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Insurance advisor and policyholder responsibilities

Life insurance and risk managementInsurance is not a very glamorous topic to discuss, but it is an important one. Continued from our Sept. 4 post, we’re going to discuss the responsibilities of your insurance advisor as well as your responsibilities as the policyholder.

Responsibilities of your insurance advisor:

  1. Create, recommend, and execute an insurance strategy that is consistent with your estate’s objectives, time restrictions, risk acceptance, guidelines, and limitations.
  2. Recommend appropriate insurance companies.
  3. Counsel you about the recommended selection and allocation of insurance assets.
  4. Continuously monitor the performance of your insurance assets.
  5. Recommend changes as necessary to meet your portfolio’s goals.
  6. Be available for meetings as necessary, and at your request.
  7. Prepare and discuss periodic reports.

Your responsibilities:

  1. Observe the progress of your insurance portfolio and be alert about the progress toward your goals.
  2. Be cognizant of the insurance policies’ objectives and how they serve your plan.
  3. Discuss and instruct your advisor to make appropriate changes to the plan, and approve or disapprove of your advisor’s recommendations; be engaged.
  4. Provide your advisor with information about your financial circumstances and risk acceptance; be sure to notify your advisor about changes to your information.
  5. Read, understand and ask questions about the information in your insurance policies’ contracts.
  6. You are responsible for exercising your rights, as attained through the insurance policy purchases, and through your agreement with your advisor.

If you have any questions about the roles that your independent insurance advisor or you play in working toward your short-term and long-term financial goals, it is important to discuss them openly as soon as possible. Confused? Have questions? We can help! Contact Synergetic Finance today with your questions or concerns.


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