“The advisor really has to be an expert on various crisis subjects…

“If that’s not the case, then he or she should not hesitate to call in, or be a channel for, another professional advisor who is an expert on the particular subject in question.

“Take life settlements as an example.

“If the senior says an older life policy has become unaffordable, the advisor may need to explore the settlement option. If the advisor is unfamiliar with this field, the advisor can contact an insurance consultant who knows all the ins and outs. The consultant will charge a fee–rather than a significant commission–to validate and pursue a settlement. The professional advisor should be willing to obtain this type of assistance to maximize the seller’s proceeds….”

Source: John M. Bragg is an actuarial consultant at Bragg Associates, Atlanta. This is an excerpt from his article on “Seniors In Crisis,” in the July 20, 2009 issue of National Underwriter Life & Health. See his article here