Page 17 - SFHNApril20finalSTUART.qxp_SFHN 0608 Friday 5.0

Together We Are Strong

Important answers to important questions

Here are my answers to important ques- obligations. You have a 30 day-grace period and then
tions about your current life insurance. your policy will lapse. Insurance companies reserve the
1. Can I change my annual premium right to reinstate you subject to medical underwriting.
payment to monthly or quarterly without If you are not as healthy, protect your policy from lapse.
hurting my policy?
Yes, contact your insurance company by Whole Life, Universal Life, Index Life,
phone immediately and ask for a change of Variable Universal Life
premium form. Ask them to email it to you, These types of policies are called cash value or per-
email can be immediate to 3 days, tradition- manent policies. FYI: The day they run out of cash; they
al mail can be one to two weeks. Also ask are no longer permanent. Whole life cash value grows
for the exact premium payment for the from annually declared company dividends, Universal
mode you want to pay. Annual is cheapest, life grows from annually declared company declared
then monthly systematic, with semi-annual BY HOWARD interest rate, Index life grows from a complex formula
the next cheapest, and lastly the quarterly WOLKOWITZ outlined in your presentation and Variable Universal
payment option. Life increases or decreases based on the performance of
2. How will this financial crisis impact your investment allocated portfolio.
the rate of return of my cash value policy We are in a low interest rate environment, a multi tril-
in the future? lion-dollar bailout, thousands of people unexpectedly dying
This question is more difficult to answer but it will have a and a stock market meltdown which may devastate variable life
huge impact. Below is a quick summary of life insurance policy insurance policies that have not been properly funded and
chassis and how they may be impacted. managed. This is the time to protect what you have.

Term Insurance Feel free to email me at howard@healthofyourwealth.com with
Protect it. Keep track of your premium date, insurance com- any questions. This is the time when we are stronger together. I
panies are not required by law to send you a bill or reminder encourage you to pay this forward and offer real advice to people
notice. It is your responsibility to keep track of your financial who need you now. My thoughts and prayers are with you.

T
NEW D ATE

o
O ngoing chang . e
o
O ngoing learning .
The Florid
Th Fl idd I tit tda Institute of CP A ’ (FICPA)’ (FICP A)) Health Care
PAAs
f CPPA
Industry C Conference is specifically de
esigned for
PA
CP As, CFO Os, and other financial offic ers working
h health care
in Florida ’s health care industry’ . With
finance coonstantly evolving, this eve nt k eeps you
ations.
up-to-speeed on new rules and regula
Conferencce Highlights:
• More thann 20 break out sessions led by
recognize
recognizeed thought leadersed thought leaders

•

Dedicatedd sessions to A & A and new to thhe profession

• Emergingg technologies
• Solution lleaders — one-on-one ideas for your
business challenges

•
Networking reception — catch up with youur colleagues!

DON’T FOORGET THE PRE-CONFERE ENCE ETHICS
COURSE ON JUNE 22!
June 23-24, 2020 ENDORSED YB :

J
O rlando annd Liv e S tr eam | CPE: U p t o 117
R REGIS TER ONLINE OR BECOME AA SPONSOR A T FIICP A.ORG/HCC
South Florida Hospital News southfloridahospitalnews.com April 2020 17