Ask the
Expert

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Refinancing Your
Life Insurance

Your Cellular Superstore!

with Jennifer Babbv

Wireless 'Toy: Manager

Hertz

I I recently
broke my
phone
and
n't have
any insurance.
What do I do?

Q

Many of our Wireless
Toyz locations offer repair
ervices. When you stop
in to see us, our Certified Wireless
Expertz can provide you with a
repair estimate. If we discover that
your phone is broken beyond repair,
we can help you recycle it and work
with you to find a replacement
solution that will not be too hard on
your pocketbook.

As

Q

When I buy a new phone
what are my insurance
options?

When you purchase a
phone at WirelessToyz you
an opt to purchase cell
phone insurance from Cellcare.
Wireless handsets are lost, stolen,
and damaged every day. No one
expects it to happen. However,
industry studies show that 3 out of
10 wireless handset users will suffer
loss or damage to their handset each
year. Cellcare offer competitive
pricing, friendly and available
customer service, and a streamlined
claims process.

Direct your questions to:
(Lsktheexpertz@wirelesstoyz.com

and visit the nearest locations at:

Jennifer Babby @ 12 Mile & Northwestern
248.945.0090

Elizabeth Price @ 10 Mile & Evergreen
248.948.5000

Sandy Maizi @ Orchard Lk. & Telegraph
248.253.1400

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1369910

A50 April 10

0

2003

U mess you've been under-
ceeds to repurchase a new policy with
ground on an archeological
the same death benefit and keep the
dig for the past 20 years,
remainder to use for other purposes.
you realize the potential benefits of
While it may be a "no-brainer" to
refinancing your mortgage. You know
refinance your life insurance, great
about these benefits because of the
benefits can arise from a re-evaluation
huge marketing campaigns launched
of your life insurance needs.
by the mortgage industry. Many have
Is it even necessary for you to keep
refinanced their home mortgages
the policy? How has the policy per-
three or four times during
formed over the years? Will
this period.
the policy you purchased
What many financially
to last your entire lifetime
savvy people do not realize is
now lapse early due to a
that the life insurance mar-
lower than expected per-
ket is very similar. Most poli-
formance in the underlying
cyholders are just not aware
bond or equity market? Is
that you can "refinance" your
there enough cash value in
life insurance policy too.
the policy to allow you to
If you own life insurance
skip upcoming premium
Rob ert V.
(term or permanent) and
payments?
Sch echter
your health has not deterio-
Has your life insur-
Colu mnist
rated from the time you pur-
ance policy (or portfolio
chased the policy,
of life insurance
it is likely you can
policies) been
save money by
reviewed recently?
"refinancing" your
Talk to an insur-
policy. Here's why:
ance adviser who
• Life expectan-
understands the
cies in the United
constant changes
States continue to
in our industry.
increase. This leads to lower costs of
You and your adviser can determine
insurance. If you are relatively healthy
how your situation has changed over
as you get older, your life expectancy
the years and identify whether your
improves. A healthy 50-year-old may
life insurance policy satisfies your
have a life expectancy of 84, while a
objectives.
healthy 60-year-old may have a life
When interest rates plummet, it can
expectancy of 87.
be fiscally foolish to keep paying a
• There has been a tremendous
high-interest-rate mortgage. In today's
amount of consolidation in the life
life insurance marketplace, the same
insurance industry over the past
logic applies to healthy individuals
15 years (i.e., Met Life purchasing
who own life insurance. Have you
Travelers and John Hancock purchas-
looked into "refinancing" your life
ing Manulife). As a result, life insur-
insurance? ❑
ance companies are becoming more
competitive operationally and have
Robert Schechter is a CLU and
reduced internal costs.
ChFC. Schechter Wealth Strategies
• Many life insurance companies are of Birmingham is an affiliate of NFP
offering incentive programs to attract
Securities Inc. and a subsidiary of National
dollars that you may already have
Financial Partners Corp., the parent com-
inside of existing permanent policies.
pany of NFP Securities, Inc. Individuals
This often allows healthy individuals
should consult with a professional advisor
to increase their death benefit without
regarding potential tax, estate and legal
increasing future premiums.
considers that may arise in connection
• If you are over 70, you may be able
with entering into a life settlement trans-
to sell your life insurance policy in the
action. This is not an offer, recommenda-
secondary market to an institutional
tion, or solicitation of any product.
buyer. This may result in enough pro-

As life ex pectancies
rise, life i nsurance
costs will lower.

Silver

Three attorneys from
Bloomfield Hills-based
Hertz Schram PC are
among the Michigan
Super Lawyers in the
2007 issue of Law
& Politics. Howard
Hertz of Farmington
Stamler
Hills specializes in
entertainment law
and is head of the firm's entertainment
practice group; Kenneth F. Silver of
Huntington Woods is responsible for the
firm's real estate and probate adminis-
tration practice; Patricia A. Stamler of
Royal Oak specializes in employment
matters, whistleblower claims police and
governmental misconduct, sexual abuse
cases and special education.

Dr. Gabriel Sosne of
Oak Park, of Wayne
State University School
of Medicine and the
Kresge Eye Institute,
has been awarded a
$50,000 grant from
the Sinai Guild and
Sosne
an additional $60,000
Physician-Scientist
Award by Research to Prevent Blindness
for his groundbreaking work studying
a molecule that may lead to the healing
of damaged eyes. Sosne and his group
have been studying Thymosin Beta 4, a
protein molecule that occurs naturally
in the body. Previously discovered to be
an agent that accelerates healing, recent
studies have shown that it may also be
applied to treat previously untreatable
eye injuries.

Founding partner
of the Bloomfield
Hills-based law firm
Gornbein Smith
Peskin-Shepherd,
Henry S. Gornbein
of Bloomfield Hills
has been named
Gornbein
a Michigan Super
Lawyer 2007 by Law
& Politics magazine. Gornbein Smith
Peskin-Shepherd PLLC is a full-service
family law firm offering collabora-
tive divorce, mediation and traditional
court-based resolution of domestic rela-