow. As your life situation changes through the years, so do your insurance needs. A regular review of your life insurance coverage is important. To begin your review, read your policy carefully. Look for answers to these questions: 'RSUHPLXPVRUEHQH¿WVYDU\IURP\HDUWR\HDU" +RZPXFKGRWKHEHQH¿WVEXLOGXSLQWKHSROLF\" :KDWSDUWRIWKHSUHPLXPVRUEHQH¿WV LVQRWJXDUDQWHHG" :KDWLVWKHHIIHFWRILQWHUHVWRQPRQH\SDLGDQG UHFHLYHGDWGLIIHUHQWWLPHVRQWKHSROLF\" ,QZKDWVLWXDWLRQVDQGWKURXJKZKDWSURFHGXUHV FDQFDVKYDOXHVEHDFFHVVHG" &DQWKHSROLF\EHFRQYHUWHGLQWRDQRWKHU IRUPRILQVXUDQFHRUDQQXLW\" When reviewing your policy, make sure the EHQH¿WFRYHUV\RXUFXUUHQWQHHGV Changes — such as a birth, divorce, remarriage or even a new mortgage or job — are indicators that you might need to make changes to your life insurance policy. New Marriage or New Child = Increase Coverage. In the case of new marriage or the birth of a FKLOG\RXPLJKWZDQWWRLQFUHDVH\RXUGHDWKEHQH¿W&KHFN with your agent to see if your insurance company requires a physical exam before increasing your coverage levels. Plus, GRQ¶WIRUJHWWRXSGDWH\RXUEHQH¿FLDULHV When to Lower Coverage. Alternatively, your life changes might allow you to lower your life insurance coverage and premiums. The mortgage might be paid, you might have retired or your children might have completed college. At this stage of life, your life insurance company might be able to offer "conversion privileges" from your current term life insurance policy to a new whole life insurance policy. You might also be able to expand your GHDWKEHQH¿WVVRWKH\FDQEHXVHGZKLOH\RXDUHVWLOOOLYLQJ Ask your insurance producer about these options or call the +RPH2I¿FHDWWR¿QGWKHDJHQWQHDUHVW\RX FOR MORE INFORMATION GO TO CONSUMER ALERTS: LIFE AT WWW.NAIC.ORG/NEWSROOM.HTM The National Association of Insurance Commissioners (NAIC) suggests that you review your life insurance policy to determine if your coverage is still appropriate for your situation. The NAIC RIIHUVWKHIROORZLQJWLSVDQGFRQVLGHUDWLRQV NCSF NCSF NCSF NCSF NCSF