Survey: Many financial advisors not promoting life insurance to clients

Posted on: Wednesday, August 17, 2011

Though a life insurance policy can be a sufficient means to secure one's financial future, only half of consumers with a financial advisor have ever discussed the benefits of obtaining the insurance with them, according to a new survey.

The study, conducted by Sabyrus Partners, shows 49 percent of U.S. adults with a financial advisor and a portfolio have talked about the merits of adding a life insurance policy to their plan.

However, one-third of respondents stated their financial advisor has recommended adding some form of insurance to their financial plan. But, only one-quarter of those with advisors were directed to get life insurance.

"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 national sales manager for Saybrus Partners, Kevin Kimbrough. "The survey affirmed statistically what we have heard anecdotally for years - financial advisors often do not discuss life insurance during the financial planning process."

Agents looking for prospective insurance leads may find those with financial advisors are lacking policies and may not be entirely educated about the benefits that come with life insurance.

Posted In: Insurance News, Life Insurance

Enjoy this post? Share it with others.
  • Share on Digg
  • Share on Facebook
  • Bookmark on Google
  • Share on LinkedIn
  • Share on Reddit
  • Share on Twitter