As is often the case, we learn the most when something goes wrong. Recently, I was working with an advisor who has a client with a foundation, or at least that is what we thought. The foundation is for all of the same purposes as most people who have a foundation; to further the goals of non-profit and charitable interests of the donor(s). For full post, click here…
An attorney member of the Wealth Council posted a question on the list serve asking for referrals to a fee-based life insurance advisor. Another member directed him to me and I ended up in an engagement with his client.
It turns out a woman in her eighties had recently lost her husband and someone had advised her and her family that the $1,500,000 of insurance in force on her life was “garbage” and they should get rid of it.
Fortunately, the attorney recommended an independent analysis before any action was taken. It ended up that there were two policies, one for $500,000 and one for $1,000,000. One was originally a survivor life policy. The $500,000 policy was a well-funded Guaranteed UL policy with a highly rated and well respected carrier. The $1,000,000 was with another decent carrier and was a current assumption UL contract which was modestly underfunded. For full post, click here…
