Wednesday, May 23,2012
By: Carrie Van Brunt-Wiley
While they remain focused on several other aspects of clients' financial situations, many financial advisors are not reviewing life insurance coverage.
According to a poll from Saybrus Partners, 56 percent of financial advisors do not include life insurance as part of their regular discussions. In addition, less than half of them reviewed policies on an annual basis.
"Advisors are constantly reviewing the performance of their clients stocks and other investments. By contrast, they are reviewing their clients' life insurance policies far more infrequently, based on life events or client requests," said Kevin Kimbrough, national sales manager for Saybrus Partners. "Life insurance is not a set-it-and-forget-it product."
The subject itself may be the reason for the lack of attention. The survey also found that just 34 percent of advisors were "very comfortable" discussing the topic with their clients.
Making life insurance a more common subject of discussion may increase the number of people who are protected by it. According to data from LIMRA, the majority of U.S. households do not have an individual life insurance policy.
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