AMS Blog

April 18th, 2024 

By Gregory Kinkead,

Purchasing an annuity or life insurance policy shouldn’t be a “buy it and forget it” transaction.
Just as you would evaluate the performance of other assets in your portfolio, insurance products
should be periodically reviewed to ensure they still meet your financial objectives.

Ask Yourself:
• Have any life events occurred since I purchased my policy?
• Have my goals changed since I last reviewed my policy?
• Has my health changed for the better?
• Is my policy performing up to expectations?
• Are there better products or carriers available to help me reach my objectives?
• Do I still need the riders and benefits that I am currently paying for?

When to Review a Policy:

Personal Changes
• Change in marital status or recent
birth/adoption
• Change in legacy plan or beneficiaries
• Health and lifestyle changes
• New job or changes to
employer-sponsored benefits
• Purchase of a new home or need
mortgage protection
• Purchase/sale of a business or
changes in valuation
• Participation in a non-qualified benefit program
• Increase/decrease in net worth
• College education funding
• Recently widowed
• Provide for grandchild(ren)
• Supplemental retirement income

Policy Changes
• Policies not performing as projected
• Changes in insurer financial ratings
• May need conversion from term to
permanent coverage
• Term coverage may be priced better
• Newer products that might be more
cost-efficient and offer more flexibility via riders
• New products offering better guarantees
• Underwriting rating changes
• New riders might offer more
appropriate features
• Policy is scheduled for a premium jump
• Unsustainable policy loans or high loan
interest charges
• There is a build up of tax-deffered gains
in the policy

Think you could benefit from a policy review?