Creating Client Value Through
Fee-Only Insurance Advice

At-a-Glance: Fee-Only Life Insurance Advice

How does fee-only life insurance counsel work?

• A fee-only life insurance advisor's compensation is based only on time, such as an hourly fee, not what's sold. They receive no commissions or incentives.
  
  
• Most fee-only life insurance advisors focus on a clientele that is planning to purchase or re-evaluate a permanent life insurance product.
  
  
• The fee-only advisor works with the client to gather the required information. The advisor then researches a variety of available options and presents the information to the client. If the client elects to purchase life insurance, then the client will purchase the insurance directly from an agent or company with the fee-only insurance advisor monitoring the process from start to finish.
  
  
• Typical engagements last between 5 to 15 hours. The simplest of cases takes a minimum of two hours.
  
  
• Typical clients for fee-only insurance advisors include:
  
  
  • Individuals considering the purchase, replacement, termination, or sale of a policy
    
    
  • Professionals such as estate planning attorneys, financial planners, accountants and insurance trust trustees
    
    
    • Adding a fee-only life insurance advisor to your client team adds value, credibility and strengthens your client relationships
      
      
    • Using a fee-only life insurance advisor also assists professionals in meeting fiduciary and ethical obligations to clients
      
      
  • Business owners who offer life insurance as part of their compensation or benefit plans, or need to use life insurance for other business purposes