A life insurance policy “check-up” review performed by Life Insurance Advisors, Inc., Fee-Only Insurance Consultants, offers an inexpensive and objective initial assessment of the relative performance and value and possible risks of an existing permanent insurance policy.

There are a variety of reasons why one might benefit from a more in-depth review and other reasons why one may not be necessary. The initial check-up is designed as a low-cost pre-screening service to distinguish between policies that need a more extensive review and those which do not and to give a client the specific reasons that the policy falls into one category rather the other. The client can then make an informed judgment of whether a more in-depth analysis is necessary or potentially beneficial.

What are examples of types of existing permanent insurance policies and situations that do not call for a more in-depth review – where we would conclude that no remedial action is necessary? Here are a couple of them.

A permanent insurance policy with a financially strong company, and an exchange for a new policy, even if new underwriting is favorable, would not likely produce a higher rate of return.

The existing policy may not be the most competitive but substantial surrender charges on the existing policy eliminate any long-term advantage from making a policy exchange.

In many other situations, an additional review will be warranted in circumstances such as these:

It appears that an existing permanent insurance policy which the client wishes to maintain for the life of the insured is not being funded at a sufficient rate to last as long as the insured might live. A number of alternatives may need to be considered to keep the policy from lapsing and wasting all of the premiums invested it.

An existing permanent insurance policy is not closely competitive with what one or more other companies might offer in a policy exchange if the health of the insured permits consideration of such an option.

A policy is no longer serving its original purpose, and the policyholder could benefit from an analysis of the pros and cons of keeping the policy or surrendering it, exchanging it for another life insurance policy or for an annuity, or, if possible, selling it for more than its current cash value.

An initial review for an existing permanent life insurance policy is based on information and answers that the client (or client’s advisor) provides in a questionnaire. In addition to requesting contact information for the person requesting the review, the questionnaire asks for basic information about the insured, the policy, and the purpose of the policy sufficient for us to provide an objective written opinion (“objective” because we do not sell insurance) of whether there is a need for, and significant potential benefit from, a more detailed review, and, if so, why. You can view sample initial reviews of existing insurance policies, by clicking on the items below.

We believe this is the most important service we provide – similar to the medical check-up provided by a skilled primary care physician. We are pleased to offer this important consumer service – and to do so for a bargain rate of $50.

Please note that if you want us to request the relevant and necessary information from the life insurance company to complete our review because you do not have it, the cost of our review is $75. Our request for this information will require the authorization of the policy owner, and we will prepare the authorization for the owner to sign.

When you fill out the questionnaire, submit it, and pay the fee of $50 with a credit card ($75 if we need to request and obtain the relevant policy information from the insurance company), we will respond with our written summary of your existing policy and whether a more complete analysis of it and any alternatives would be worthwhile and why. To begin, click on the appropriate questionnaire.