Life Insurance  Fiduciary Requirements for Professional Advisors

Accountants, attorneys, RIA’s, planners, and other professional advisors counseling their clients on the purchase of life insurance, will soon have to meet a new set of “best interest” requirements similar to those currently in force in the investment industry. These will include the creation of proper decision support materials, as well as meeting higher standards for policy performance comparison.

Very importantly, the established practice of comparing life insurance illustrations is considered “fundamentally inappropriate.”

These regulations have already been imposed in several states, and are pending in others. Clearly, the regulatory trend is to protect consumers from “unfair and deceptive sales practices” by requiring their advisors to meet higher standards of “reasonable care and caution.”

The good news is that consultants with my firm are among the few experts utilizing the patented pricing and performance research that is available to evaluate life insurance pricing and performance with the same universal decision making framework that is already widely accepted in the investment business.

We can help you meet these new ethical and legal obligations without burdening you or your client with additional costs or paperwork.

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