A very balanced article in the Chicago Tribune discusses what consumers should consider when they are concerned about credit risk or the financial health of their insurance company.
Dumping an existing life or annuity policy when reading headlines about the health of an insurer may not be the wisest idea. At a minimum, consumers should seek a couple of informed opinions before replacing an existing policy.
There are fees and tax consequences that may come into play. In addition, there are strong incentives for certain financial advisors to play into the fears and replace a product when it is not in the best interests of the customer.
Source: Chicago Tribune
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