A while ago Drew McLellan made the suggestion that I give some self-evaluation quizzes and today I am going to give it a shot. I would love to hear your feedback. Let me know if you like worksheets like this or if you do not.
How Well Do You Know Your Own Life Insurance?
- How much do you pay for your policy?
- Can the rate ever change? If so, when?
- Does your policy build cash value? If so, how much cash value is there? Is the policy subject to any surrender charges?
- If you keep paying your premium the same as you are now, how much coverage would you have when you are 65? 80? 100?
- Is there ever a time when your death benefit will decrease?
- If you stopped paying your premiums today, would you still have any coverage? If so, how much and for how long?
- Who are the beneficiaries?
- What would happen if your beneficiary dies before you (or with you)?
There is no scoring system. If you can answer these 8 questions (even most of them) then you know more about your life insurance than most people do. If you do not know the answers, be sure to read my next post on where to find them.
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