Why a Life Insurance Agent is a Key Member of Your Estate Planning Team


Nelson J. Rodriguez, MBA
By Nelson J. Rodriguez, MBA
If you’re like some people, you may have a sense that life insurance is a good thing — but may not be certain why.
When was the last time you met with your team of professionals for help with a key financial decision? If you’re like most people, the answer is, “What team of professionals???”
You may be used to doing just about everything yourself—or trying to become an instant expert by reading the latest article on the hottest subject. Still, when it comes to your financial affairs, it may be more efficient an effective to work with a team of experienced professionals. Chances are that they can better guide you in the management of personal finances than you could by yourself.
There’s a wealth of business, financial, tax, insurance, and estate planning experience readily available. Tapping into these resources is a matter of knowing whom to look for and how to get started.
Why a Life Insurance Agent
Here are four key reasons why a life insurance agent should be a key member of your estate planning team:
Most people think a life insurance agent’s job is simply to sell insurance and financial products, but the job is much bigger—and much more important—than that. Specifically, your agent can:

  1. Help you to coordinate business and personal affairs. Your personal and business matters may be closely intertwined and, if that’s the case, they should be addressed simultaneously. Needs may include family decisions in business succession planning, estate planning and conservation, and retirement funding. Your insurance agent can help you decide on a program tailored to meet your financial goals.
  2. Conduct what is called a fact-finder. In the privacy of your home or office, a life insurance agent can help you see where you are at this point in your life, financially, and where you’d like to be in the future.
  3. Discuss financial products. Life insurance is not a one-size fits-all product. A life insurance agent can explain the various types of life insurance and other financial products, and how they can be tailored to meet your specific needs. Of course, the final decision will be up to you.
  4. Your life insurance agent can serve as the “quarterback” of your insurance team. Life insurance agents are trained to see the big picture and will be glad to cooperate with your other advisors in the creation of a professional team whose objective is to work in your best interests.

This educational third-party article is being provided as a courtesy by Nelson J. Rodriguez, MBA. For additional information on the topic(s) discussed, please contact him at (860) 298-1053. Neither New York Life, nor its agents, provides tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.