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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

The author is paid for product endorsements and has an ownership or other financial interest in the businesses related to the topics covered.

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Independent insurance advice

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email

Q: Can a non-commissioned investment adviser give independent advice about my life insurance?

A: Independent financial planners and non commissioned investment advisers have typically referred life insurance work to an insurance agent who is paid based on commissions, so the impartially of the independent advice is lost. The insurance policy usually has a built in commission equal to about 100 percent of the first year's premium that does not benefit the policy owner. This system is clearly not in the best interest of the investor or policy owner. A smart way to get around this obstacle is to work with one of the fee only insurance firms. These no-load insurance products offer many advantages that stem from the lower cost insurance policy so you can be assured of the same impartial advice as with other financial issues.


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