Hidden Value is a new column inThinkAdvisorwhere Joe Elsasser, CFP®, answers common questions with insights advisors and their clients may not have considered. This week Joe tackles how to help clients pick the right life insurance.
It’s fairly common to come across clients who have accumulated multiple life insurance policies throughout the course of their careers.There are two basic rules to life insurance:
Don’t risk what you can’t afford to lose
Don’t buy more than you need
"The key is identifying the client’s precise risk mitigation need or desired economic advantage, and then determining whether the existing policy or policies meet that need."