term2u
Super Genius
- 101
This may be a stupid question, but is anyone familiar with software which can mathematically help a client determine as to whether it makes sense to replace their existing term coverage now, verses, waiting until the end of their term period, which is ending in "x" years?
Meaning, most clients will say that they'll replace their term coverage in "x" years when their policy expires/terms out, rather than changing course now and extending their term coverage for the long haul. Obviously, there's the typical.. "your health could change, and you could become uninsurable" point, but is there any program/software to show the hard figures?
ie: A 45yr old client who has 5yrs remaining on his initial $250k 20yr term policy. He knows that he will definitely want coverage beyond age 50, therefore, he should replace the coverage now, or layer on an additional policy, which will accomplish this goal.
Am I wrong in this assumption? Many people seem to have a hard time departing with their old policy at the lower rate, versus, seeing the forest through the trees now, and biting the bullet on a new policy, which will extend beyond their current coverage. Thanks in advance!
Meaning, most clients will say that they'll replace their term coverage in "x" years when their policy expires/terms out, rather than changing course now and extending their term coverage for the long haul. Obviously, there's the typical.. "your health could change, and you could become uninsurable" point, but is there any program/software to show the hard figures?
ie: A 45yr old client who has 5yrs remaining on his initial $250k 20yr term policy. He knows that he will definitely want coverage beyond age 50, therefore, he should replace the coverage now, or layer on an additional policy, which will accomplish this goal.
Am I wrong in this assumption? Many people seem to have a hard time departing with their old policy at the lower rate, versus, seeing the forest through the trees now, and biting the bullet on a new policy, which will extend beyond their current coverage. Thanks in advance!