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Beware of Insurance Agents Trying to Replace Your Existing Insurance Policy
It seldom makes sense to replace a life insurance policy, even if additional coverage is needed, unless your the insurance agent. Replacing an old policy with a new one results in enormously steep up-front costs. The first year's entire premium usually goes to fees and commissions. And if the policyholder has aged significantly since the first policy was issued, the result is a steeper premium.
The most sensible way to increase coverage is to keep the old policy and add another policy that adds the added coverage.
Source: Wall Street Journal, January 21, 1998
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2008 Advocate Capital Management, Inc. except where noted. All rights reserved.
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