Are You Overpaying for Life Insurance?

Could you be paying less for your life insurance? The answer was emphatically yes when we conducted an audit for this lucky couple:

The Previous Coverage: Our married clients, who are both 45 years old, purchased a $10 million policy in 2003 from a highly rated mutual company to insure both of them. Their annual premium was $68,900. The policy indicated that the couple would pay a total of 10 premium payments over the life of the policy.

Our Audit: Our audit showed that, when the original policy was written, additional premium payments were needed beyond the 10 our clients expected to pay. The additional premium payments, however, would be paid from expected earnings on the policy’s investments. Due to decreasing interest rates, the policy’s earnings were not sufficient to pay these additional premiums. If our clients retained this existing policy, they would have to pay an additional 12 payments out of pocket that were likely to increase beyond $68,900 per year.

A Better Solution: We identified a policy with a carrier of excellent financial stature that provided the same $10 million in coverage for just one payment of $74,928. Further, the policy provides coverage for as long as either client lives.  Our policy audit saved these clients $751,972 and delivered a new policy that completely guarantees the premium amount and death benefit.

How much can our audit save you?

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