Ms. Etiquette was referred to our financial advising firm in Oak Brook and was interested in doing some financial planning. She was a professional in her field and one of her concerns was that she had sufficient life insurance. During the data collection portion of the financial planning process, she provided her life insurance policy. It was a term life insurance policy that she purchased years ago.
She then explained several health issues that occurred over the last 5 years of her life. As the sole provider to a young child, her concern was that she had sufficient life insurance coverage and the right type of coverage. There is no one size fits all and thinking about all your scenarios and options can be overwhelming, but reading about assessing life insurance needs is a first step.
Ms Etiquette had a sizeable insurance policy that was written a number of years earlier. While the coverage was a significant amount, it was not sufficient. More importantly, it was a term policy that ultimately would expire after a few more years or the end of the term. Unfortunately, based on the health conditions she shared with an underwriter, she was ineligible for more coverage with any carrier. Her current coverage was all she could obtain. Watch this quick video about the only sure things in life and why life insurance should be part of the financial plan.
Through the financial planning process we reviewed her policy and determined that her current term policy was convertible. She could complete a form and convert the term policy to a permanent policy to be covered for the rest of her life. Without any underwriting just due diligence of our team, we helped her contact the carrier and convert the policy. Planning and having open communication with her allowed us to remedy coverage that would have expired in the near future. She would be uninsured and uninsurable!
Life insurance is not a one size fits all, but is something all should have. Let us help simplify your financial future. Contact us at Etiquette@WRAdvisors.com.
This hypothetical story is presented for illustrative purposes only and should not be deemed a representation of any actual client experience.