Life Insurance is an agreement between an individual (insured) and an insurance company that protects individuals against financial loss as a result of one’s death:
Generally speaking, there are four types of Life Insurance:
- The insured agrees to make timely payment of premiums to the insurance company
- The insurance company agrees to pay a certain amount of money to the insured’s named beneficiary upon the death of the insured
Most states require state certification, by virtue of passing a state licensing examination, in order to solicit these insurance products. Further, Advisors/Agents generally are required to meet Continuing Education requirements annually in order to maintain their license(s).
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable life insurance
As unpleasant as it may seem to speak to your client about their ultimate death, it is a conversation that is quite necessary in the financial planning process. A client’s family must be protected financially in the case of an untimely death. Advisors need to exercise prudent suitability standards when making recommendations to clients about the types or the amount of Life Insurance that is best suited for each particular client’s situation.
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