Mailbag Monday: Fee-Only Life Insurance Advisors
I have a friend that has been taken advantage of by an unethical broker. Because I work in the industry, I am helping her clean up the mess and file a formal complaint. She also needs help with life insurance and I am not knowledgeable enough to help her. Is there any kind of resource, akin to a fee-only planner, that she could use to evaluate her needs and determine the best option? All avenues I am aware of turn to people who have a vested interest in selling a product. Thanks.
— Margaret
Margaret, she’s lucky to have you! There are, in fact, fee-only insurance advisors who – like fee-only financial planners – who will help you figure out the right life insurance policy (with the lowest commission) for you. Unfortunately, there aren’t many of them. I only know of three – and I’m going to point you directly to them. Glenn Daily is in New York, NY. Peter Katt is in Mattawan, MI. And Scott Witt, whom I learned about from this Bankrate.com story, is in New Berlin, WI. I can vouch for Daily and Katt because for many years, they were sources I called whenever I was writing a story on life insurance. Some fee-online financial planners may be able to help you with this as well. You can find ones near you by using the locator tool at NAPFA.org.
