It’s Your Life

Don’t Assume

A dysfunctional family was going on vacation to Disney World. They got off at the exit and saw a sign that said Disney Left so they turned around and went home. We live in a society of assumptions. We assume that everyone understands what we are saying. That is when trouble starts.

When you buy a policy, it is important that you review everything with the agent before you sign anything. When you give them money and sign the application, the agent assumes you fully understand what you purchased. Before the agent leaves, review the entire application along with reason for the payment, when you are going to be billed or be bank drafted, and what to expect next. You can eliminate many issues if you do this simple review before the agent leaves.

Let the agent know once the policy is issued to sit with you one more time. Review what you purchased, how much it is worth, what the terms are, and where to find the certificate number – in case you have questions or need to make changes later. You have a 10-day free look period on life insurance and a 20-day free look period on annuities. If you realize you need something different or change your mind, you can get your money back.

This is especially important with annuities. So many companies are marketing annuities in such a way they look like a great deal until you get that certificate and realize all the disclosures. When you transfer money because you are being offered a higher interest, it doesn’t mean you are getting apples to apples. Many companies may offer a higher rate the first year then a much lower rate every year after. They may have a longer surrender period, or higher surrender fees. They may have administration fees, management fees, trade fees, transfer fees, etc. Don’t assume it’s the same. No one can predict the future or what is going to happen to the economy. What you can do is understand what you are getting into now. Too many times, we make decisions based on the interest and we don’t see all the other nuances.

Ask questions. Know what you are getting into before you sign anything. Once you receive the certificate, make sure you review it one more time. Don’t let anyone leave until you fully understand what you have. Don’t assume.

“To be sure I must, and therefore, I may assume that your silence gives consent.”

—Plato

My door is always open; figuratively and literally. Stay blessed,

Delisle L. Doherty

Vice President of Sales and Marketing

832-232-2049

—SPJST—