Once again we’re seeing the life insurance industry severely criticized by those who many of us might usually regard as somewhat well versed in all the issues affecting the industry.
In recent times there has been comment on life insurance as an investment, the high rates of commission paid to financial advisers and whether or not the payment of a life insurance premium is good value for money.
Financial advisers may well greet this sort of criticism with dismay primarily because the industry provides their clients with the income needed to survive in very difficult circumstances. However, on the positive side the current criticism may well cause consumers to question life insurance and the need for it – and more importantly find the answers that are not always provided by journalists and news organisations.
I recently had a client diagnosed with terminal cancer and his life insurance provider made an immediate payment of the life insurance proceeds so that he was able to repay his mortgage and so leave his family without that ongoing financial burden!
You know, I was tempted to ask my client whether he thought the life insurance was a good investment, the commission paid to the adviser fair and the premiums paid good value for money. Of course, in the sensitivity of the situation I didn’t ask those questions but am very confident that proceeds paid would have far exceeded the premiums paid.
So, before accepting the somewhat shallow criticisms I’ve mentioned, why not take the advice that focuses on your needs to be protected, and answers questions around costs, commission, investments and value for money!
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