Slightly less than half of U.S. adults who have a financial advisor and a financial plan have ever discussed adding life insurance to their plans, according to a survey released Tuesday by Saybrus Partners, a life insurance partnership firm in Hartford, Conn.
Fifteen percent of respondents who said they had discussed life insurance with their advisors did so more than 10 years ago, while 40% have discussed it within the past year, Saybrus said in a statement.
However, even with discussions about life insurance becoming more common, as likely as not these do not include a review of existing policies concerning issues such as performance, affordability and potential policy lapse. Forty-seven percent of respondents with life insurance and a financial advisor have never reviewed their existing policy with them.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
