Consumers Should Carefully Consider Decision to Replace Life Insurance Products

Before making a decision to replace a life insurance or annuity product, consumers should ask questions and fully consider the long-range result, advises the Insurance Marketplace Standards Association (IMSA).

"Is replacing one financial service product with another always a bad idea? No. There can be very valid reasons for considering the replacement of one product with another," said IMSA President & CEO Brian Atchinson. "However, that recommendation by an agent, bank employee or other sales professional should be made only after careful consideration of a client's long-term financial objectives and insurance needs, and an explanation of the new product features and the impact of exchanging one product for another."

Consumers Should Carefully Consider Decision to Replace Life Insurance Products
Source: Market Wire