Life Policy Management
Like many things in life, purchasing life insurance is not an event but rather a process that needs to be reviewed at least annually if not more often if there are life changing events. Many of todays permanent life insurance policies have tremendous flexibility but with that comes the need to monitor the performance of the policies to make sure they will meet the original needs of the policyholder.
What is Policy Management?
This is also called a Policy Review where we meet with a policyholder on an annual basis to discuss the annual statement from the insurance company, look at any life changing events and run a new in-force leger to make sure the policy is performing as expected.
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Why is it important?
Life Insurance is an important tool in protecting families and in some cases providing a source of income in retirement. Without proper management, polices can require additional unexpected premiums, reductions in death benefit or even lapses with the coverage going away which can have significant tax implications in some cases.
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Who is Helping you Manage your Policy?
Most insurance companies send out annual statements but those statements are typically just a reflection of the prior years activity. Many policyholders may not have an active agent servicing their account who can run new illustrations on an annual basis.
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How Bespoke Can Help?
Our partnership with Proformex, the leading provider of life insurance policy management, provides us with an easy to use platform that automates the process of running annual in-force illustrations that will make sure your policy is on track.