Monday, November 28, 2022

Fidelity Life: What to Think About Before Ditching a Life Insurance Policy

CHICAGO - November 4, 2022 - (

Life insurance ownership has been declining over the last decade. Based on LIMRA research in January of 2022, only 50% of consumers owned life insurance. That percentage was down from 59% in 2012. Life insurance owners may be tempted to ditch their current policy if they feel it's too costly or no longer needed. 

Fortunately, there are alternatives, such as getting life insurance with no medical exam, that can make it possible for shoppers to continue having a policy. Here are four questions life insurance owners should ask before ditching their life insurance.

1. Would the policyholder's life insurance policy give their beneficiaries the support they need?

A policyholder getting rid of their life insurance policy would mean their beneficiaries may lose the support they need if the policyholder were to pass away. In particular, if the policyholder is the primary wage earner, with the loss of their income, the family would struggle to pay daily living expenses such as gas and groceries. One survey found that families would start struggling within six months of the primary wage earner's death. Therefore, a life insurance owner should consider carefully if their family would still need their policy's death benefit if they were to pass away.

2. Is there a more affordable coverage option?

Given constantly changing financial circumstances, some life insurance owners may wonder if their policy is too expensive to continue owning. Instead of ditching the policy, life insurance owners can look around to see if there's a more affordable option. Some providers will allow a policyholder to convert their current policy into a different type. For example, a life insurance owner might decide a whole life policy is no longer affordable for them and choose to convert the policy to a cheaper term life policy.

3. Is the policyholder's family at risk of losing their house or car?

Some life insurance owners choose to get a life insurance policy to cover a debt, such as a car loan or mortgage. Life insurance owners may feel they've paid off enough of the debt to no longer need a policy. Instead of getting rid of the policy, an alternative that could be considered is reducing the coverage amount. For example, let's say an individual is currently 20 years into a 30-year mortgage. A policyholder could reduce their coverage amount to the amount left that needs to be paid off. Reducing the coverage amount also reduces the cost of the coverage, making it more affordable.

4. Will the policyholder's final expenses be taken care of?

Some policyholders may be at the point where their children are financially independent, and all of their debts are paid off. While life insurance may no longer be needed to cover these expenses, it might be needed to cover final expenses. Without a policy, funeral costs can burden surviving family members financially. If a policyholder's current policy is no longer needed, they could consider converting it to a final expense insurance policy. One advantage to this policy is that it generally requires no medical exam. Final expense insurance can help cover funeral and end-of-life costs and allow a family to keep their focus on grieving. Carefully considering these questions can help life insurance owners make a better decision on what to do with their policy.

Bottom Line

Answering the questions in this article is the first step to ensuring that you get an insurance policy that fits your needs. Of course, after really thinking about life insurance and how it can help your family, you probably have some questions of your own. With the rest of the questions, Fidelity Life can help guide you through the process. 

Fidelity Life offers no medical life insurance. Life insurance shoppers can discuss their options with an agent or shop for online life insurance quotes. The process is quick and easy and starts with answering a few questions to get matched with a policy that suits their needs. Fidelity Life will then guide the applicant through the application and purchasing process.

Contact Information:
Laura Zimmerman
Chief Marketing Officer
[email protected]
(312) 288-0068

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Original Source: Fidelity Life: What to Think About Before Ditching a Life Insurance Policy
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Global Growth Comments on Liquidation of Greg Lindberg’s North Carolina Insurers

'We deeply disagree with the NCDOI's decision to liquidate these companies — and we're surprised and disappointed that things got to this point,' said Global Growth CEO Justin Holbrook, 'They didn't have to.'

ORLANDO, Fla. - November 22, 2022 - (

In response to the North Carolina court decision to liquidate Colorado Bankers Life Insurance and Bankers Life Insurance, two Global Growth-affiliated insurance companies, Global Growth CEO Justin Holbrook issued the following statement:

"We deeply disagree with the North Carolina Department of Insurance (NCDOI) decision to liquidate these companies — and we're surprised and disappointed that things got to this point. They didn't have to.

"First, we asked the judge for a continuance so that we could engage in discovery to understand the NCDOI's sudden determination that CBL and BLI should be liquidated now. As far as we know, nothing material has changed in terms of the insurance companies' liquidity or ability to meet their current policyholder obligation under the court's prior orders. NCDOI did not approach us before filing their liquidation motion nor explain their reasoning.

"Second, our goal remains helping policyholders get full access to their benefits as quickly as possible. Liquidation simply doesn't do that. Two years or more can pass under liquidation before most policyholders receive their benefits. By contrast, the sale of the NC insurance companies now would help policyholders start receiving their full benefits in a matter of months. The NCDOI has received two signed LOIs to buy our insurance companies, and all they have to do is accept one of them — which would help policyholders now. 

"Third, and most importantly, liquidation should always be a measure of last resort because it impacts state guaranty funds and threatens to leave some policyholders out in the cold. In this situation, liquidation doesn't need to happen at all, since there are other alternatives on the table. By NCDOI's own admission, there is substantial available liquidity in CBL and BLIC, and they are more than able to meet policyholder needs today. In fact, their cash position is so good that NCDOI just filed a request to relax the moratorium standards the court put in place in 2019 so more policyholders could get access to more of their benefits now. We support that decision and would even urge the NCDOI to do more. 

"The bottom line is going through the long process of liquidation makes no sense when the insurance companies can be sold today. Policyholders shouldn't have to wait any longer. Today's decision hurts — not helps — policyholders get full and quick access to their benefits.

"I've spent much of my professional life in public service and learned long ago that working together is always the best way. It saddens me that Commissioner Mike Causey still refuses to do that. In the end, the court's decision today means that policyholders are still the ones paying the price for Mr. Causey's actions."

Contact Information:
Sophie Turrell
[email protected]

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Original Source: Global Growth Comments on Liquidation of Greg Lindberg's North Carolina Insurers
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