Life Insurance Policy Audits

An audit is simply a check-up on your life insurance policy to make sure it is doing its job.  It doesn’t require much of your time and costs you nothing, yet it gives you the peace of mind you expect from your coverage.

An audit will answer these six key questions:

1. Do you have enough coverage?
Have circumstances changed in your life since you first purchased the policy? Do you have a need for additional coverage?

2. Is your premium guaranteed for as long as you will need?
How many years are left for which the face amount and premium will be guaranteed?   Is this enough time, or will you need coverage beyond that point (which is precisely when the price could go up!)?

3. Is the rate you are paying still competitive?
Are lower rates available, either for the short-term and/or the long-term?   Has your medical condition or lifestyle changed in such a way that you would qualify for a lower premium?

4. Do you still have the most appropriate product?
Is the existing product still appropriate?   Or would alternative products – term, universal life or whole life - provide welcome added value?

5. Are your owner and beneficiary designations correct?
Are the original designations still relevant? Or have changes taken place regarding your family, business, and estate that call for amendments to the policy?

6. Should you get a policy on your spouse, kids, or business partner?
Does your spouse have enough coverage? Is it time to start policies on your children? How about life insurance on your business partner and key executives?

The audit process is simple and convenient:

Step 1: You and I touch base briefly to confirm you would like to proceed. You can then share with me any concerns you have, and what you would like to accomplish.

Step 2: I will obtain an in-force illustration of the current policy. One of my underwriters may also speak with you to get any additional quote data that would be needed.

Step 3: I will report back to you with an assessment of your current policy, and a comparison with possible alternatives.

The results of the audit will give you peace of mind:

An audit will provide one of two very desirable results.  On the one hand, we may conclude that all is well and nothing should be changed. That would be good to know.

Or, (and this happens a lot), the audit may reveal that your coverage needs to be brought up to standard.  Fortunately, we will have generated options, so a solution could be implemented in short order.

Sound good? To get started, simply give me a call or email, and my office will arrange a time for us to speak.


My firm can help you get in front of the new set of fiduciary regulations heading your way.

Accountants, attorneys, RIA’s, planners, and other professional advisors counseling their clients on the purchase of life insurance, will soon have to meet a new set of “best interest” requirements similar to those currently in force in the investment industry. These will include the creation of proper decision support materials, as well as meeting higher standards for policy performance comparison.

Very importantly, the established practice of comparing life insurance illustrations is considered “fundamentally inappropriate.”

These regulations have already been imposed in several states, and are pending in others. Clearly, the regulatory trend is to protect consumers from “unfair and deceptive sales practices” by requiring their advisors to meet higher standards of “reasonable care and caution.”

The good news is that consultants with my firm are among the few experts utilizing the patented pricing and performance research that is available to evaluate life insurance pricing and performance with the same universal decision making framework that is already widely accepted in the investment business. We can help you meet these new ethical and legal obligations without burdening you or your client with additional costs or paperwork.

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