The Emergent Success of MyLifeAudit Life Insurance Policy Review Leads to Formation of Life Audit Professionals, LLC

Boca Raton, FL, April 20, 2011 --( Managing member, Richard Newman, CPA, today announced the establishment of Life Audit Professionals, LLC, the company responsible for developing MYLIFEAUDIT, a proprietary life insurance policy review system.

MYLIFEAUDIT was developed while Newman was a partner at Newman + Cohen Financial Management along with partner Donald Cohen, and Jeremy Bloom, director of business development. MYLIFEAUDIT provides an independent and unbiased detailed analysis of life insurance policies and can be used by the estate planning community, i.e., attorneys, CPAs, and wealth managers.

When asked why there has been a critical demand for MYLIFEAUDIT, Newman said, “As a result of the economic downturn, extended period of low interest rates, and existing policies utilizing older more expensive mortality expenses, a scenario has been created where 65-75 percent of in-force life insurance policies are underperforming. Underperformance could mean risk of lapsing, secure much higher death benefit for the same premium, or potentially lower the premium by more than 50 percent for the same death benefit in many cases. It is amazing how many times we find that policies are owned improperly which could trigger a significant tax consequence.”

Life Audit Professionals, through its MYLIFEAUDIT process and partnership with Ash Brokerage Corporation, one of the largest privately held independent life insurance brokerage agencies in the United States, has audited thousands of policies resulting in significant policy benefit improvements to policy holders.

“Just like a stock portfolio, bond portfolio or real estate holdings, life insurance is an asset that must be expertly managed,” said Newman. “We are only interested in the most appropriate product from the carrier with the highest ratings and at the best possible price. Being an independent firm allows us to analyze the marketplace rather than just one carrier or a few carriers. It is not possible for one carrier to always have the appropriate product at the best possible price, and that is why we are independent.”

Bloom concurred, “The power of Richard’s CPA background and tax knowledge, coupled with his more than 20 years of life insurance experience, empowers our firm to provide solutions rather than push individual products that may not be in the client’s best interest. As a solution-based firm using a conservative approach supported by ethical, unbiased and reliable information, we better position professional estate planning advisors to provide prudent life insurance recommendations to their clients.”

Effective today, Newman, Bloom, Andrew Shamp (a non-practicing estate planning attorney who currently serves solely as a financial representative) and key staff members can be found at the new headquarters located in Boca Raton at 2101 N.W. Corporate Boulevard, Suite 300.

For more information about Life Audit Professionals, LLC, or MYLIFEAUDIT, call 561-948-2423 or call toll free 855-LIFEAUDIT or visit

Kaye Communications, Inc.
Bonnie Kaye