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.
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.
Insurance producers have the difficult task of getting their clients to think long and hard about topics they may not want to consider. Namely, their eventual passing. However, death is not the only potential risk your clients need to focus on protection against. In fact, based on data, there’s a good chance your clients are better financially prepared for death than they are for disability.
Given that the baby boomer generation is a very large one – with a population of more than 77 million in the United States in 2008 – insurance agents and financial advisors should ensure that they are meeting their unique needs.
When was the last time you talked with your clients about their financial plan if they were to suddenly become disabled? Disability insurance is reported to be one of the most overlooked types of insurance. If you haven’t discussed it recently with your clients, now is a good time.
Life insurance policies can benefit people in some unexpected ways. Most people know the primary benefits of life insurance: To meet financial obligations upon a policyholder’s death, as well as maintain their household should they have any spouses or dependents to support. But in certain scenarios, life insurance policies can provide a much larger benefit that can help shape a family’s legacy.