Life insurance is a valuable financial tool, but it’s a pain to own. There are three things that are pretty much a sure bet when it comes to life insurance:
- You don’t understand it.
- You don’t like dealing with it.
- You’ve heard horror stories about it.
Well, the truth is the life insurance industry is reaping what they’ve sown for years. Confusing jargon. Misleading sales illustrations. Untrained agents. Antiquated systems. Poor service. Underperforming products. Invasive and slow application process. Contractual gotchas. What’s not to like here?
When it comes to gathering information on a life insurance policy, you need timely, accurate, and complete information. With life insurance, you’re likely to get only one of the three. The ability to manage these long duration assets is hampered by the carriers. Call a carrier three times and ask the same question every time. You’re likely to get three very different answers. It’s the luck of the draw on who picks up the phone when you call. The guidance you receive could be good, bad, or just plain ugly. It could be sound, or it could cause you to lose your protection. How would you know when you don’t understand the product or the jargon used in the industry?
The cold hard truth is that you need a trusted advisor to help you manage your life insurance policies over time. You need somebody who will be candid about policies, carriers, and even your own actions. You need somebody who can sniff out the bad information given by a carrier and can help you get the information you need to make well informed decisions. Another cold hard truth: it’s probably not your agent. You need somebody who isn’t trying to hide the warts of something they sold you years ago. You need somebody who will tell you the options that exist that may not generate a hefty commission. Rarely is that the agent in the life insurance business.
Fortunately, you can use Inforce Insights to help you. We make owning life insurance less frustrating. We help you make informed decisions. We help you understand what your product can and can’t do. Don’t try to navigate the world of life insurance alone. Engage the services of a knowledgeable resource to help you optimize and maintain your life insurance. Engage Inforce Insights.