Are you having difficulty keeping up premium payments on a life insurance policy, or do you no longer need the polic...Read more
Is It Time for a Life Insurance Audit?
- November 21st, 2006
- The life insurance companies have changed the tables they use in determining the life expectancy of customers. This means that even though you bought your current policy when you were younger, you may now be able to get the same coverage at lower rates.
- If you no longer need the life insurance coverage, you may be able to sell the policy for substantially more than its cash surrender value. In recent years, a robust market has developed for so-called "life settlements." In general, buyers are looking for policies with death benefits of at least $100,000.
- If you have a "second-to-die policy" insurance to be paid when the second of a husband and wife passes away, and one of the other insured individuals has already passed away, you may be able to trade in the policy for a new one on your life alone at favorable rates.
- Finally, if your net worth is high, a new market has developed that can get you free life insurance for two years. Known as "premium financed," life insurance, it's complicated and not available to everyone. You have to be at least 70 years old and in good health. Some companies require you to have a net worth of at least $3.5 million, while others will go as low as $1 million. In either case, for as long as it lasts it offers the possibility of getting something for nothing, or at least nothing other than going through the process of a medical exam.
If you fit within any of the four categories above, it's time for an insurance review. Contact your insurance agent or attorney, who can put you in touch with the right insurance professional.
Local Elder Law Attorneys in Ashburn, VA
Hale Ball Carlson Baumgartner Murphy PLC
Attorney Samantha Simmons Fredieu is an associate at Hale Ball. Ms. Fredieu graduated magna cum laude from Vermont Law School where she was the symposium editor on the Vermont Law Review, a production editor on the Vermont Journal of Environmental Law, and a member of the Moot Court Advisory Board. She has clerked for...
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Ron M. Landsman, P.A.
Ron M. Landsman has been practicing elder law since 1983, before it was known as elder law, originally with Landsman and Laster, Washington, D.C., then Landsman, Eakes and Laster, also in Arlington, VA, and since 1990 in his own practice in Montgomery County, Maryland. He has been among the most active members of the...