“When you take out a life insurance policy, you pay premiums in the expectation that when you die your spouse or your children will receive the benefit.”

-Lesley Stahl, 60 Minutes Correspondent

This was the topic of conversation during a recent episode of 60 Minutes, titled “Not Paid.”  Although 25 of the nation's biggest life insurance companies have agreed to pay more than $7.5 billion in back-death benefits, there are still about 35 insurance companies that remain under investigation for not paying when the beneficiary is unaware there was a policy.

We here at LifePro believe financial advisors, like yourself, should be aware of these recent, but little-known, series of settlements with many insurance companies. 

To watch the complete 60 Minutes segment, click here: http://www.cbsnews.com/news/60-minutes-life-insurance-investigation-lesley-stahl/

Your Responsibility as an Advisor

Losing a loved one can be one of the most traumatic events in a person’s life. Not only do these individuals have to cope with their own grief, but they are also responsible for handling many social and financial responsibilities. As their trusted financial advisor, your assistance and support during this difficult time is vital in maintaining a strong, lasting relationship with your clients.

While it may seem obvious that your clients will turn to you for financial advice after their loved one’s passing, there are many other things they must remember to do.  For example, have they located the organ donation authorizations, and did they remember to obtain certified copies of the death certificate? Remember that this is a very stressful time in their lives, and chances are they are not really thinking straight.

We also want you to feel comfortable and assured knowing that the carriers we recommend in many situations, including Allianz Life and National Life, were not named in any litigation and take great pains to proactively obtain the information needed to pay out claims and locate beneficiaries when they have benefits owed to them.  For additional details, please feel free to reach out to your Field Support Representatives. 

Survivor’s Checklist

We have created a full “Survivor’s Checklist” for you to share with your clients that outlines the immediate and long term responsibilities they may have. It is a fillable PDF which allows you to enter in your own information so you can be your client’s main point of contact in their greatest time of need.

By simply reminding a grieving client to do these things, you will be helping them mitigate any legal consequences, and more importantly, get them back on their feet.

Make sure to include this into each one of your client’s packets when you deliver their insurance policy.

Click the button below to download your copy today!