Advisors seen as uniquely suited to help clients evaluate their ongoing need for legacy life insurance policies
LOUISVILLE, KY, July 24, 2019 /24-7PressRelease/ — DPL Financial Partners (“DPL”), the leading insurance network for registered investment advisors, today announced a partnership with Lighthouse Life Solutions, LLC (“Lighthouse Life”) to offer member RIAs the ability to help clients who no longer need life insurance assets sell them for cash. RIAs typically work with clients on a comprehensive financial plan and, thus, may be uniquely situated to help them evaluate whether a policy they took out years ago is still meeting their needs.
“Life settlements are a natural extension of our product lineup,” said DPL Founder and CEO David Lau. “Lighthouse Life provides an innovative approach to life settlements including very fast-turn around in making competitive offers through a simplified underwriting process.” Lau explained that many life settlement providers require a lengthy review process that includes a medical evaluation, but Lighthouse Life typically conducts a brief telephone interview with the insured and makes an offer within a few days, not weeks or months, later.
“We’re honored to work with DPL and their member RIAs to bring our life settlement service to the fee-only advisor market,” Lighthouse Life Chief Distribution and Business Development Officer, Mike Coben said. “We like to work with policyholders who are well-informed, so the RIA market – where clients are advised by financial professionals acting in their fiduciary interest – is a great new business channel for us. By ensuring that RIA clients have access to life settlements, DPL is once again showing innovative leadership in the industry.”
According to DPL’s Lau, RIA clients most likely to be a candidate for life settlement transactions are older investors who own low cash-balance permanent life, or even term life policies when they typically have a convertibility feature. Clients may no longer need the policies because their liability profile has changed and/or they may be having trouble covering the premiums. In many cases, he said, liquidating the asset via a life settlement is a superior option to letting the policy lapse and receiving no value.
About DPL Financial Partners
DPL Financial Partners is the leading RIA insurance network that brings low-cost, commission-free insurance solutions from a variety of the nation’s top carriers to RIA practices. DPL’s mission is to create a marketplace of no-load insurance products that enables RIAs to incorporate insurance into their practice to more holistically serve their clients. Clients benefit from products with improved pricing and fiduciary implementation rather than a commissioned, sales-driven one. www.dplfp.com
About Lighthouse Life
Lighthouse Life Solutions, LLC works with financial professionals – including insurance agents, financial advisors, accountants, and others – who advise and assist policyowners with the sale of unwanted, unneeded or unaffordable life insurance policies. Lighthouse Life is focused on educating and assisting financial professionals about the value that life settlements provide to life insurance policyowners and their families. LightHouse Life offers a unique, fast and easy, approach for financial professionals to integrate life settlements into their practice for the benefit of life insurance policyowners. www.lighthouselife.com
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