Wealth Advisor Resources

Is There One “Best” Life Insurance Policy?

Michael Brohawn CFP®, CLU®, CAP®
Your Life Insurance Solutions

Sep 28, 2020

Tip #11

There is no one best permanent life insurance policy, but there is the best policy for each particular situation or client.

Too often, when your clients buy life insurance, they are sold a particular “hot” product. The life insurance industry has done a great job of adapting policies to the marketplace and customer preference. For example, today, one of the hottest-selling products is equity index universal life (EIUL). It gives clients (a portion of) the upside of the equity market while limiting the downside. With the market crash still visible in your client’s rearview mirror, this type of policy is attractive. But, permanent life insurance should be just that: permanent. Its selection should not be based on what happened last year or ten years back but on the needs and expectations of your client over their lifetime. Yes, EIUL may be the “best” product for them, but the decision should not be made quickly; there should be a process behind it. In the Wealth Advisors Guide to Life Insurance, we review the different types of permanent life insurance by their characteristics (cash value investment, premium flexibility, death benefit guarantee) and then walk through a process to select the best policy for each particular client’s situation, based on policy characteristics and the client’s needs, risk temperament and funding capabilities. No matter your role as wealth advisor—the trustee accepting the policy, the attorney writing the ILIT document, the family office advisor overseeing the transaction—you can provide your client with a process to help them make the “best” decision on their life insurance purchase. You can increase your value to your client. For more information about The Wealth Advisors Guide the Life Insurance, go to MichaelBrohawn.com

Free Book For Wealth Advisors

Michael put the knowledge gained from working with Fiduciaries and Wealth Advisors on thousands of life insurance policies into his first book, The Wealth Advisors Guide to Life Insurance.

An easy to read book, it provides Wealth Advisors with a background in life insurance and outlines the process for the proper selection, use, and management of life insurance.

If you are a Trustee, Attorney, CPA, Family Office or Fee-Based Advisor, Michael is offering you a free copy of the book for a limited time.

5 Steps for Wealth Advisors Acting as a Life Insurance Trustee

5 Steps for Wealth Advisors Acting as a Life Insurance Trustee

If you are a Financial Advisor, Attorney, CPA, or other Professional who has taken on a life insurance trust for profit or accommodation, read on…. Most poeple do not know it, but non-corporate trustees like you oversee almost 80% of trust-owned life insurance. You...

Would you put unlimited cash into a fund that guaranteed a 4% return?

Would you put unlimited cash into a fund that guaranteed a 4% return?

Back in 2018, I came across a Canadian universal life policy policy that paid at least a 4% guaranteed return on policy cash value.  The kicker – in the US, you are limited by tax law as to how much can be put into a life insurance policy – in Canada that was not the...

Download Our FREE Guide

7 Mistakes Your Client is Making With Life Insurance

More About 

Michael

Wealth Advisor

Resources

Published

Articles

Michael's

Blog

1900 South Harbor City Boulevard, Suite 328 Melbourne FL 32901