ServicesLife Insurance Consulting
Life Insurance Consulting in Holmdel
We read the policies you already own, line by line, and show you what we found: the death benefit, the premium schedule, the riders, who is named as beneficiary and what happens if you stop paying. Then we help you decide whether to keep, adjust, convert or add coverage.
What life insurance consulting covers
Most clients we meet own a mix of coverage collected over the years: a term policy bought when the first child arrived, group life through an employer, maybe a whole life or universal life policy a relative recommended. Each one was sold on its own. Nobody has looked at how they fit together or whether they still match the family's goals.
Life insurance consulting is that look. We gather the contracts, request current in-force illustrations from the carriers and lay out what each policy actually does. You get a written summary with the relevant contract pages marked, so you can see the evidence behind every recommendation instead of taking our word for it.
Sometimes the answer is to change nothing. Sometimes a universal life policy is drifting toward lapse, or a term conversion window is about to close. Either way, you will know where you stand before you sign anything.
What we review and document
- Policy inventory
- We list every policy with its owner, the person whose life it covers, the beneficiaries, the face amount and the premium. Group coverage through work goes on the list too, with a note on whether it ends when the job does.
- Current in-force illustrations
- For permanent policies we request a fresh illustration from the insurer at today's crediting or dividend rates. The original sales illustration often assumed rates that never arrived, and the gap shows up here.
- Coverage need versus coverage owned
- We estimate what your family would actually need for income replacement, debt payoff, college costs and any business obligations. Then we compare that figure with what you own and show the shortfall or the surplus.
- Riders and conversion deadlines
- Waiver of premium, accelerated death benefit, long-term care and term conversion riders each carry conditions and expiration dates. We record them with dates so none lapses unnoticed.
- Beneficiary and ownership check
- Outdated beneficiaries are a common finding, and so are policies owned by the person whose life they cover rather than by a trust. We flag both and coordinate with our legacy planning work or your attorney where a change makes sense.
Signs it is time for a policy review
Your premium notice went up
On universal life, rising cost-of-insurance charges can drain cash value faster than planned. A higher bill or a lapse warning letter means the policy needs a new projection.
Your term guarantee is ending
Level term premiums jump sharply once the guarantee period ends. Conversion rights usually expire before that, so the decision has to be made early.
Your family or business changed
Marriage, divorce, a new child, a buy-sell agreement with a partner or a paid-off mortgage all change how much coverage makes sense and who should receive it.
Your only coverage comes through work
Group life is usually a multiple of salary and often stops when you leave the employer. A job change or retirement can leave a gap.
Someone suggested a replacement
If you have been told to surrender one policy and buy another, get a second read first. Surrender charges, a new contestability period and new medical underwriting can make replacement a poor trade.
What affects the cost of coverage and our review
We do not list prices here, because the numbers depend on your health, your existing policies and what you decide to do. We explain how we are paid at the introductory meeting, before any work begins. These factors move the cost of coverage itself and the time a review takes.
Age and health
Premiums for new coverage follow your underwriting class. Tobacco use, blood pressure, build and family history all count, which is why a policy bought at a younger age is often worth keeping.
Policy type
Term costs far less per dollar of death benefit than whole life or universal life, but it ends. Permanent policies build cash value and carry higher, sometimes flexible, premiums.
Number and complexity of policies
A single term policy takes little time to review. Several permanent policies, business-owned coverage or a policy held in a trust require more analysis and more carrier requests.
Riders and guarantees
Each rider adds to the premium. A no-lapse guarantee on universal life costs more than a current-assumption design, but it removes the risk of the policy running dry.
How a policy review works
- 1
Introductory meeting
The first conversation can take place in person at our office, over the phone or on a video call. Bring a list of the coverage you hold and the questions that prompted the call, and we will cover how we work and how we are paid before anything else happens.
- 2
Gathering the contracts
You sign an authorization so we can request policy documents and in-force illustrations directly from each insurer. Carriers can take a few weeks to respond, and we keep a log of every request until it comes back.
- 3
Analysis and marked-up findings
We compare guarantees with projections, test how each permanent policy holds up at lower rates and measure coverage against need. You receive a written summary with the key pages of each contract attached and highlighted.
- 4
Review and decision
We go through the findings with you and lay out the options: keep as is, adjust premiums, convert, use a 1035 exchange, reduce coverage or add a policy. The choice is yours, and nothing changes without your signature.
Life insurance consulting questions
Will you just try to sell me a new policy?
No. Many reviews end with keeping what you own, sometimes with a premium change or a beneficiary update. If new coverage makes sense, we show you the shortfall in writing first and explain how we arrived at it.
Is a life insurance death benefit taxed in New Jersey?
Death benefits paid to a named beneficiary are generally free of federal income tax and are typically exempt from New Jersey inheritance tax. Proceeds payable to your estate can be treated differently, and a large estate may face federal estate tax if you own the policy yourself. We point out these issues and work alongside your tax professional and attorney, and our tax management service covers the broader picture.
What is a 1035 exchange?
It is a provision of the tax code that lets you move cash value from one life insurance policy or annuity into another without paying tax on the gain. It can make sense when an old policy has high internal costs. Surrender charges and new underwriting have to be weighed first.
My universal life policy sent a lapse warning. What should I do?
Do not let it lapse by default. We request a current illustration, calculate the premium needed to carry the policy to the age you want, and compare that with lowering the face amount or other options.
Do I need a medical exam for a review?
No. Reviewing existing policies requires only the documents. An exam comes into play only if you decide to apply for new coverage.
See what your policies actually say
Bring your policies, or just the insurer names, to an introductory meeting. We will tell you what we need to request and what you can expect in the written summary.