- Approximately 70 percent of Life Insurance Policies are underperforming, are at a risk of lapsing, or could be replaced at a lower cost with the same or better guarantees.
- Approximately 25 percent or more of Trust Owned Life Insurance (TOLI) will lapse prior to the death of the insured.
MYLIFEAUDIT® reviews the following:
- Determine Appropriate Coverage Based on Current and Projected Needs
- Projected Policy Performance and Risks of Lapsing
- Review of Ownership and Beneficiary for Consistency with Plan
- Carrier Financial Strength
- Premium Evaluation to Determine if Policy Can Be Obtained Less Expensively
- Determine if Death Benefit Can Be Increased for the Same Premium
- Client Policy Review
- Historical & Projected PolicyPerformance Assessment
- Life Expectancy of Insured
- Carrier Financial Stability
- Market Analysis Report (Review Marketplace)
- Summary and Recommendations (Reviewed by Trusted Advisors Prior)
Our MYLIFEAUDIT® is a complimentary second opinion where clients have nothing to lose, but a great deal to gain. We encourage trusted advisors to alert their clients of the growing problem of underperforming life insurance policies and utilize MYLIFEAUDIT™ for the transparency they need.