Survey shows financial plans should include insurance

Life InsuranceAccording to a Saybrus Partners survey, just under half of the American adults who have received professional financial advising and who have a financial plan have ever addressed the issue of including life insurance as a part of their portfolio.

Saybrus Partners is a Hartford, Connecticut-based life insurance partnership company. Among the survey participants who said that they had talked with their financial advisors about life insurance, 15 percent said that the discussion was held over a decade ago. An additional 40 percent had talked about it within the last year.

That said, while this topic is becoming more commonly discussed, it is equally as likely as not to involve a evaluation of potential policies in terms of their affordability, performance, and the potential of their lapse. Among the study participants, 47 percent who had a financial advisor and life insurance had never discussed the policy with the advisor.

Harris Interactive conducted the Sabyrus survey between July 22 and July 26. It included 2,410 American adults over the age of 18, among whom 786 claimed that they had their own financial advisor.

One in three participants who had a financial plan and a financial advisor said that at some time within the last two years, their advisor had suggested the addition of some kind of insurance to that plan. That being said, fewer than 25 percent of them received a recommendation specifically for a life insurance policy. Only 10 percent who had been told to obtain insurance had been advised to take out long-term care insurance.


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