EMPOWERMENT
At Life Insurance Review (LIR), we understand the pressure of making the right life insurance decisions for yourself and your family. That’s why we’ve created valuable resources to guide you, starting with our Life Policy Review Questionnaire below. Along with our services, these tools are designed to help you assess your options, gain clarity, and build confidence in your life insurance choices, ensuring peace of mind for your financial future.
Life Policy Review Questionnaire
Is it time for a Policy Review?
If you answered "YES" to any of the questions, your current coverage and plan may no longer be the best fit for your need(s). For example:
You may be able to purchase more coverage/benefits for the same premiums
You may be able to reduce premiums for the same coverage/benefits
Underperformance may cause your policy to lapse prematurely
The Life Insurance Review (LIR)
Planning Pyramid™
We've developed this educational infographic as part of our review process. We want to empower you to think more comprehensively, to be empowered to make the best life insurance choice for you, your family/business, and your estate.
WHY?
WHO?
Insurance Carrier & Beneficiary(ies)
WHEN?
Timings & Length of Your Plan
HOW?
Policy Design & Structuring as Part of a Financial Plan
Objectives, Goals, Purposes
WHERE?
Financial Plan/Need Positioning
WHAT?
Insurance Types, Coverages, Benefits
*A Life Insurance policy can be designed to not just protect your financial future, but it can complete/"wrap" your financial plan. A life policy can also enhance your financial plan by offering tax-advantaged cash accumulations, distribution options, and a tax-free death benefit, along with living benefit protections against critical, chronic, and terminal illnesses, as well as protection against disability and long-term care risks. However, the best type (Term, Whole Life or Universal Life), plan, and design vary for each individual based on their unique financial objectives, goals, and purposes.
The LIR Decision Guide™ & Questions
We understand that even thinking about, let alone choosing, the right life insurance can be confusing. That's why we developed this decision guide to provide a clear process that empowers you to make the best choices. Given the abundance of information and options available, our methodical review approach ensures thoroughness, critical analysis, and effectiveness in assisting you throughout the decision-making process.
Planning Questions...
1.
Knowledge & Experience
How familiar are you with life insurance and financial planning? What are your expectations, wants, and requirements when it comes to obtaining a life insurance policy? What is the primary purpose driving your desire or need for this life insurance policy? If you're not knowledgeable and clear about what you want and need, you may end up being sold something that leads to buyer's remorse later on. Take your time, don't succumb to pressure, ask questions, and strive to learn as much as you can. Acquiring life insurance can potentially be one of the best financial decisions you'll ever make.
2.
Health & Medical History
What is your current health condition, and are there any areas that can be improved upon? How well do you understand your medical history, and are you aware of any pertinent details? You don't want to undergo the life insurance underwriting process only to be surprised by an unfavorable outcome. In addition to factors like age, sex, coverage amount, and insurance type, your health rating significantly influences the cost of your insurance premium, so it's crucial to take this aspect seriously. Collaborate with your financial professional, agent, or broker to develop a clear plan when applying for coverage to optimize your chances of achieving the best result.
3.
Research & Comparisons
Have you taken the time to "shop around" and conduct comparable reviews and research? Don't simply rely on the assurance of an insurance agent or broker that they are providing you with the best option, as they may have limited knowledge, experience, resources, and access to specific insurance companies. Avoid settling for just one quote or illustration from one or two insurance companies. It's crucial to compare offerings from multiple companies and agents/brokers to gain a deeper understanding, achieve clarity, and ensure you're receiving the best coverage and pricing. Remember, a life insurance policy is a long-term commitment with many complexities, but fortunately, there are numerous companies to choose from, so it's worthwhile to invest the time.
Navigating life insurance terms doesn't have to be daunting. Our Life Insurance Analyst and CLU® professionals have compiled a consumer-friendly glossary (each term simplified by us), breaking down the 360 key terms for life insurance review. Access it free by clicking here.
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How is Life Insurance Review (LIR) different?We are a life insurance review company (licensed life insurance analyst), focused on empower the consumer, so they can choose for themselves and not be sold! We are fiduciaries committed to providing comprehensive life insurance review services. Our approach includes a thorough analysis, comparison of options and strategies, and integration with your financial plan. We ensure your life insurance aligns with your overall goals by incorporating critical aspects such as accounting, tax optimization, and estate planning. LIR is not an internet life insurance marketplace, life insurance company, or life insurance marketing company, promoting certain life insurance companies or products. Instead, we provide a broader spectrum of life insurance choices, plans, and strategies than anyone else, empowering you to find the perfect fit for your needs.
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How does LIR make money?We earn income through review fees and may receive a built-in commission from the life insurance policy if you choose our team to manage it (there’s no obligation, of course). We don’t generate revenue in any other way—no affiliate marketing, ads, sponsorships, or sharing your information with third parties.
