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Introducing Raymond James Insurance Express

Drew Barnes, CFP®
October 18, 2018

As holistic wealth managers we are always striving to assist our clients in all areas of their financial lives.  One area of the utmost importance is ensuring that our clients have their families and assets protected by utilizing life insurance.  Whether it is a family in the accumulation phase of life needing to insure against the potential loss of income, a family needing to navigate through the complexities of having a blended family (as discussed in Jake’s post, here), or a family that has specific estate planning and legacy goals, life insurance is a wonderful tool.  Life insurance helps to protect against a financially and - most certainly - emotionally catastrophic event, as well as to help you achieve various financial and legacy planning goals.

At M.J. Smith and Associates, we have access to a new tool called Raymond James Insurance Express.  This tool allows our team to complete an in-depth “Needs Analysis” to analyze the appropriate amount of life insurance to purchase for each situation. The Needs Analysis accounts for the following factors in determining a family’s potential life insurance needs:

Income Sources

  • The income a family will need in the absence of a primary income earner (typically 60% - 80% of the current household income)
  • The amount of other income sources the family will have

Expenses

  • Funeral and other final expenses (including estate taxes, etc)
  • Outstanding debts (ie. mortgage, student loans, auto loans, credit cards, personal loans, etc)
  • Estimated college costs for children

Assets

  • Savings and investments (NOT including retirement savings)
  • Total face amount of all life insurance policies that are already owned

Additionally, Raymond James Insurance Express is integrated with our retirement cash flow planning software, Goal Planning and Monitoring®.  This makes for a seamless and efficient Needs Analysis based off of the extensive data we utilize for our client’s retirement planning needs.


Upon completion of the Needs Analysis, Raymond James Insurance Express then permits us to instantly run quotes for all of the top carriers that Raymond James partners with.  In addition to analyzing the different premium costs, the quotes come with rating tools to compare the financial strength of the numerous insurance companies.  If it is determined that a client will obtain life insurance, our team will work in tandem with the Raymond James Insurance Group to handle the application and processing, start to finish.


If you are interested in M.J. Smith & Associates reviewing your life insurance needs, including how it can fit into your overall financial plan, please contact us today and we’d be happy to walk you through all your options.

This information does not purport to be a complete description of the developments referred to in this material. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of the author and not necessarily those of Raymond James.

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