Financial Planners, Investment Advisors, and Insurance Specialists can now wrap data-driven, personalized insurance recommendations into their financial planning with complete transparency.
The Snap Product Team has done it again and we are thrilled to announce our latest project is now live and available for all Advisors using the software.
You can now model life, critical illness, and disability insurance in Snap Projections. Additionally, you can now create highly impactful personalized insurance needs analyses reports for your clients.
Get a copy of the report
Download the 6-page sample report that shows the life needs analysis, critical illness needs analysis, and disability needs analysis reports for our case study couple.
Why we built the Insurance Needs Analysis
Snap Advisors lead the way when it comes to feature additions and improvements, so naturally this idea came from our users requesting this insurance needs analysis functionality.
To put it simply, Advisors wanted napkin math on steroids. They need a tool that enables them to model what’s being said during a meeting in real-time, but they need something they can control and easily explain to their clients. They need something automated for speed and easy of use, but something they still maintain complete control over. They need something that gives them a track record for compliance, and something that says, “This is why I recommended what I recommend”.
Advisors need the ability to model insurance needs over time because this is something that can drastically change as time goes on or life events occur.
Here is what Advisors told us they needed:
Life insurance, Critical illness insurance, and Disability insurance needs analyses
As an Advisor, I want and need:
- A quick, practical and flexible tool to support straightforward insurance discussions that clients can relate to and easily follow
- I want to illustrate how income replacement needs impact total Life, Critical illness, and/or Disability insurance needs over time—this includes income for both spouses, as the non-ill spouse might want/need to take time off to support their partner
- I want to illustrate how debt liquidation impacts total insurance needs over time
- I want to explicitly communicate that other important obligations have been considered—this includes funeral costs, bequests, child care, medical bills, rehabilitation expenses, or home modifications
- I want to communicate how existing resources and existing coverage might impact insurance needs over time
How Advisors say this new functionality will help their practice
Show the visual representation of Life insurance needs over time (This is a big one!)
The new Life Insurance Needs Analysis charts allow Advisors to provide a visual that translates both short-term and long-term insurance needs into insurance product recommendations. This is a very powerful for tool for insurance specialists, because it allows Advisors to truly prescribe what each individual clients needs in order to fill any potential gaps within their financial plan.
In this case, you can see how the need for coverage changes over time, indicating that staggered term coverages for short-term needs and permanent solutions for long-term needs should be considered.
This chart helps Advisors to show their clients the visual of a personalized life insurance needs analysis, easily demonstrating how real need will change over time.
Model key discussion points during client conversations
Because this module is highly practical and flexible, Advisors can easily model the key discussion points that come up during conversations.
Snap enables the calculation of income replacement needs and durations if one partner were to become disabled, critically ill, or pass away.
Snap allows users to enter custom obligations at death that match the context of their client discussion.
Pull data from the projections into the Insurance Needs Analysis with a single click
To reduce duplication and speed up your workflow, we’ve introduced the ability to import data directly from the scenario into your needs analysis. These quick-fill options help keep everything consistent and up to date.
Track record for compliance
We’ve also added the input assumptions for the Income Replacement value in the Summary table for greater transparency and compliance retention. Advisors can add custom text into the comments section if they’d like to request a signature, include the date, or any other relevant information.
Custom liabilities are itemized on the Summary page and Client Report page, making it easy to communicate exactly what is included in the insurance calculation.
