agent from Monumental presented to me changing my universal life insurance policy without presenting a benefit, Why?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Nov 15, 2011

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Insurance Question from Angola, IN

Asked on 11/15/2011

agent from Monumental presented to me changing my universal life insurance policy without presenting a benefit, Why? My husband and I have had the universal life insurance policies beginning 1979. A new agent from Monumental presented to us a plan to change the 50,000.00 at $26.00 a month at 4% interest to $40,000.00 at $0.00 a month and 10,000.00 at $26.00 a month for 20 years at 5% interest. That plan was for both of our $50,000.00 policies that are alike. He offered no benefit and asked what benefit would we want it to be. I could not see a benefit. Do you know if there is a benefit? Do you know why Monumental is having agents present this option?

Answer given on November 21, 2011

The best thing to do is the review this with a financial adviser or insurance agent (some insurance agent have series 6 or 7 licenses and can discuss investments as well) you trust.  There are alot of caveats to surrendering a policy and making sure that you are not damaging yourself with the new investment.  Read our article on How To Cancel or Change A Life Insurance Policy.  This may give you some insight on what to look out for during this process.  However, something as indepth as canceling several life policies really depends on your age, your financial status, your reason/goal and comparing the policy you are giving up to the policy you are aquiring and whether the new policy is a good fit. If you don’t see a benefit, don’t make a change yet. Talk to someone else to get a second option and can review both policies options in front of you. To find an agent in your area, click here.

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