When we’re young adults, we most often purchase life insurance to pay off our mortgage or provide some surety that our spouse would have a sum of cash should we become deceased before we’ve had the opportunity to build our estates. Over the years, the initial purpose may no longer be valid. During our later years, we may have purchased life insurance to cover possible estate and income taxes and/or to set aside sums to benefit our children and grandchildren. However, as with most things in life, our personal situation and fortunes have either waxed or waned. Our needs are most often quite different than earlier in our lives. Consequently, there is considerable benefit from reviewing your life insurance coverage now. To better understand the coverage and to re-think how this important asset might be better used in the future is essential.
Policy guarantees, like most any dated promise and expectation, often look quite different in light of today’s situations. Life expectancy has increased quite substantially over the last 50 to 60 years and the guarantees of times past may no longer have the same value to you today. Particularly, with the earlier introduction of Universal Life and Variable Life Insurance policies, there were very few guarantees. The impact of the investment market has assaulted the values which were previously illustrated. And with life expectancies being longer, policies set to endow at age 95 or 100 may have no residual value should you live beyond these contractual dates.
There are sometimes actions you can take which will serve to enhance the value of older policies and the guarantees they contain. Several life insurance agents/underwriters who serve on Tidewater Jewish Foundation’s professional advisory committee have made themselves available to review your policies with no obligation and no cost.
To Create a Jewish Legacy with Life Insurance, contact Philip S. Rovner at 757‑965-6109 or psrovner@ujft.org to have us review your policy today.
by Philip S. Rovner,
president & CEO of the Tidewater Jewish Foundation