Life Insurance Awareness Month - Square Peg, Square Hole

September is Life Insurance Awareness Month (LIAM).? According to LIMRA’s most recent Life Insurance Fact Sheet, the need-gap for life insurance has grown in 2024.? This year, a record-high number of adults in America (42%, or 102 million) report that they need life insurance or know that they are underinsured.? We at Heirmark have witnessed the tragedy that underinsured families and businesses can endure, believe wholeheartedly in the advantages that life insurance can provide, and strategize with our affluent clients’ advisory teams to help find solutions to fit each financial portfolio.

While we are firm believers that insurance solutions can be catered to fit just about anyone’s needs, we understand that insurance is not for everyone.? Our proprietary process is for discerning clients who want to explore the options that a well-constructed life insurance portfolio can provide.? We start by listening to the needs of our clients, then collaborate with them and their advisors to help ensure that our life insurance solutions enhance the bigger picture.

Per the LIMRA Fact Sheet, the majority of those surveyed said they haven’t explored adding life insurance to their portfolio based on the assumption that it’s too expensive.? Their estimates are admittedly based on “gut instinct” or a “wild guess.”? More often than not, their assumptions have overestimated the true cost.? Our proprietary process starts with a conversation that results in premium estimates.? We want clients to make an educated decision, so we provide guidance not only on the premium cost but the rate of return and any alternative premium structures that are available to consider.? If the cost is too great for the client to budget, we do not recommend continuing with the process to implement life insurance. ?We will not try to fit a square peg into a round hole.

Since we spend much of our time working with advisors, many of our new client relationships come directly from attorneys, accountants and wealth managers. We have gained the trust of these advisors, and in turn have earned the privilege to be of service to their clients.? Contact us with any questions or opportunities to help you or your clients achieve identified goals.? This is what we enjoy doing for only a select number of families, businesses, and charitable institutions each year, and we look forward to hearing from you.?