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Email to a Colleague July 01, 2008

The Grass Seems Greener

We all know the old adage Ė the grass seems greener on the other side of the fence. When it comes to replacing your existing Knights of Columbus life insurance with coverage offered by another company, the adage holds true. Perceptions are deceiving. A move to the other side of the fence might seem like a good one, but it can leave you with less green in your wallet Ė in some cases, a lot less. Thatís why it pays to remember another old saying Ė Read the fine print.

There are many reasons to keep your existing coverage in force, whether that coverage is with the Knights of Columbus or with another company. Iíll focus on the potential pitfalls of replacing coverage here Ė pitfalls that an agent trying to convince you that the grass actually is greener might neglect to mention.

First, all life insurance contracts contain a contestability period, which allows the insurer to contest claims made for a period, typically two years, after the contract is issued. Chances are this is no longer an issue with your current coverage.

Second, itís unlikely that you can obtain the same amount of coverage, for the same premium, that you were able to obtain with your existing contract. The two factors that determine how much youíll need to pay for life insurance coverage are age and health. Certainly, youíre older now than you were when you took out your current coverage. Thereís no way around that one. And you have to ask yourself, has your health changed during that time? Is your blood pressure the same? Your cholesterol? Have you gained weight? All these factors affect the amount of coverage youíll get for your premium dollar.

If someone encourages you to replace Ė or worse, drop - your existing coverage, please call me. Iíll show you how your existing coverage is working for you and why replacement is rarely in your best interest.

Iím at 703-450-6100.
Call me Ė letís talk.

Dennis Riley
Fraternal Benefits Field Agent

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