Perhaps more important today than ever before, individuals and businesses contemplating the purchase of new life insurance products or managing their existing insurance portfolios, are confronted with an array of offerings where even the simplest are difficult to understand, let alone manage.
Insurance contracts can be extremely complicated offerings, and Actuarial Strategies, Inc. (ASI) has frequently seen situations where even financially astute individuals and business owners, who have been highly successful in their professional or business careers, simply do not understand the nature of the offerings recommended to them. Without this understanding, an informed and intelligent decision may not always follow. In other words, the product selected to solve the client’s concern may not be optimal nor the most cost efficient.
What is needed is competent and objective guidance from professionals who understand insurance products and how they solve problems.
How does one get competent and objective guidance? Most customers get their information from an agent or broker. However, for the guidance to be objective, it should be unencumbered by the conflicts that inherently exist when the advice is provided by individuals who may profit from or be compensated for the advice they render.
Our ASI Insurance Evaluation Service for Trusted Advisors supports the work of advisors when insurance, including life insurance, annuities, and long term care, is a consideration. We consult with prospective buyers and owners of existing insurance. We evaluate and recommend appropriate policies to buy for their personal and business needs. In addition, we offer advice as to the strategies to follow once the policy and/or policies have been purchased.
Our knowledge and expertise, coupled with a comprehensive view of markets, customers, and distributors, gives us the opportunity to help clients navigate through the myriad of products to make sound choices within their stated risk tolerance levels. Collectively, our team has over 60 years of insurance expertise and an appreciation of industry best practices. Team members are recognized as industry experts and have executive experience at some of the largest and most well respected insurers. Our client list includes large and mid-sized insurance companies in the United States and Canada.
ASI’s “Insurance Evaluation Service for Trusted Advisors” includes the following:
- Objective analysis of client need to be addressed
- Unbiased evaluation and recommendation of insurance solution; ASI does not sell products, nor is affiliated with any product distributor or carrier, so no remuneration is earned based on the product selected
- Insurance market expertise that covers the broad range of products and carriers available
- Understanding of insurance company ratings and implications
- Actuarial expertise and a strong knowledge of insurance product charges, coverages, benefits, and guarantees
- Tools to evaluate a clients risk tolerance and sensitivity to fees and expenses
- How insurance products fit with a clients particular situation
These services are critical for clients who are contemplating owning insurance as well as clients who already own insurance; for owners of insurance, important criteria to evaluate is the impact on existing coverage due to financial market conditions, ongoing fee and expense charges, and evaluating the current product solution against changing client needs and situations.
We hope you will consider ASI’s Insurance Evaluation Service for Trusted Advisors as you work with clients who face concerns that insurance products can solve. Working together, we can help clients maximize your advice with the product solution that meets their unique situation.
Client Review:
Our evaluation process always starts with the advisor and the client. We utilize a client information template to help us discern the client need, his financial profile, risk tolerance, and sensitivity to fees. Our approach is to work closely with the advisor and client to fully understand the objective at hand as well as the client’s current situation so we can hone in on the best solution. Once a solution is arrived at, we will then go out into the market to find the best product to meet the client’s needs.
Market Analysis:
Based on the client’s profile and situation, we identify a range of alternative solutions (whenever possible.) We may specifically identify the products that can solve the client’s problem. Our list of companies will cover leaders in the market, as well as niche players that may be specialized in the particular product line the client is considering.
Company and Product Analysis:
Once a range of solutions is identified, we will then analyze each product available. We will compile the detailed company and product information into a summary sheet that will present product features, costs, company ratings, and other critical information that will help drive the ultimate recommendation. Our unbiased approach will collect the facts so there is clarity of options.
Recommendation:
Based on the client situation, the problem at hand, and the solutions available in the market, ASI will develop a recommendation that incorporates the client’s specific needs and financial position. (The recommendation may identify the pluses and minuses of a number of satisfactory alternatives.) Because ASI is paid on a “fee only” basis and receives no remuneration from the insurance company or broker, you can rest assured that you will receive unbiased, analytical, expert advice. We are truly agnostic to the ultimate solution, as long as it meets the needs of our clients.
Ongoing Insurance Needs and Product Support:
We wish to emphasize that the above outline of approach extends to both new product needs and reviews of current insurance holdings. We are standing by to revisit insurance needs and product selection, as well as revisit insurance needs based on life and circumstance changes, including changes in risk tolerance for example. What you needed at age 30 may change dramatically at age 60 and beyond.
For more information, e-mail us with your name, title and company name.
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