Beginning in January 2020, life insurance carriers will be changing how they determine prices and premiums for new policies based on updated mortality tables and new calculation methods. While the exact impact of these changes is unknown, you may find that premiums are higher or that certain options are no longer available for new policies starting next year. Certain policies, such as those designed to maximize cash value, may no longer be as efficient due to these new requirements.
If you have been considering purchasing life insurance or replacing an existing policy, you may benefit from accelerating your timeline to squeak in before these changes go into effect. Policies under the old requirements must be paid in full and issued prior to December 31, 2019; call as soon as possible to schedule an appointment if you wish to get the application process started.
Please be aware that applications entered too close to year-end may be subject to the new requirements.