​Life insurance is a complex product

After selling life insurance for the past 28 years, it is clear that it is a very complex product. The regulators require insurance companies to create illustrations to show consumers how that particular policy was anticipated to work. As a result, non-fiduciary “advisors” had the opportunity to supplement illustrations with sales speak...

Term insurance policies were reduced to simple language and in many cases incomplete language and understanding of all the moving parts. “Permanent” or cash value policies required 20-30 pages of assumptions, moving parts and possibilities. Yet, despite the vagueness and uncertainty, consumers invested significant dollars in premiums with the expectation of a specific result.
 
Costs and assumptions are not transparent and when they are, they are difficult to understand and analyze. Dividend rates, interest rates and market rate assumptions, loans, late payments, missed payments, interest payments on loans can all have a catastrophic impact on your policy.
 
You bring your body to your doctor for an annual physical, your car to your mechanic  for annual tune up and your teeth into your dentist for an annual cavity check-up. You can bring your life insurance policy  in for an annual review.
 
Review consists of a cost analysis, the value you are receiving for your premium payments, titling of who owner and beneficiary is, health rating you received versus your current health, smoker status rating, how many years left to convert a term policy and how many years your current policy will last to considering the actual results received versus the assumptions that were made when you purchased your policy.