Life Insurance Amnesia

By Nathan Becker, Research & Client Care Specialist on Thursday, August 5th 2021

Life insurance policies are often tossed into a desk drawer and forgotten.  According to one Harris poll, nearly a third of consumers haven’t reviewed their policies since making the purchase.  The survey showed that about sixty percent of policyholders think their contract terms are ‘set in stone’, while sixty percent believe that their policy benefits are guaranteed forever.  We have seen time and time again, neither statement is necessarily true.  Our office spends a lot of time reading the fine print of policies.

As a policyowner myself and from my business role, I know that there can be a vast array of products, features and benefits available through a life insurance contract.  Unfortunately, most folks are ill-equipped to walk through and understand the ‘legalese’ written into most policies.

What’s really sad, is that nearly half of those with privately-owned life insurance say their agent has never encouraged them to keep track of their policy’s performance.  Life evolves and circumstances change. Did you know that policies can often be adjusted to fill the gaps or to maximize the opportunities that may come your way; often times with your original policy.

As time passes, memories often fade on how a particular life insurance policy may play into your overall financial strategies. The policy you had thought you had, might not be the one you actually own.

An annual audit can help you to identify and correct issues before they become a potential problem.  It’s important to educate and to allow yourself to see the possible power of a life insurance contract that you may already own.  You probably track your 401(K) and the options available inside your investment portfolio; why wouldn’t you track and dig-in to the options to understand how your life insurance works, as well?


Like most, you probably thought it might be too confusing for you to understand it or you might simply think – It was good back then, it’s probably still okay now.

If your agent hasn’t reached out to you, or has given you confusing information or is simply no longer even in the business, let us help you understand what you already own.  You’ve already spent good money acquiring the life insurance asset.  Let us help you understand how it works, what it does and how to maximize its true potential.

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