Life Insurance Recommended By Many Financial Planners
Millions of Americans turn to financial planners to help them sift through the often complicated finances in their life. They can help individuals manage their money through budgets, investments and money-savings tips. It's no surprise that many financial planners recommend a life insurance policy as part of a balanced portfolio, but what may surprise you is that only 24% of planners specifically recommend life insurance to their clients.
This information is based on a survey of 2410 adults where 786 of them have a financial planner. The survey was conducted by Harris Interactive through Saybrus Partners Inc, and it showed that about 49% of US adults who have a financial planner and an overall financial plan did discuss adding life insurance to their plan. Many advisors recommend a variety of insurers and they suggest shopping around. But not all financial planners are even bringing up life insurance to their clients.
Kevin Kimbrough, national sales manager for Saybrus Partners, a subsidiary of The Phoenix Companies, says this survey confirmed what they have been hearing for years. Not all advisors are considering life insurance a necessity. He goes on to say that advisors are missing a crucial part of a financial plan for their clients which could ultimately expand their practice.
The benefits of life insurance typically not being tied to the market are worth considering for every financial plan being studied. They are not subject to the volatility that many investments are according to the article "Financial Advisers Not Including Life Insurance in Planning" by Carrie Burns on InsuranceNetworking.com which discusses these survey results in further detail. While many financial planners are discussing the importance of life insurance protection, there is still a big opportunity to educate all planners on how life insurance may be the best option for their customers.