With life insurance issues rising, new ABA book provides steps to comfort
For many decades, life insurance was considered one of the most ethical and stable financial services businesses. But this reputation gradually changed. Today, there is a life insurance policy crisis developing, and it requires individual attention in order to avoid the pitfalls associated with lapsing policies and deceptive and misleading practices.
A new book from the American Bar Association, "The Life Insurance Policy Crisis: The Advisors and Trustees Guide to Managing Risks and Avoiding a Client Crisis," pulls back the veil on this looming crisis and explains the solutions for fixing it. The 244-page book covers many topics, including a history of the lapsing life insurance policy crisis, the new combination policies that include long-term care insurance, a fresh look at the sustainability of existing policies, reforms that can help all policies remain solvent and best practices in litigating against the predatory practices of the life insurance industry.
Authors E. Randolph Whitelaw and Henry Montag bring their 75 years of combined experience to explain the intervention process that trusted advisors can recommend to policy owners to avoid unexpected lapse, obtain creditable fact-based risk management and ensure a favorable planning outcome. Whitelaw is the founder and managing partner of The TOLI Center, LLC (TTC) and Trust Asset Consultants, LLC (TAC), based in St. Louis; and Montag, a principal of the TOLI Center East, which has offices in Long Island, N.Y., and New York City, has been in practice since 1976.
Published: Mon, Nov 14, 2016
