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A copy of the questionnaire will be found later. The Society of Financial Service Professionals in Bryn Mawr, PA has produced an objective explanation and questionnaire for the purpose of assessing proposed policy replacements. Do you understand that a current policy more than 2 years old is incontestable as to incorrect statements or death by suicide, and that a new policy will incur another 2-year period before it becomes incontestable? Because premiums for these policies are often substantially less than Whole Life or even appropriately funded Universal Life, there will be little or no meaningful cash value available in a No Lapse/Secondary Guarantee Universal Life policy. No Lapse policies should be thought of as "lifetime term" with low (sometimes very low) guaranteed level premiums. Has your income temporarily declined, potentially keeping you from purchasing as much insurance in the replacement policy as you already own?

Has a parent or sibling died since the first policy was underwritten? Is the insured still insurable in an underwriting category at least as favorable as the original policy? Often the numerical logic is impeccable: Why wouldn't you proceed to exchange your policy if a large, second-to-die policy is going to need a substantial increase in premium to bring it back to its theoretical cash value curve, and a No Lapse policy will guarantee the original coverage for an outlay less than that which the older policy requires? As reviewed before, No Lapse/Secondary Guarantee Universal Life policies are a relatively new product type and are often proposed in support of policy exchanges when the original policy isn't performing to expectations. When a policy replacement is recommended by an insurance agent, advisors and policy owners should consider asking the agent to fill out the form for additional disclosure and discussion items.