As a complement to her podcast, Life Insurance: Must Know Basics, Susan Bruno, CPA/PFS, has shared a tool that she uses with clients to review their life insurance policies. She includes a table to capture all key information as well as annual insurance policy check-up questions to determine if the policies are in good standing such as:
For non-guaranteed universal life policies, has the rate that was used to credit interest to your policy increased or decreased since your last review?
For term policies, when does your conversion period expire? Have you had any health changes that would impact your ability to explore a lower cost policy?
Does your current life insurance coverage also provide a long-term care/chronic care option?