Broker Check

AUDITING AND REPOSITIONING LIFE INSURANCE

A comprehensive evaluation of your life insurance can help validate whether your coverage (still) meets your needs, or if life’s priorities have changed, discover ways to make your coverage more efficient



Does this apply to you?

  • Have you been financially impacted by COVID-19 and are looking for help to ease premium fatigue? 

  • Do you have an existing cash value life insurance policy that may no longer be needed or hasn’t been reviewed in years?

As life's priorities change, a previously-well funded life insurance policy whose original intent may have been to provide catastrophic coverage to a young family or provide for a means to build tax-advantaged cash value for liquidity or to supplement future retirement, may no longer apply.

By having a comprehensive evaluation and audit of your current life insurance, you can ensure that your policy will adequately meet your needs. This may require more or less coverage than you originally set up and will help address changes to your family's situation, financial status or even your ability to continue to fund your policy. Other needs, such as how to address future health concerns, may have since surfaced as well.

For those who have been funding permanent policies like Whole Life or Universal Life, some may have experienced premium fatigue as their priorities have changed or for reasons related to an uncontrolled event, like the financial strains resulting from the impact of COVID-19.

Usually in situations like this, there are a few options available:

  • Stop paying premiums
  • Surrender the policy
  • Keep the policy as-is
  • Reposition or exchange the policy to fund other future needs, such as around long-term care.

Having a Life Insurance Audit performed allows our team to determine your best course of action because every decision comes with its own set of implications,

whether that’s lapsing a policy and potentially losing coverage that would have otherwise fulfilled a family’s long term financial goals,

to the potential tax impact of outright surrendering a policy if there are gains present.

There are many factors to consider.

So, before you decide to do anything with your policy, contact us to see if we can help.  The process is simple.

What we delight in the most - and are proud about this process - is that we are educating the client on what they have and if there might be something better for them.  Even for trustees representing those clients, 83% of fiduciaries do not have a formal review process in place to make sure existing policies are suitable and performing properly.  This is a way to ensure they're doing their part as fiduciaries.

Through our partnership with Ash Brokerage, our team obtains what’s called an In-force Authorization Form, which allows us to request all pertinent information about your existing policy from your current provider without you having to be involved, keeping the process as simple for you.

With your input during our initial conversation, the outcome for our detailed analysis then focuses on determining ways to achieve the objectives that are important to you.


Here’s how you may benefit:

You could potentially reduce some premium fatigue and possibly re-purpose your coverage for something you may need going forward.

 If you are - or you work with - CPAs or estate planning attorneys, this is one way to demonstrate your diligence as a fiduciary to make sure policies inside of trusts are preforming properly.

Here's the Best Part:

Our comprehensive Life Insurance Audit process is complimentary

Meet Chad Albano

Meet Chad Albano

Chad Albano is an Executive Director with Global View Capital Advisors. He has nearly two decades in the financial services industry. Chad holds a Bachelor of Business Administration in Accounting from the University of Wisconsin - Whitewater. Prior to this role, Chad had over 10 years experience in various roles within corporate finance and accounting, ranging from tax, financial reporting and planning, distribution and manufacturing.

In his role at Global View, Chad has 3 main areas of focus: (On the individual side) planning for Baby Boomers and pre-retirees, helping companies improve their 401(k)s, and working with companies come up with Advanced Plan Designs that focus on helping management teams fill the gaps in their succession planning, key person protection, executive incentive plans and employee retention.

Chad is married to his best friend, Nicole, and has 2 daughters. His faith in God plays a key role and serves as his moral foundation in life. Chad values continued learning and growing, mentoring and cultivating others, public speaking, and enjoys family time, camping, fishing and personal defense training.