How Life Changes can Affect Insurance
Often, we hear stories from new clients about insurance purchased years ago that has not been reviewed or updated since purchased. On life insurance policies, sometimes not all children are named as beneficiaries. Or, an umbrella policy added ten years ago is no longer sufficient to protect the client's now significantly larger net worth. Your life is dynamic and always changing, and your insurance policies should reflect that. At Dodds Wealth, our insurance advisors will comb through your insurance policies to make sure they are up to date.
The Effect of Low-Interest Rates on Life Insurance
Unfortunately, one trend that has become more prevalent recently is universal life insurance requiring massive cash infusions to remain in-force. The low-interest rate environment in the United States has negatively impacted insurance carriers, and as a result, they have raised the cost of insurance and lowered the amounts they credit to universal life insurance policies. Low-interest rates have especially affected universal life insurance policies purchased in the 1980s and 1990s that were initially illustrated at higher interest rates. Dodds Wealth in Denver and Colorado Springs will take the pulse of your universal life insurance policy and give you a health grade.