As financial professionals take on new challenges with a generational shift in the overall economy, it is vital that they look past the two people sitting in front of them and look down the line to the children as well. Often advisors get caught up in what the client needs in the moment and leaves it there, but very few take it further to ensure that the people they are trying to protect from financial hardship after losing a loved one are equally insured.
As a financial professional who helps your clients manage their money, you’ve probably seen them earn their wealth in all manner of ways. Many likely have successful business or investment ventures, while others may be the beneficiary of a trust fund.
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.