We are living longer, resulting in significant changes in the life insurance industry. Policy costs have come down, prompting some of our clients to replace their outdated policies with better ones, at a much lower cost, and insurers have created a new, blended product that combines long term care insurance with life insurance, a shift that may be a boon to the more than two-thirds of Americans expected to need long-term care at some point in their lives.
If you haven’t had your insurance reviewed in the last three years, now is the time to do it to make sure it’s still the optimal choice for you and your family. Quite often, Cohn Wealth Management's "second opinion" helps to ensure that our clients' current insurance programs still meet their current needs.
Among the points to consider:
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Review life changes: Have you experienced major life changes - a child's birth, retirement, the start of a new business venture? - that will impact your insurance needs?
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Review the policy's nuts and bolts: How has your policy performed to date? What do your policy's future cost and cash projections look like?
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Assess the need behind the policy: Does your policy still meet its original needs? Do you have any new risks that require protection?
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Stay abreast of changes in the insurance industry: Mortality tables have changed, secondary death benefit guarantees have emerged, and mutual companies have demutualized. As a result, there may be a better product out there for you.
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Evaluate your policy's market value: Global capital sources regularly engage in life settlements, or the purchase of existing policies for more than their cash value. This often enables policyholders to buy new life insurance with the proceeds and save thousands of dollars in premiums.
Life Insurance
Cohn Wealth Management can help you comfortably choose the coverage that’s right for you. Our team assesses your risk management needs and designs objective insurance solutions that take advantage of the declining rates within the industry. Our selections are completely objective—we have no affiliations that require allegiance to any companies. We constantly monitor the rates charged by all top carriers, which allows us to recommend the most thorough, low-cost solutions.
Long-Term Care (LTC) Insurance and Disability Income Insurance
It’s difficult to think about, but what if you are faced with a long-term illness or incapacitation? It’s imperative to plan ahead if you want control over the level of care you receive, including the freedom to choose a specific facility or in-home care. Long-term care insurance will provide asset protection and importantly, will keep your loved ones from facing the day-to-day financial and physical responsibilities of your care.
Disability income insurance provides another level of protection if you become unable to work due to a serious illness or a sudden accident. This coverage is vital to maintaining your independence and standard of living.
For more information about Cohn Wealth Management's insurance services, please contact Laurence Ziff, president and amd director of insurance services, at lziff@jhcohn.com or 973-618-6276.