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Henry Montag CFP, a financial planner in Syosset, New York, upon whom we rely on for insurance information strongly suggests that we address this issue. 

Most insurance sold in the past twenty years has been Universal Life Insurance.  Contrary to most people’s beliefs, this insurance will not last forever.  Unlike Whole Life Insurance, it does expire.  Without an annual review of your policy it is entirely possible that you can be left without life insurance when you’ll need it most, in your late 80s and early 90s.  The reason being that when these policies were created in the early 1980’s, interest rates were in the 13%-14% range. As a result the projected cash value of a policy even at a 9% or 10% range was able to show that the policy’s protection would last a lifetime.  However, with interest rates currently in the 3.5% to 4% vicinity over the last 5-6 years, that same policy’s cash value will now result in a much earlier expiration date.
Since keeping your insurance in force was important when you first purchased your contract, you must now have your police reviewed by an experienced insurance professional.  This should be done upon receipt of your next annual anniversary statement to insure that your policy will not expire before you do.

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About the Author: Henry Montag is an Independent Certified Financial Planner as well as a CLTC. He’s been in practice since 1976 with offices on Long Island, New York. He is a contributing writer for The Moneypaper, a national financial publication, been my sourced by Investors business Daily, Long Island Business News, Newsday, Wall St Journal, The Moneypaper,Investment News, Senior Lifestyles and has held insurance and securities licenses for over thirty years.

This entry was posted on Monday, July 27th, 2009 at 10:21 am and is filed under insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.