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Many financial advisors not considering life insurance when planning

Posted On Fri, June 1, 2012

A large portion of financial advisors don't typically talk to their clients about the need for life insurance when discussing the person's financial plans, according to a survey from Saybrus Partners.

The survey showed that 56 percent of financial planners don't speak to their clients often about life insurance policies when setting up a method. In addition, fewer than 35 percent of advisors explained that they are very comfortable with speaking about this type of insurance, the report said. Close to 20 percent said they are not prepared to speak with clients on the matter.

Only 47 percent of financial planners explained that they review a client's policy every year, according to the report. One in five explained that they discuss the policy only when their client has to deal with a major life issue - typically a new child or marriage. One in 10 said they only discuss the policy if their client asks about it.

"Our experience has shown that clients are looking to their financial advisors for comprehensive financial planning. Standard practice is that the planning process should begin with a foundation of protection and conclude with a wealth distribution phase," said Kevin Kimbrough, national sales manager for Saybrus Partners. "Therefore, it is critical for advisors to consistently include life insurance in their clients’ financial plans."

The survey added that more than 40 percent of financial planners noted they would be willing to work with life insurance professionals to acclimate themselves to better be able to discuss such issues.

If a person needs help with life insurance and factoring it into their financial plans, it could be a good idea to ask their advisor about such options. If they want to try to find the best option possible, it may be smart to look at multiple life insurance quotes, as there are many variations available.

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