July 29, 2021
Can you RAISE the Value of an Existing LIFE INSURANCE?
Can you RAISE the value of an existing LIFE INSURANCE?
In this episode, Chris Berry answers the question: If you recently found out you have Life Insurance how do I raise the value to the company?
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Episode Transcript
If you recently found out you have life insurance how do I raise the value through the company?
Welcome to Berry’s Bites, please join our host attorney and financial advisor Chris Berry, if you have life insurance and you want more life insurance let’s say you have existing life insurance already but you want to raise the value. I guess it depends on the type of policy but typically once you went through underwriting you got that initial life insurance policy you can’t add more normally what you’d have to do is you’d have to go through underwriting.
Again so you’d have to either if you really like that policy go through underwriting maybe they’ll let you add more depending on how the policy is set up or what you do is just go through get a new policy and go through underwriting again and especially if you’re looking at life insurance more as an asset class. Then, hey it’s something I need then as you get older or if your health deteriorates a little bit the fact that you’re not as healthy as you were when you’re 20 isn’t that big of a deal a lot of people say no life insurance too expensive well it depends on what your goals are but I would say if you’re looking at life insurance not as a replacement of income or to cover a mortgage or cover young kids but more as an asset class then I wouldn’t really worry about kind of your health assuming that you’re insurable. Thank you.