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10 Things You Might Be Able To Do with your Life Insurance

| December 19, 2017

10 Things you might be able to do with your life insurance

If there is life insurance on you ... or you own a life insurance policy on someone else -- or you own a business or are a trustee of a trust that owns life insurance - you have choices. If your circumstances have changed, it probably makes sense to have an expert review.  Even if circumstances and goals are the same, existing products sometimes have more moving parts than you might remember.  Changes in your product might have occurred.  Might be to your advantage.  Might not.  Get the facts!  You might be pleasantly surprised ... or ... at least you will become a better-informed decision-maker.  Please note that some of these choices are for permanent policies. It still surprises even me about the number of choices available for term polices - sometimes including Life Settlements and Conversions to permanent life insurance without requiring new medical underwriting or qualification

  1. 1035 - Tax-Free Exchange

    a. Life
    b. Annuity
    c. LTCi linked

  2. Reduced Paid Up

  3. Reduce Face

    a. Pay more
    b. Pay less
    c. Pay same

  4. Change Payment - Leave face as is

    a. Pay more $
    b. Pay less $
    c. Pay more years
    d. Pay fewer years
    e. Combination of different $ amount and different number of years of payment

  5. Beneficiary

    1. Add
    2. Change
    3. Delete

  6. Convert Term to permanent

  7. Trust / Trustee

    a. Own in trust
    b. Gift to Trust
    c. Decant Trust
    d. Add Trustee
    e. Change Trustee

  8. In Force Re-illustration

    a. Current
    b. Guaranteed
    c. With any / all changes listed above

  9. Surrender for what LI carrier will give you

  10. Life Settlement

 

"What is a 'Chartered Life Underwriter - CLU'"

"A chartered life underwriter (CLU) is a professional designation for individuals who wish to specialize in life insurance and estate planning. Individuals must complete five core courses and three elective courses, and successfully pass all eight two-hour, 100-question examinations in order to receive the designation." Bruce Mazo received the CLU - Chartered Life Underwriter designation from The American College on Feb. 1, 2003.  Give him a call for a preliminary, no-charge no-obligation phone conversation about your policy

https://linkhc.theamericancollege.edu/HCPROD/files/Confirmation_Letter_1180063_2018.pdf

 https://www.secureretirementadvisorsllc.com/blog/phone-conversation-no-charge-no-obligation-for-a-potentially-interested-cli

 

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