It Might Be Time for a Check-Up.
David Chabbott
Your life insurance policy may be growing, but is it growing in a way that actually benefits you? It’s time to take a closer look and make sure your policy is working as hard for you as it should.
Life insurance is one of those financial products that often gets a pass in the minds of many consumers. After all, you pay the premium every month and, ideally, you never have to think about it again. But if you’re not reviewing your in-force life insurance policies regularly, you could be missing out on opportunities to maximize your policy’s potential.
When you initially signed up for that life insurance policy, you probably didn’t envision needing to look at it again until something tragic happens. But here’s the thing: life insurance isn’t a one-and-done kind of product. Especially for those with permanent life insurance, which can build cash value over time, it’s crucial to periodically review how your policy is performing.
Most people know about the death benefit, the payout your beneficiaries receive when you pass. But what they often overlook is the cash value component, which is unique to permanent life insurance policies like whole life and universal life. Over time, the cash value can grow and be accessed through loans or withdrawals, offering you an additional financial resource that can help in emergencies, or even as a retirement supplement.
But here’s where the problem lies: too often, brokers don’t structure a policy in a way that maximizes its potential for the client. They might focus on making sure the death benefit is high enough to cover initial needs, but in doing so, they might overlook how the cash value can be optimized for long-term growth. Even worse, some brokers will intentionally structure a policy to increase their own commission, rather than crafting something that actually benefits the client. It’s a sad truth in this industry—one that’s easy to overlook until you realize your policy isn’t growing as expected.
What happens when your policy doesn’t perform as planned? Many policyholders feel stuck. After all, a life insurance policy can feel like a lifelong commitment, and no one wants to think about making changes when it’s something as important as life insurance. But just because your policy hasn’t performed as expected doesn’t mean you’re stuck with it. There are typically options available to help adjust the policy to suit your current needs—often without additional costs. For example, in some cases, you can use the accumulated cash value to increase the death benefit, providing better coverage for your family over the long term. This adjustment can be made at little to no added cost, leveraging your policy’s own growth to better meet your needs.
At Power Forward Group, we take a different approach to life insurance. We don’t structure policies based on what generates the highest commission for us. We build policies that are tailored to your individual needs, focusing on what’s best for you. Our goal is to make sure that your policy is working for you—not just providing a death benefit, but also growing in cash value and offering flexibility over time.
We understand that reviewing life insurance can feel overwhelming, but you don’t have to navigate it alone. At Power Forward Group, we offer free audits of your current policies. We’ll help you assess how your policy is performing, what options are available, and how to make any necessary adjustments to ensure that your coverage continues to grow with you, your family, and your financial goals. It’s never too late to start thinking about what’s best for your future—and your family’s future.
So, before you settle into another year without checking in on your life insurance, take a moment to consider: Is your policy structured to meet your needs, both now and in the long run? If you’re unsure, or you suspect your policy isn’t performing the way you thought it would, consider reaching out to us for a consultation. Protecting your family starts with making sure your life insurance works as hard as you do. Let’s build a plan together to secure their future, so you can rest easy knowing you’re taking care of them in the best way possible. q
Registered representative of, and securities and investment advisory services offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 800-873-7637, www.htk.com. Power Forward Group is unaffiliated with HTK. HTK does not offer tax or legal advice. Always consult a qualified adviser regarding your individual circumstances. 7747113RG_Mar27
David Chabbott is a community member and financial advisor at Power Forward Group. He graduated Brooklyn College in 2001, and has spent the last 20+ years operating his small family business. David and his wife Aimee love getting involved in their children’s yeshivah, watching their 4 sons play basketball, and playing Barbie with their daughter.
