May 1, 2006 12:00 PM, By Carolyn Lloyd-Cohen, member, Carolyn Lloyd-Cohen LLC, Clifton, N.J.

By: By Carolyn Lloyd-Cohen, member, Carolyn Lloyd-Cohen LLC, Clifton, N.J.

Most people would say the hardest part about the life insurance business is getting people to pay for the insurance. I disagree. Once a person selects a life insurance product, the most difficult challenge is getting the best possible offer from the insurance companies. The estate-planning strategies agreed upon by a client and his advisor may hinge on the most fundamental aspect of the insurance product: How much does it cost? Particularly with larger insurance amounts and older clients, managing the underwriting process is critical for negotiating the best possible offer.

A good advisory team, quarterbacked by a lead insurance professional, should recognize that a well-planned underwriting design includes knowledge of the:

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