One major reason why people neglect participation in a life insurance plan may be a misunderstanding about the various options available to them.
It’s widely understood that life insurance is an important asset to have at one’s disposal, whether it’s for protection against the uncertain or planning for the future.
Getting a client in the door and signing up for a life insurance policy isn’t a permanent solution. There are a number of changes an individual may experience in their lives that may call for various levels of coverage.
Financial professionals may find that some high net worth clients do not purchase as much life insurance as they should because the clients fear taking liquid assets out of other investments that lead larger short-term yields. This can be frustrating for financial professionals who want to help their clients meet legacy planning needs.
Key person protection is important for ensuring that your client’s business overcomes the loss of a vital employee. What is your client doing to protect their business if a key person is no longer there to help drive business? Unfortunately, many business owners don’t consider the risks of losing a key person until it is too late.
Every financial professional understands that high net worth clients are extremely valuable in the long term. These individuals have more assets to invest than anyone else, and that makes them ideal candidates for extensive financial guidance.