If you purchased a policy other than Term or Fully Guaranteed Whole Life within the last 25 years, your policy has the potential to lapse, even if you have made all your premium payments. ?Most universal life, variable universal life, and other whole life variants were created with premiums based upon performance projections that have not been achieved. ?This means at some point these policies will require large amounts of additional funding to keep them in force. ?Warning signs include declining cash values and current policy illustrations at the guaranteed rate showing cash values going to $0 within the next several years.
If you haven't had your policy reviewed by your advisor recently, have them do so. ?Make sure they obtain a current set of in-force projections that includes one at the guaranteed rate. ?You may also consider having an objective third party advisor who specializes in life insurance analysis, perform the review.?
Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author
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Source: http://blog.estateplanning123.com/2012/12/life-insurance-can-my-life-insurance-policy-crash.html
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