Common, overlooked insurance mistakes might include:
- Out-of-date beneficiary designations or failure to name a contingent beneficiary
- Failing to keep adequate coverage to protect loved ones through life’s passages
- Not anticipating that term insurance will likely run out before you do
A less common, yet extremely costly mistake, is the recent trend among several well-known insurance companies to silently increase the “internal cost” of insurance charged on in-force life insurance policies. Policy owners who once believed they could stop paying premiums (or that their coverage would last a lifetime) are now realizing they must significantly increase their out-of-pocket payments, or their coverage will lapse without any benefits. In their defense, Insurance companies are quick to point out that a rate increase is lawful and expressly stated in each policy.
So now what?
Unfortunately, for individuals of advanced age or in poor health, remedies are challenging to find. For everyone else, however, a thorough review of your complete insurance picture by an independent expert can help determine the best course of action. In absence of regulation that requires a periodic ongoing service commitment for traditional insurance agents, unanticipated issues will continue to impact unsuspecting policy owners. One way to protect yourself is to choose an insurance advisor who understands the importance of on-going evaluations and views insurance as a component of a larger wealth management strategy. Here at Old National, collaboration between our Client Advisors and your accountant and/or lawyers provide regular insightful personal insurance and financial reviews.
Talk to a Wealth Management advisor
We know that managing money is about more than simply trading stocks and bonds. It's planning for life's milestones, and adjusting those plans when necessary. At Old National Wealth Management, we invest the time to understand your goals and the discipline to manage your assets accordingly.
Copyright © 2020 Old National Wealth Management - The material contained in this report may not be copied, reproduced, republished, posted, transmitted or otherwise distributed without prior written permission.
Investment instruments utilized by Old National Wealth Management are not FDIC insured, are not deposits or other obligations of Old National Wealth Management, Old National Bank, its parent company or affiliates, and involve investment risk including the possible loss of principal invested.
Investment and securities information presented herein is unique to Old National Wealth Management's approach to investment management. All information and opinions have been obtained from sources believed to be reliable and current at the time of publication, but are not guaranteed and do not claim to be a complete statement of all material factors. Examples or other representations made herein are for illustrative purposes and are not intended to be specific legal, tax, or investment advice and do not represent a solicitation.
Investments and strategies that may be presented may not be suitable for all investors. Old National Wealth Management Client Advisors and Portfolio Managers will work with interested parties to execute plans developed in consultation with their attorney or tax advisor.
The comments, views and opinions expressed herein are those of the author and Old National Wealth Management. From time-to-time, Old National Bancorp affiliates may issue reports or have opinions that are inconsistent with, and reach different conclusions from, this report. Old National Bancorp and its affiliates do not accept any liability for any direct, indirect or consequential damages or losses arising from any use of this report or its contents.