Gain an understanding of the life insurance illustration and ensure that life insurance product recommendations are in your client's best interest.
Significant changes to the definition of life insurance, together with expected increases in income and estate taxes, make life insurance more attractive to HNW and Ultra HNW clients. At the same time best interest rules from the SEC and New York (Reg 187), along with the CFP board's new standards for life insurance product due diligence, are redefining how financial advisors evaluate and recommend life insurance. While life insurance illustrations have been used as decision support for product recommendations in the past, these new best interest rules require new tools and different execution (i.e., as in best execution). This topic will provide a thorough understanding of the life insurance illustration, their legitimate uses, questionable practices, and practical alternatives to ensure that life insurance product recommendations are in your client's best interest.
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