When you’re speaking to your high net worth clients, they tend to take your opinion to heart.
Do your clients have enough life insurance? Of course, as their agent or financial advisor, you do your best to look out for your clients’ best interest, but recent information shows that there are certain groups of Americans who are not only underinsured, but also stand to lose the most in the case of an unexpected death. When a study from Genworth took a look at life insurance gaps among Americans, it identified four major consumer groups that may be in need of additional – or any – life insurance planning: unmarried parents, women, large families and those with certain common health conditions.
When it comes to life insurance, agents are constantly on the lookout for new markets to tap. From child-free married couples to high net worth young professionals and the growing population of wealthy individuals from countries like Brazil and Russia, it’s essential for insurance agents to be on the lookout for the next great market in need of wealth or retirement planning services.
While logic would dictate that half of the human population is hardly considered a niche market, it seems that many insurance agents have tailored their sales pitch to male clients and need to reconsider their approach when working with women.
As an insurance agent working with high net worth individuals, sometimes convincing them to properly invest in their future can be a challenge.