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Survey finds financial advisors overlook life insurance

Posted On Tue, August 16, 2011


While financial advisors may be crucial in ensuring that an individual is on the right path for retirement and the future, a recent survey by Saybrus Partners found that many of these monetary experts do not speak to their clients about life insurance.

The recently conducted online survey found that only half of those individuals who had, or were working with, an advisor and had developed a financial plan ever spoke about life insurance. Of the 2,410 adults surveyed, only 786 had an expert they were working with on any of their financial needs.

"We believe life insurance is foundational for a well-designed financial plan, not only for the protection it provides but also its tax efficiency, and potential for cash accumulation and wealth transfer," said Kevin Kimbrough, national sales manager for Saybrus Partners.

While some Americans may be leery of making any type of financial investments right now, some experts say that a life insurance policy may be able to offer assets that are not directly tied to the stock market, possibly limiting their potential instability.

Of those surveyed who had both an advisor and a life insurance policy, 47 percent said that their financial expert had never reviewed their plan.  

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