Quick Policy Review

[insuranceconceptscindy]

I am an agent that does more work with Seniors than young people. I don't do a ton of life insurance. I know quite a bit about some stuff, but not others.
Help me analyze my policy. . .

Just got my statement in the mail yesterday:

Allianz Gendex Momentum
Started 8/2011
Standard N/T
Annual premium: $1144.80
$150,000 death benefit (don't worry, I have plenty of insurance. This is one of many policies I own. Gotta try them all!)
I haven't done anything with this policy since I got it.

My biggest concerns are the charges- is this in line with other Indexed UL's?
Cost of insurance $118.32 (Seems pretty cheap)
Expense Charge $495 (This seems like a lot- close to half of my net premium)
Asset based charge $10.20

Currently allocated 100% in the blended index monthly average. Which has a 155% participation rate and earned 10.67% last year. I can't complain about that part.

What are your thoughts? Bag it and redo somewhere else? change the allocation?

Thanks!

 

[rayluk]

How do you get more than 100% participation rate? Just curious.

Other than info provided, can't you call them up and have them run an in force? That would tell you more.

 

[rayluk]

Are you funding it correctly? You may want to at least fund it close to mec level premium. It may lower your charges in terms of percentage wise and more dollar participating. Of course you will have to look at the charges closely.

I am not sure if you want to surrender the policies, unless it is absolutely horrible. Surrender charges alone will not make it worthwhile. You could start a new policy and let the old one runs its own course till it lapses. Just don't put any more money into it. Gl