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.
There’s a good chance many of your clients are experiencing worry over retirement. Such a significant life transition is bound to come with feelings of apprehension, and it’s typically the financial side of things that gives clients the most pause.
People are living longer, and with this development comes a greater need for future planning. With this in mind, it’s no surprise long-term care insurance has become a hot topic.
Many people will go above and beyond to take care of their loved ones, offering support in any way they can. However, in some cases, it’s not just a familial bond that leads individuals into action. Filial responsibility laws can leave your clients liable for financial assistance to relatives, and it’s up to you to ensure they understand their potential obligations.
More than ever, financial professionals are forced to contend with a strange dichotomy among clients. On the one hand, Americans are hungry for financial advice to sooth their worries. However, challenges in helping clients understand their risks, as well as the appropriate solutions, remain obstinate.
Just as some clients may not want to think about the need for life insurance and long-term care coverage, others may not want to focus on their business succession planning.
Dispelling insurance myths and urban legends can be just as beneficial to your clients as filling them in on coverage details in the first place. All too many individuals make serious insurance decisions under false impressions and with mistaken beliefs, so it’s essential for financial professionals to cut through the misinformation.