Independent insurance advice
originally posted: 11/22/2006 reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email asktony@tonynovak.com.
Q: Can a non-commissioned investment adviser give independent advice about my life insurance?
A: Independent financial planners and non commissioned investment advisers have typically referred life insurance work to an insurance agent who is paid based on commissions, so the impartially of the independent advice is lost. The insurance policy usually has a built in commission equal to about 100 percent of the first year's premium that does not benefit the policy owner. This system is clearly not in the best interest of the investor or policy owner. A smart way to get around this obstacle is to work with one of the fee only insurance firms. These no-load insurance products offer many advantages that stem from the lower cost insurance policy so you can be assured of the same impartial advice as with other financial issues.
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