Is Your Life Insurance Policy Costing You Too Much? The Power of a Policy Review

 

Life insurance is a crucial part of many financial portfolios, providing peace of mind and financial security for loved ones. However, what many policyholders don't realize is that their life insurance policy might be costing them more than it should. At Colva Insurance Services, we've seen countless cases where a thorough life insurance policy review has saved our clients thousands, and sometimes even millions, of dollars.

 

Why You Need a Life Insurance Policy Review

You might be wondering, "Why do I need to review my life insurance policy?" The truth is, life insurance policies are complex financial instruments, and they don't always work exactly as promised. Here are a few reasons why a policy review is essential:

1. Hidden Charges: Insurance companies sometimes deduct charges that exceed what was initially illustrated or allowed by the contract.

2. Unfair Lapses: Your policy might be put into a grace period unfairly or with incorrect grace amounts.

3. Deceptive Practices: Some insurers employ tactics that are difficult for the average policyholder to understand, such as increasing charges for underfunded policies without clear warnings.

4. Illegal Cost of Insurance (COI) Increases: In some cases, insurers illegally increase COI rates, significantly impacting your premiums.

 

The Colva Difference: Expert Policy Reviews

At Colva Insurance Services, we specialize in thorough, expert-led life insurance policy reviews. Our team of actuarial experts has uncovered numerous issues that have led to significant savings for our clients. Here's what sets our reviews apart:

1. Comprehensive Analysis: We examine every aspect of your policy, from annual statements to the original sales illustration and full premium history.

 

2. Expert Insights: Our actuarial team can spot discrepancies and issues that the average policyholder might miss.

3. Legal Support: In cases where we've found carrier misconduct, our expert reviews have provided crucial evidence for legal action, including class-action lawsuits.

 

Real Results: How Policy Reviews Make a Difference

Let's look at some real examples of how our policy reviews have helped clients:

1. Excessive Charges Reversed: We've helped clients prove that their insurance company was deducting charges in excess of what was contractually allowed, resulting in significant refunds.

2. Policies Reinstated: For clients whose policies were wrongfully lapsed, our reviews have led to policies being put back in force.

3. Premiums Reduced: By identifying and correcting errors, we've helped clients reduce their ongoing premium payments, sometimes by tens of thousands of dollars.

4. Class Action Victories: Colva has served as an expert witness in class action lawsuits against carriers that illegally increased COI rates. Our findings were instrumental in settling these cases in the policyowners' favor.

 

When Should You Consider a Policy Review?

You should think about getting a life insurance policy review if:

- You suspect you're paying too much in premiums

- Your policy has lapsed or is in danger of lapping

- You've had the policy for several years without reviewing it

- You're unsure about how your policy works or its current status

- You've experienced significant life changes since purchasing the policy

The Colva Commitment

At Colva Insurance Services, we're committed to helping policyowners understand and optimize their life insurance policies. Our expert reviews go beyond just identifying problems – we also show you how to use policy features to your advantage, potentially saving you significant amounts in premiums over the life of your policy.

Don't let hidden issues in your life insurance policy drain your finances. Contact Colva Insurance Services today for a comprehensive policy review. Our expertise could save you thousands and ensure your policy is working exactly as it should for you and your loved ones.

Remember, when it comes to life insurance, knowledge is power – and savings. Let Colva empower you to make the most of your policy.