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.
From the tech bubble burst to the Great Recession, members of Generation X have had their list of financial woes and notable setbacks impacting their long-term financial planning.
The majority of the nation’s wealth is expected to soon be controlled by women and if over half of those women prefer to receive financial advice from other women, then men- you’re in trouble.
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.
As an insurance professional offering long term care coverage, there’s no doubt you’ll come across clients who believe such a product doesn’t apply to them. Such reticence is understandable, as no one likes to think there will come a day where they may need assistance with everyday tasks like bathing, dressing and eating. This is especially true of younger clients.
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.