today, i met-up with a wealthy prospect (referred) who is still almost clueless in terms of the total coverage the family has, even though they have taken up more than 40 life insurance policies over the years. and what is really surprising to me is because even though they have recently engaged a fa rep (whom i know and respect), there was no comprehensive analysis and review of their wealth protection portfolio carried out with the family.
i have a daunting task ahead because firstly, i come highly recommended to the family and secondly, this family's collection of life insurance policies is the highest in number in my entire 14 years in the financial industry.
my comments:
on my first scrutiny of the policies, there are significant gaps already uncovered and the most important one being the lack of any pure individual disability income coverage. should (touch wood) either or both parents not die prematurely, or do not suffer from total and permanent disability but is unable to work due to any accident or illness (which falls outside the specified 30 critical illness), then will all the hard earned monies which total a good five figures towards paying premiums be of any good?
that is why i have always urged and encouraged readers to engage a competent financial adviser to do a review of their wealth protection portfolio. and belive u me, what u don't know, will not go away but remain a significant risk that may have the greatest impact towards your financial health.
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