A second read of the policy you already own
Most people were sold a policy and never had it explained again. A policy review is a plain-English read-through of what you actually hold — the issued contract, not the brochure — so you know whether it still does the job you bought it for.
Read this before you change anything
We will often recommend keeping exactly what you have. A review is not a sales appointment with a different name. Existing coverage was priced at a younger age and in your health at the time, and that is frequently impossible to improve on.
Never cancel, lapse or reduce existing coverage before new coverage is actually in force. “Approved” is not the same as in force. A policy is in force when it has been issued, delivered, accepted and paid for. Until that has happened, cancelling leaves you with a gap you may not be able to close — and you may not qualify for the new policy at all.
Do not cancel existing coverage. Do not cancel, lapse or reduce coverage you already have based on anything you read here or on any estimate produced by these tools. Replacing coverage can have real costs and you may not qualify for new coverage. Talk to a licensed professional before changing an existing policy.
What it is
A read-through, not a pitch
You send us what you have. We read the issued contract and the most recent statement, ask the carrier for anything missing where you authorise us to, and come back with a plain summary of what you own and whether it still fits.
It works on policies from any carrier, including ones we did not sell you and ones from an agent you no longer speak to. It also works on coverage through an employer, although what we can change there is limited.
The result is a short written summary, a list of anything that needs action, and a clear statement of what we would do and what we would leave alone.
What it costs
Nothing.
There is no fee for a policy review, and no obligation attached to it. You are not billed if we recommend changes, and you are not billed if we recommend nothing.
We are an independent insurance agency, and we are paid a commission by the insurance carrier if and when a policy is placed. That is worth knowing when anyone — including us — suggests replacing coverage. It is also why we put the “keep what you have” message at the top of this page rather than the bottom.
How we work and how we are paidWhat we look at
Six questions, asked of the contract itself
These are the things that decide whether a policy still works. Most of them cannot be answered from a brochure or a memory of the sales conversation.
Is the coverage still the right amount?
The amount that made sense when you bought may be wrong now — in either direction. A mortgage that is nearly paid off, or a second child, both change the answer.
Are the beneficiaries current and correctly structured?
Primary and contingent, percentages that add to 100, minor children, a trust named correctly. A designation generally overrides a will, so this is where plans quietly break.
Is a permanent policy funded well enough to last?
A cash-value policy that is underfunded can run out of money and lapse years before you expected — often exactly when it would be hardest to replace.
What riders do you actually have on the issued contract?
Not what the brochure described. What the delivered policy says, including whether an accelerated benefit rider is really on it and what triggers it.
Is the policy performing as it was sold?
An in-force illustration shows how the policy is doing now, against current assumptions. It is the honest way to tell whether the original projection is still on track.
What would it cost to replace versus keep?
Age, health and a new contestability period all count against replacing. We show the comparison, and more often than not it argues for keeping what you have.
What to bring
Three documents, and none of them are urgent
Bring what you can find. Missing paperwork is normal, and tracking it down is part of what we do.
Your policy documents
The full issued contract if you have it — not the sales illustration. If you only have a policy number and the carrier name, that is enough for us to start.
Your most recent annual statement
It shows the current death benefit, the cash value if there is one, and what has actually been paid in.
An in-force illustration, if you have one
This is the single most useful document for a permanent policy, and most people have never seen theirs.
We do not need your Social Security number, your bank details or a card number to run a review, and we will not ask for them.
How to request an in-force illustration
An in-force illustration is a report the insurance company produces showing how your policy is performing now and how it is projected to perform from here. You are entitled to ask for one, and it is usually free.
- 1.Find the policyholder service number on your annual statement or on the carrier directory page here, and call it.
- 2.Say: “I would like to request an in-force illustration for my policy.” Have your policy number to hand.
- 3.Ask them to run it two ways: at current assumptions, and at the guaranteed minimum.
- 4.Ask how it will be sent and how long it takes. Post and portal download are both common.
- Never give a Social Security number, bank details or a card number over email or a web form — the carrier will use their own secure process.
- Ask for the current values and a version run at the guaranteed minimum crediting rate, not just the current assumptions.
- Ask them to send it by post or through your own carrier portal account.
- If you would rather we asked on your behalf, we can — with your written authorisation on file.
What comes out of it
Four honest outcomes
Only one of them involves buying anything, and it is not the most common one.
A policy review ends in one of four outcomes: keep it exactly as it is, which is the most common; keep it and fix something small; keep it and add a separate policy for a new gap; or consider replacing it, which is the least common and never happens before new coverage is issued, delivered, accepted and paid for.
What this does not show: Which one is yours. That depends on the contract you already hold, your age and health now, and what has changed in your life since you bought — none of which anyone can know from a web page.
Important information
Educational information. The information on this page is general and educational. It is not insurance, tax or legal advice, and it is not a recommendation to buy, keep, change or cancel any policy. Your own situation may lead to a different conclusion. Please talk with a licensed professional before acting.
About policy illustrations. An illustration shows how a policy could perform under a set of assumptions chosen at the time it is prepared. It is not a projection, a promise or a guarantee of future results. Actual results depend on the credited interest, the policy charges in force, the premiums actually paid, any loans or withdrawals taken, and the policy remaining in force.
Do not cancel existing coverage. Do not cancel, lapse or reduce coverage you already have based on anything you read here or on any estimate produced by these tools. Replacing coverage can have real costs and you may not qualify for new coverage. Talk to a licensed professional before changing an existing policy.
Product availability. Products, riders and features are offered by the issuing insurance company, not by Quantum Family Wealth. Availability, names, costs and terms vary by carrier and by state, and can change. Not every product described here is available to every applicant.
Underwriting and approval. Nothing on this site is an approval, a decline, a quote or an offer of coverage. Eligibility, your rate class and your final premium are determined by the insurance company after you submit a formal application and it completes its own underwriting review. Carrier rules differ and change over time.
Book a policy review
Thirty minutes. Bring whatever paperwork you can find. You will leave understanding what you own — which, for most people, is the first time.