Life insurance missing from many financial portfolios

Oct 06, 2011

Many do not add life insurance to their financial plans.

A new survey from Saybrus Partners, a life insurance partnership in Hartford, Connecticut, found less than half of U.S. adults who have a financial advisor and financial plan have ever discussed adding life insurance.

The survey said 15 percent of respondents who have discussed life insurance as a part of the financial plan did so more than 10 years ago, while 40 percent have discussed it in the past year.

“These statistics demonstrate that typical life insurance policyholders may not be aware of the many other uses for life insurance beyond family and heir protection,” said Kevin Kimbrough, national sales manager at Saybrus. “Life insurance offers potential for tax-efficient cash accumulation, which can be accessed for a variety of reasons including supplemental retirement income or health-care costs, as well as a tax-efficient vehicle to provide for heirs.”

About a third of respondents with a financial advisor and plan said that over the past two years, their advisor has recommended adding some form of insurance to their plan, but less than 25 percent discussed life insurance. About 10 percent said their advisor recommended long-term care insurance.

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