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Are you bias or affiliated with any insurance company?We are unbiased and do not promote any specific life insurance types or companies. We are fiduciaries and stand on the side of the consumer, our focus is entirely on your interests, objectives, and goals, not on those of the insurance companies. We are not affiliated with any life insurance company and are not incentivized to promote one over another. We are committed to full transparency. We openly disclose how we earn revenue, any potential conflicts of interest, and the limitations of our services.
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What are your qualifications?Click here for our Accreditations Page. LIR is led by attorney James G. Burns, JD, LL.M, TEP® (SBC# 208656), supported by a team of experienced financial experts and professionals. Our TEAM members are life insurance experts and most have additional certifications such as CPA, EA, CFP®️, CLU®️, ChFC®️, and FINRA Variable Registration. We are also an independent insurance agency since 2011, licensed life insurance analysts (CA License #0H45067, LIR Insurance Solutions), so we have direct relationships and access to life insurance carriers, enabling us to have more resources to offer comprehensive reviews and provide comparative options. We actively maintain our licenses and stay current with the latest life insurance news, regulations, and industry trends through ongoing education, meeting accreditation requirements, and engaging in professional associations.
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Does LIR provide legal services?We do not offer legal services. Our comprehensive life insurance review includes aspects of accounting, taxation, estate planning, and financial planning, but it is not a legal service. The review fee is not a direct legal fee paid to an attorney, but to Life Insurance Review (LIR).
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Who's actually doing the review work?We DO NOT outsource our review work or share your information with anyone outside of LIR. You will work directly with one or more of our dedicated experts. Our dedicated experts work collaboratively with our leadership team on each review case to ensure a thorough and comprehensive analysis. When a review case comes in, all team members have access to the information and contribute their individual expertise depending on the case, spanning legal contract perspectives, life insurance analysis and product design, accounting, taxes, estate planning, and financial planning. This collective approach allows us to offer you the most detailed and informed review, empowering you to make the best decision possible.
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Who's are the members of the Review Leadership TEAM?Our TEAM is led by our in house attorney, whose passion is to empower consumers and protect them from the aggressive sales tactics of the life insurance industry, its representatives, and marketing organizations. Attorney James Burns, JD, LL.M, TEP® has been in practice since 2000 and has his life insurance license since 2003. James has witnessed numerous examples of poorly sold and designed life insurance policies. This motivated him to challenge industry standards for the benefit of consumers. Our Leadership TEAM includes: James Burns, JD, LL.M, TEP®, Noel N. Nguyen, MSA, CPA, John Oh, CPA, Mark Townsend, CLU, CHFC, Stephen Schloss, CFP, John D. Nguyen, EA, CLU, ChFC, John McLean, CFP, Ronald Kring, MBA, and Matthew Dike. Each team member brings extensive experience in life insurance review, design, and financial planning.
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What's the review process like and the turnaround time?The process begins with a complimentary consultation via ZOOM or in person, followed by a follow-up email with instructions for securely uploading or sending any required documents. Once we receive the necessary information, our team promptly starts the review process. Upon completion, we follow up to present the review, ensuring your complete satisfaction. Our average turnaround time is typically around 3 business days or less, though this may vary depending on the complexity of the case. We can only commence once we have received all the necessary information.
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What Life Insurance Companies do you work with?Having thoroughly reviewed numerous life insurance policies from various companies since 2011, we leverage our position as an independent insurance agency (CA License #0H45067) to access additional resources. Currently, we are working with: Allianz, American National, Americo, Ameritas, Columbus Life, Corebridge Financial (formerly AIG), Equitable, Fidelity & Guaranty, Foresters Financial, Global Atlantic, Illinois Mutual, John Hancock, Lafayette Life, Legal & General (formerly Banner), Lincoln Financial Group, MassMutual, Midland National Life, Mutual of Omaha, Mutual Trust, National Western, National Life Group, Nationwide, New York Life, North American, OneAmerica, Pacifica Life, PennMutual, , Principal Financial, Protective Life, Prudential, Royal Neighbors, Sagicor, SBLI, Securian Financial, Standard, Symetra and Transamerica. Many of the life insurance companies we represent, along with the products we offer, are not available on internet life insurance marketplaces or through traditional insurance brokers. This is because they lack the unique direct contracts that we have. So, don't assume that a broker, who may also represent the same life insurance company as we do, has access to all of their product offerings. With our combined expert experiences and resources, we are uniquely positioned to empower our clients to make the best life insurance choices. This is evidenced by our extensive track record of conducting countless life insurance reviews since 2011, and why many financial professionals, attorneys, and businesses count on us.
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Can LIR/TEAM service my life policy?Yes, if you meet our criteria, we can become your new agent or representative for your life insurance policy(ies). We have numerous direct contracts with various life insurance companies. Please discuss this with our team during your consultation. In many review cases, we become the new agent or representative of record, allowing us to request in-force illustrations and specific information for our review service.