Fiduciary Review of Life Insurance and Annuities

The marketplace for life insurance and annuities is very deep with many different types of products, with many different types of riders that a client may or may not need based on his or her goals and current situation. Often times we find that existing products may not meet a client’s current needs because the goals have changed or because there was not a goal-based process for taking out the coverage in the first place.

Whether you are in need of new coverage or if you would like a review of your existing coverage, a planning-based approach to determining the level of need is the first step. Once the level of need and length of need are determined, the product type is chosen and a benchmarking process takes place across many products.

Historically products have been predominately commission based as that has been the preferred compensation structure insurance companies have put in place for insurance agents selling insurance and annuities. Today there is a growing marketplace for commission-free life insurance and annuities that are preferred by fiduciary advisors because they can potentially save the client significant internal expenses if the policy is the right fit. In some cases a commissionable product is still the best option. We benchmark products across both commission and commission-free products to ensure our clients get the best potential value for the lowest cost on insurance products.

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