LIFE INSURANCE ADVICE

“The grass isn’t always greener on the other side.”
—Ricky Gervais

There is a concerning movement now in our industry, in which some insurance agents and financial advisors are contacting policyholders (both their past clients and people they have not worked with before) and trying to talk them into “exchanging” their life insurance policy. This question of whether or not to exchange an older (usually Whole Life) policy for a newer (usually Indexed Universal Life) policy has come up with several clients lately, so I wanted to address it here for all our readers.

“Pay cash up front or make easy monthly payments?” When it comes to homes, cars, cell phones and other purchases, oftentimes, people choose payments. And so it is with life insurance; making “payments” in the form of long-term premiums is the common way to create and build a life insurance asset.

And yet, for those who are able… “One and done” has its appeal! Some people just LOVE the idea of being able to make ONE big life insurance payment and be done with it forever.

There are many pros and cons to consider when evaluating single premium whole life. We find that some clients choose something different after we help them consider multiple options, but it can be a good fit for others.