How Valuable is your Life Insurance Policy?
Becoming older is inevitable and is accompanied by many signs. My favourite is the indication of middle age; “this is when your age starts to show around your middle.”1 Regardless of how hard we try, the little aches and pains eventually find their way in. For some, these become a minor annoyance and for others severe health issues. It is the latter which is of concern to the life insurance companies and can alter how they view us from a risk perspective. A perceived higher risk can still lead to an offer for coverage, albeit at higher rates, and in more severe circumstances cause the insurance company to decline to offer coverage altogether. Getting older is not all doom and gloom. In fact, a change is one’s health can lead to a unique planning opportunity for business owners who had the foresight to acquire life insurance while healthy.