Published: May, 2022
As an Independent Certified Financial Planner (CFP) for the last 35 years it’s been a personal experience for the speaker, Henry Montag, that the great majority of people aren’t familiar with their life insurance portfolio.
They’ll know how much coverage they have, they’ll know the name of the company, but won’t know how long their coverage will last, nor the extent of the risk they share with their insurance company that determines whether that time is guaranteed.
In the early 1980s life insurance was like a Carvel Ice cream store where the choices were Chocolate, Vanilla, or Strawberry, (Term or Whole Life Insurance).
Today that Ice cream store is more like a Baskin Robbins with 18 different flavors. (Guaranteed and Non-Guaranteed Universal life Ins, Indexed Universal life Ins, Variable Universal Life Ins, Private Placement Life Ins, in addition to the Term and Whole Life Ins.)
Each type of policy shares a varying percentage of the risk with the insured that determines whether the coverage will or won’t last for the rest of the person’s life based on their continuing to pay the current premium. Most individuals, however, are not aware of that fact.
This CPE webinar on Insurance will help you to understand the basics of life insurance!
You need to know whether that premium will be sufficient to maintain your existing coverage for the rest of your life. The reason is that an increasing percentage of existing coverage is expiring years earlier than anticipated due to reduced sustained interest rates and years of neglect on the part of the owner of the policy that wasn’t aware that they should have increased their annual premium over the years to make up for the reduced interest rates their policy was earning. According to The Wall Street Journal, the problem is now growing significantly worse.
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Account Executive, The TOLI Center East
I as the managing partner of The TOLI Center East help people better understand their life Insurance portfolio regardless of whether a person owns their life Insurance policy individually or through a trust. Whether the person is a CPA, an Attorney, or another type of an advisor, one thing remains the same. Most people are not familiar with their life Ins and incorrectly assume that their coverage will be there for the rest of their lives.
But because the majority of life insurance purchased over the last 25 years is Not Guaranteed and has significantly been affected by years of decreased interest rates and neglect on the part of the amateur trustee that wasn’t aware that they should have been increasing the annual premium, an increasing percentage of those policies are now expiring years earlier than anticipated.
Lastly, Life Insurance today is an 'Asset Class' and as such can significantly benefit the Insured with its 'Living Benefits' as well as the beneficiary with its traditional death benefit.
The more you and your clients know about your & their life insurance portfolio, the better off everyone’s family will be.
Co-authored American Bar Association Flagship book ‘The Advisors’ & Trustees’ Guide to Managing Risk. Featured in Bloomberg, Trust & Estates, NYS Bar Association, Accounting Today, Tax Stringer, Wall Street Week TV, Fox News, Wall Street Journal, Investor’s Business Daily & More ★
★ Clients Say ★
Mar 30th, 2022
WE REALLY LIKED THE PRESENTATION, AND MANAGED TO GET EXPLANATION TO OUR SEARCHING QUESTIONS. THIS WEBINAR WAS VERY USEFUL TO SEVRAL SMALL PRACTITIONERS.
Mar 31st, 2022
Learned the basics of life insurance and a lot more