I hope all is well! You
currently have a life insurance policy with American General, which was
purchased through our agency. I am writing you a quick article to let you know
we are currently conducting policy reviews with our clients.
Most clients looking to
maintain life insurance coverage for specific period of time typically only
consider a term life insurance product. Your current term insurance initially
was purchased provides coverage for periods of 10,15, 20 years.
10 or 15 Year Term - Is your coverage is near the end of the
initial term period? We can look at the cost of extending coverage with a new
term policy.
15 or 20 Year Term - Do you have 5 or 10 years left on your
coverage? Good news, the rates for life insurance have been dropping. We have
found that you can often purchase a new policy to either obtain more duration,
or lower your premium payment with the same length of coverage.
Convert my Existing Policy - What if you would like
coverage for even a longer period of time or to a specific age? Even if you
have developed a health problem, you can convert your existing policy to new
type of permanent policy without a new insurance exam. These policies also offer
similar premiums to term life plans for healthy individuals.
Clients looking for a longer duration have a
more flexible choice with a new hybrid product that combines elements of both
term life coverage and universal life. These lifetime plans do not accumulate
much cash value, but premiums can be guaranteed for selected for periods of
time, or to a specific age.
So, premiums can be scaled to coordinate with
your desired budget and the face amount required for your family.
This plan design offers a happy medium between
term life insurance and higher costing permanent policies which build excessive
cash values. These popular life insurance polices are always customized to your
unique needs and budget. If you would like a comprehensive analysis to evaluate
plan features and benefits, do not hesitate to call us 1-877-249-1358.
Eric Van Haaften, LUTCF
