Policy Review Last reviewed: 2026-10-03 Part of Policy review

Free Life Insurance Policy Review

Written and reviewed by Hans Goldstein, licensed insurance producer, NPN 20602398 · CA Insurance License #4273294
Last reviewed October 3, 2026 · Published October 3, 2026

How it works: you ask your insurer for an in-force illustration (the letter is below), send it or your annual statement to me, and within one business day you get a written read: is the policy on track at current and guaranteed assumptions, what it would take to fix it, and whether to keep, adjust or replace it. No cost. A free call if you want one.

Who this is for

You own an IUL or universal life policy and are not sure it will last. Underfunded policies are the ones that lapse in the late 70s and 80s, when the cost of insurance is highest.
You own term that ends or loses its conversion option in the next few years.
You own whole life and wonder whether to keep paying, reduce it to paid-up, or use the cash value.
You were just quoted a policy and want a second opinion before you sign.
You are thinking about surrendering a policy for its cash value. Read should I surrender my IUL first.

Listen for "will"

An honest presentation of anything non-guaranteed uses words like "up to", "could" or "illustrated at". If you hear "will" about cash value, index credits, loan income or a living-benefit payout ("this policy will pay you 80%", "you will have $1 million at 65"), treat it as a red flag. Only the guaranteed column and the contract's stated guarantees are promises; ask the person to show you where the word "guaranteed" appears.

Step 1: request an in-force illustration

An in-force illustration is the insurer's projection of your actual policy from today forward, using its current charges and crediting rates and, separately, its guaranteed maximums. It is the single most useful document for judging a permanent policy, and your annual statement alone does not show it. As the policy owner, you have the right to ask for one. Most insurers provide it free through their service center or website.

Copy the letter below, fill in the brackets, and send it to the service address on your annual statement (or use the insurer's online service portal). You send it, as the owner. I don't contact your insurer on your behalf.

In-force illustration request (template for the policy owner)

[Your name]
[Your address]
[Date]

[Insurance company name]
Attn: Policy Service
[Address from your annual statement]

Re: Policy number [your policy number], insured [insured's name]

I am the owner of the policy above. Please send me an in-force illustration showing guaranteed, midpoint (where applicable) and current values, for each of the following:

My current planned premium, continued to age 100 (and to age 121 if the policy matures later).
The premium needed to keep the policy in force to age 100 and to age 121 on current assumptions.
The same premium solve on guaranteed assumptions.
If the policy has an increasing death benefit (Option B), the same ledger with a switch to level death benefit (Option A) at the next anniversary.

Please also include the current crediting or cap rates for each account, the current loan interest rate and any outstanding loan, the surrender charge schedule, and a list of riders attached to the policy.

Please send it to the address above or email it to [your email].

Sincerely,
[Signature]
[Phone]

Typical turnaround is a few weeks. While you wait, send me the latest annual statement and I can start with that.

Free policy review

Get the request letter by email.

Send your email and I'll email you the in-force illustration request letter, ready to print and sign.

We’ll email it to you. Hans Goldstein · NPN 20602398.

Rather talk it through? Or book 15 minutes on Hans’s calendar.

Step 2: send it to me

Email the illustration or statement to hans@hansgoldstein.com, or use the form on this page and I'll reply with a secure way to send it. Black out anything you like except the policy values, premiums, dates and rider list.

Step 3: what you get back, within one business day

A Goldstein Index read of your policy on the dimensions that matter for its type: funding level, charges, loans, living benefits, carrier strength.
The lapse question answered. At your current premium, does the policy reach age 95 or 100 on current assumptions? On guaranteed assumptions?
The fix, if one is needed: the premium to carry it to 100 or 121, whether switching from Option B to Option A helps, or whether reducing the face makes sense (with the tax caution below).
Two alternatives where relevant, side by side, with guaranteed, midpoint and illustrated-scale columns.

What to know before changing anything

Reducing the death benefit within the first seven years, or after a material change, can trigger the modified endowment contract rules under IRC §7702A, which change how loans and withdrawals are taxed. Surrendering a policy with a gain creates ordinary income, and a lapse with a loan outstanding can create taxable income. Replacing a policy means new underwriting, new surrender charges and California's replacement forms. This is why the review comes before any change.

What I look at first

On an IUL or universal life policy: the guaranteed column, the current illustrated rate compared with the maximum the illustration rules allow, the death benefit option, how much premium has gone in relative to the policy's limits, and any loan. Loans matter more now than they did a few years ago. Variable policy loan rates are capped by reference to the Moody's corporate bond yield average, 6.25% in September 2026 (NAIC), while illustrations may assume at most a 0.5% spread between the loan rate and the index credit (AG 49-A). A heavily borrowed policy in a flat index year can lose ground quickly.

On term: the conversion deadline and which products you can convert to. See term conversion and the deadline checker.

On whole life: the dividend history, the paid-up options, and whether the policy still fits the job you bought it for.

What this is, and isn't

This is a policy review with a licensed insurance agent. It is free, and you owe nothing if you keep your policy exactly as it is, which is often the right answer. If a change makes sense and you want my help, I am paid a commission by the insurer on any new policy, and I'll tell you what it is. I don't give tax or legal advice; anything with an estate or trust angle goes to your CPA and estate attorney.

Prefer to talk first? Book 15 minutes or call 213-414-2808.

Start your free policy review

Tell me what you own. I'll reply with next steps and, once I have your illustration or statement, a written read within one business day.

Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.

Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer

Frequently asked questions

Is the life insurance policy review really free?

Yes. There is no cost and no obligation. Hans is paid only if you decide to buy a new policy through him, and keeping your current policy is often the right answer.

What is an in-force illustration?

It is your insurer's projection of your actual policy from today forward, shown on current assumptions and on guaranteed assumptions. It answers whether the policy will stay in force at your current premium.

Will Hans contact my insurance company?

No. As the policy owner you request the illustration yourself using the template letter on this page. Hans reviews what you send him.

How long does the review take?

Within one business day of receiving your illustration or annual statement, you get a written read. A call is optional.

Should I reduce my death benefit to lower costs?

Sometimes, but reducing the face within the first seven years or after a material change can make the policy a modified endowment contract under IRC §7702A, which changes how loans and withdrawals are taxed. Get the in-force illustration and a review first.

Sources

Hans Goldstein, CA Insurance License #4273294 · NPN 20602398 · Goldstein & Co. LLC dba Goldstein Insurance Services, CA License #6016830

Contact: hans@hansgoldstein.com · 213-414-2808

General education, not tax or legal advice. Tax treatment depends on your facts and on current law, which can change. Talk to your CPA or estate attorney. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Guarantees apply only to the contractual terms of the policy. Caps, participation rates, loan rates, charges and dividends are not guaranteed and can change. Hans is paid a commission by the insurer if you buy a policy through him. For life insurance, ask and he will tell you what he earns on your specific policy. Product and company names are trademarks of their owners. Goldstein Insurance Services is an independent agency, not affiliated with or endorsed by any insurer named here. Life insurance requires underwriting; not everyone qualifies. This page describes products in general terms; read the policy and the insurer's disclosures before you buy.