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Life Health > Life Insurance

Are financial advisors neglecting life insurance?

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Life insurance is an important piece of a retirement blueprint, but only half-49 percent-of U.S. adults who have a financial advisor and a financial plan have spoken to their advisor about adding life insurance to their portfolio. That’s the finding of an online survey conducted by Harris Interactive on behalf of Saybrus Partners, Inc., a life insurance partnership and subsidiary of the Phoenix Cos., Inc.

In another important finding, 47 percent of those surveyed who employ an advisor and have life insurance said their advisor never reviewed their existing life insurance policy with them.

Kevin Kimbrough, national sales manager with Hartford, Conn.-based Saybrus Partners, said in a statement detailing the survey that by not discussing life insurance, advisors “are missing an opportunity to fill a critical gap in some existing financial plans while at the same time differentiating themselves and expanding their practices.”

A third, or 34 percent, reported that their advisor had advocated in the past two years that they add some form of life insurance to their financial plan, with 24 percent advised to include life insurance specifically. Only 10 percent said their advisor recommended long-term care insurance.

Of those that have life insurance and a financial plan, an overwhelming majority-83 percent-indicated they would be interested in life insurance policies that carried additional features not present in their current contracts: Thirty percent favored a rider that allowed them to receive the life insurance payout as income if they became seriously ill, while 28 percent said they would prefer long-term care coverage wrapped in the life insurance policy.

The Saybrus Partners poll was conducted in late July and surveyed 2,410 adults 18 and older, of which 786 said they currently have a financial advisor.

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