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 term life insurance policy.

There are 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 additional assistance and advice is necessary or potentially beneficial.

What is an example of a situation that does 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 term insurance policy with a competitive premium, where it is not likely that an application for a new policy would result in coverage for the same period of time as the original policy at a meaningfully lower future cost.

A adverse change in the health of the insured since the original policy was issued makes it unlikely that the existing policy could be improved upon.

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

Improvements in term insurance pricing and no changes in the insured’s health since original policy issuance could lead to a meaningful future premium savings.

The client has purchased term insurance for a longer period than of time than that for which the coverage is necessary or for a shorter period of time than it may be required.

Term insurance was purchased for a need, such as estate preservation, that really requires permanent insurance, or the client expresses a potential future interest in permanent life insurance coverage, and the existing term insurance cannot be converted or would not convert into a competitive permanent insurance policy.

An initial review for an existing term 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 an existing term insurance policy 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 term insurance policy and whether a more complete analysis of it and any alternatives would be worthwhile and why. To begin, click on the appropriate questionnaire.