Which is harder: asking your clients if they have enough life insurance, or explaining to their families why they didn’t?
It’s not easy approaching your clients about life insurance, we get it. But if one thing has come out of the DOL Fiduciary Rule controversy this past year, it is a renewed understanding of the need to act in the best interest of our clients. And sometimes that means having conversations they might not want to have.
Clients often do not see the immediate value of life insurance. They might consider it lost money because they themselves will never use the benefits. They might underestimate the impact they have on their families as far as financial well-being. Many fear the cost will be prohibitive. Or they might assume their financial portfolio is already stable enough to provide for themselves and their family, and no further changes are necessary.
But the life insurance industry is ever-evolving in its desire to provide both long-term security for your clients’ families while offering features that provide benefits directly to the policyholders. According to a 2016 LIMRA report, nearly 40% of households realize they are under-insured, if not uninsured altogether. Nearly the same percentage would also be financial difficulty within a few months of an event that caused a loss of income. These clients do not understand that life insurance is often much more affordable than they estimate, with benefits such as long-term care riders and chronic illness benefits that offer tax-free security not found in other financial planning products.
That’s why we at Davis Life & Annuity encourage you to try a Life Policy Review. Simply put, if you give us the rundown on the coverage your clients currently have, we will do the leg work to find something better. And if they have no coverage at all, we contract with more than 40 top life and annuity carriers to ensure they get the best product available for their needs and budget. No cost to you. No risk to them.
Give us a call to work on your next case. Your clients will be glad you did.
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