Complimentary Veralytic Report on a policy of your choosing.
For a complimentary Veralytic report on a policy of your choosing, simply e-mail an illustration of hypothetical policy values including the detailed policy accounting pages with the Veralytic Report Request to info@veralytic.com or fax it to our toll-free, confidential fax server at 800-409-3222. If you don't have detailed policy accounting pages, you can use the sample Request for Illustration to obtain the data needed by Veralytic directly from the appropriate insurer.
Either way, include #Heckerling2020 in your e-mail or fax submission. You'll receive your complimentary Veralytic report within 2 business days (usually less) and Barry D. Flagg, Founder and Inventor of the Veralytic Research Platform, will gladly review the report with you and discuss how Veralytic can help you better advise your clients and grow your business.
Reference Materials (Click thumbnails below to download)
“The life insurance industry is being transformed by the same mega-forces that transformed the investment business, bringing with it greater transparency, lower costs, and better performance.” - 6 Essential Ingredients to Life Insurance ADVICE - Steve Leimberg's Estate Planning Newsletter Email Archive Message #2547
For instance, “On July 18th 2018, the New York State Department of Financial Services (NY DFS) issued a Best Interest Rule for life insurance (Regulation 187). This new Rule re-defines the meaning of ‘clients’ best interests’ for product recommendations to be more consistent with other fiduciary rules, requiring life insurance producers to ‘act in the best interests of the consumer … based on an evaluation of relevant suitability information … and the care, skill, prudence, and diligence [of] a prudent person … considering only the interests of the consumer in making recommendations… [and] prominently disclos[ing] in writing limit[ations in] the range of policies recommended.’Previously, due diligence for life insurance product recommendations was governed by the National Association of Insurance Commissions (NAIC) Life Insurance Illustrations Model Regulation #582 This commentary will, therefore, contrast due diligence requirements for product recommendations under each, and explore the ethical implications for estate planning professionals who serve fiduciaries and/or work under a fiduciary definition of “clients’ best interests.” - New York Best Interest Rule for Life Insurance - New Requirements for Life Insurance Producers and Ethical Considerations for Other Estate Plannwers - Steve Leimberg's Financial Products Planning Email Newsletter Archive Message #6
Need a Speaker?
Are you active of your local estate planning or financial planning chapter? Life Insurance is often integral to planning for its tax preferences, and is increasingly promoted/considered as an investment asset, but has been opaque and difficult to understand because it hasn’t conformed to Prudent Investor principles broadly understood for other assets. Contact us to bring this training to your chapter to show your fellow members how to apply to life insurance the same universal decision-making framework already widely-accepted by clients’ other advisors for most every other asset on their balance sheets.
Learning objectives:
- Learn what the new New York Best Interest Rule for Life Insurance, new CFP® Practice Standards, and Uniform Prudent Investor Act (UPIA) all say about life insurance policy reviews, and why policy reviews under the NAIC Illustration Model Regulation are now considered "misleading", "fundamentally inappropriate", and unreliable by financial, insurance and banking industry authorities.
- See how benchmarking internal life insurance policy costs and performance expectations can be as easy as, as useful as, and as compliant as benchmarking costs and performance for every other asset on clients' balance sheets.
- Understand the steps necessary to level the playing field, avoid confusing “illustration wars”, and impress clients and centers of influence with a unique, fiduciary-oriented and independent method to measure product competitiveness and illustration integrity.
This training qualifies for ABA, AICPA, CFP® and CTFA continue education credit.
Stay Informed
Life insurance is the last, largest, most-neglected asset on clients’ balances sheets. As is often the case, neglect breeds poor-performance, and life insurance is no exception, having been among the worst-performing asset-types relative to clients' expectations for decades, and now the source of growing complaints, arbitration and litigation against advisors, brokers and insurers. The good news is the life insurance industry is being transformed by the same mega-forces that transformed the investment business, bringing with it the promise of greater transparency, lower costs, and better performance.
Follow us on Facebook, LinkedIn, and/or Twitter for the latest developments and ideas for getting more referrrals, eliminating competition against brokers offering "misleading", "fundamentaly inappropriate", and unreliable policy reviews, and growing your business by better advising and serving clients in the prudent selection and proper management of life insurance as an asset.