Financing is best achieved when the client can afford to pay cash.
Financed life insurance policies are oft-prescribed but little understood vehicles that can have catastrophic consequences if used incorrectly.
The most conservative and thoughtful life agents, for instance, take an approach that financing is best achieved when the client can afford to pay cash, but would prefer to deploy their resources elsewhere. This approach, when combined with realistic stress testing that shows prospective clients their comprehensive downside given changes in rates and market performance, is a good first step in applying best practices to financed life insurance.
Here are eight more best practices when dealing with financed life insurance:
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