Repainting an Old Canvas

Katt, Peter C.
October 1996
Journal of Financial Planning;Oct96, Vol. 9 Issue 5, p26
Academic Journal
The article describes a methodology one might use with clients who have accumulated a good deal of life insurance that must be reviewed and evaluated through financial planning. The first step in reviewing and evaluating existing life insurance is to obtain the necessary information about the policy-specifically, point-of-sale illustration, current in-force illustration, schedule of all premiums paid, a copy of the policy and any subsequent endorsements or policy changes. There are however, certain problems that are regularly faced while doing this step. The company may ignore the first several attempts to obtain information. It sends the wrong information. Completing the evaluation of the client's existing life insurance cannot be done until one has helped the client establish current realistic life insurance goals; otherwise, the policy evaluations will be done without any context. Establishing current life insurance goals can be done while waiting for all of the policy information to arrive. Reviewing existing life insurance requires patience and objectivity. It can take several months to accumulate all of the information needed to perform an evaluation, during which time the client's current life insurance planning goals can be established and compared with the existing planning.


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