Is it Time for a Life Insurance Audit?

July 2023 Newsletter | By: Ian Sachs, CFP®, CLU®, ChFC®
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Magnifying Glass, Risk Resource

Life is constantly changing. Take a step back and examine your current financial situation. Does the life insurance coverage you purchased years ago meet your current needs?

Your permanent life insurance policy could be one of the most valuable assets you own. When purchased, you probably had certain expectations and needs that may have changed.

If you’re not already an existing client of ours, now is the time for a comprehensive, objective life insurance audit so you can continue to have confidence in your plan. Life insurance, like your portfolio, is an ever-changing asset that needs to be periodically reviewed to ensure your coverage is on track.

There have been industry improvements that could allow you to extend your coverage or pay less:

  • Revisions to the tax code
  • Changes to product design and cost of insurance
  • Innovations in underwriting and underlying pricing

There are personal reasons coverage should be evaluated:

  • A shift in financial, business, or career status
  • Family events such as marriage, divorce, kids, grandkids, etc.
  • Health improvements, qualifying you for a better rating

And there are policy factors that should trigger a review:

  • Taking a loan or withdrawal of the policy cash value
  • Increased premiums or missing a full payment
  • Policy underperformance due to economic volatility

Let’s determine if your policies are on track. We will:

  • Evaluate your original and current goals
  • Compare your policy relative to current needs
  • Investigate possible underwriting improvements
  • Analyze performance compared to expectations
  • Assess financial stability of the insurance company
  • Review new products that may enhance coverage

There’s no cost or obligation – all we need is a signature to get started. Once complete, we’ll review the findings with you. If changes are needed, you can adjust your current policy or we can select alternatives that may be better equipped to meet your goals.

Risk Resource is celebrating its 40th anniversary this year. While we’ve grown and evolved over the decades, the people, services, and reputation that our clients depend on have remained the same. At Risk Resource, we go beyond the insurance policy. We strive to maintain life-long relationships with our clients to ensure that their needs are met as they change with time.

If you are not a client and would like to determine if your existing life insurance plan is meeting your current needs, give us a call to receive a free life insurance audit.


This is a complimentary service of Risk Resource which works with a leading provider of objective analysis of insurance policies. Before you consider exchanging one life insurance contract for another, all aspects of the exchange should be considered, including but not limited to cost, guaranteed interest rates, surrender charges, rider costs, cash value costs, insurance charges, possible rating changes and different features and benefits of the two policies.