December 08, 2016 | Category: Insurance
As important and unavoidable as getting your medical exams and annual checkups.
You’ve purchased a life insurance policy and taken an important step towards your financial security. However, often overlooked is the fact that you must review periodically your policy to ensure it is aligned with your financial goals. Javier A. Rodríguez Torres, Esq. from Popular Risk Services is well acquainted with the issues that could affect you and the preventive care you need, and gave us 3 key reasons we should be aware of that require a review of life insurance policies.
As a first step, it is important to understand what type of insurance you have among the different kinds available in the market. “There are life insurance policies with coverage lasting over a specific period of time; others are designed to last a lifetime,” the expert explains. A few examples are Term Life Insurance policies (with coverage for a specific period of time, serving the beneficiary in case of premature death) and Permanent Life Insurance policies (which offers lifetime protection, as long as the corresponding premiums are paid). “There are also some policies that have an accumulation component,” explains Rodríguez, referring to the policies such as Variable Life, Indexed Universal Life, or Whole Life. “In these policies, you pay a monthly premium, and part of that premium goes into an accumulation account which can later be used to supplement your lifestyle needs during retirement,” he adds.
Rodríguez provides some of the reasons to do a review, which could provide an opportunity to improve your insurance planning. How often should this be done? According to the expert, every one or two years, depending on your type of insurance.
Reviewing your policy alongside a Popular One expert will benefit you, because “we help you design a policy that is in line with your particular needs and objectives.” To begin this process, you only need to have your current policy on hand and call (787) 281-7272 or write us at www.popular.com/en/popularone/contact-us/
Insurance products are not deposits, are not FDIC insured, nor are insured by any federal or governmental agency, are not guaranteed by the Bank, its subsidiaries or affiliates, and may lose value. Popular Risk Services is a subsidiary of Popular, Inc. and an affiliate of Banco Popular de Puerto Rico.
Banco Popular de Puerto Rico, its subsidiaries and affiliates do not offer tax, legal or accounting advice. If you would like to receive legal, tax or accounting advice, you should consult a professional specialized in these areas. Investment products and services are offered by Popular Securities LLC, registered broker dealer and member of FINRA and SIPC. Investment products are not insured by the FDIC, are not deposits or obligations, are not guaranteed by Banco Popular de Puerto Rico and may lose value. Insurance products and services are offered by Popular Risk Services an Insurance broker duly licensed by the Office of the Commissioner of Insurance of Puerto Rico. Popular and Banco Popular de Puerto Rico are not registered brokers. Insurance products are not FDIC insured, or other government agencies, are not deposits or obligations and are not guaranteed by the Bank or its subsidiaries or affiliates. Some insurance products may lose value. Popular Securities and Popular Risk Services are subsidiaries of Popular and affiliates of Banco Popular. Popular One is an integrated services platform through which Popular Securities and Popular Risk Services are offered.
Wealth Management services are generally available to clients who maintain deposits and/or investments of $500,000 or more at Popular.