Nonprofit Tidbits...
for nonprofit organizations and those who support them.
March 2020
I am so sorry to have to write this, as it is not my intention to pile on.
Coronavirus has turned our lives upside down and now another concern on top of everything else, life insurance. The stock market's reaction to the Coronavirus, will pummel and in some cases, destroy certain non-guaranteed policies, leaving them worth less or worthless.
Bob Cohen
You thought that I preached policy reviews before???
Millions, tens of millions, hundreds of millions of your client's anticipated death benefits, may be at risk. A proper policy review, on more than a casual basis, should be completed now. A deep dive must be taken in order to discern which policies will make it to the finish line and which policies will die on the vine. Please insist to your clients, that they call the following people, in the following order, for a proper and thorough policy review...
1. The agent who sold the policy (if he or she has not become disinterested in service)
2. The agent who inherited the policy once the selling agent's disinterest has been established
3. Yours truly, if both #1 and #2 are disinterested
Is this fear mongering...I don't think so, as I have seen hundreds of policies "blow up" and lose all value, in far more favorable and less uncertain environments.
The stock market is resilient and will bounce back.
The resiliency of many life insurance policies...not so much.
I don't like to create panic on top of panic, but policy risk is real.
Just as with the Coronavirus, when it comes to reviewing policies, take action early.