What do you want to know
- The growth is great.
- Safety is essential.
- Life insurance can help customers with growth, as well as security.
For most of us – even those of us involved in financial services in one way or another – discussing life insurance ranks on the same level as discussing surgery. onions or debate the merits of a high fiber diet.
In other words, it’s not very interesting, and there are a ton of things we’d rather be doing than wondering how much life insurance we need.
Yet no product can do more than life insurance to provide your clients and their families with peace of mind when it comes to protecting their financial future.
If you help your clients with investments and retirement planning, but not life insurance, you should consider teaming up with an agent or company that serves the advisor market, to ensure clients get the help they need with life insurance.
What life insurance can do
Having the right types of life insurance can help protect your clients’ income and assets while they work and after they retire.
While some people view life insurance as a “necessary expense,” others overlook the valuable role insurance plays in creating financial security.
Even if a client has a substantial emergency fund, they should still consider having adequate insurance in place to supplement those funds.
Additionally, life insurance can help the client create an instant inheritance for loved ones, provide cash for final expenses, and pay off the client’s mortgage and other bills.
Benefits for the Living
Certain types of insurance, including specially designed whole life products and other permanent insurance products, such as indexed universal life (IUL), offer what are known as “living benefits”. “.
When these policies are designed appropriately, they will give the client fantastic flexibility, use and control of the client’s wealth and help them create a predictable income stream.
An example of a living benefit is the cash value of a policy that can be used to buy big-ticket items, such as automobiles, cash flow businesses, and even homes.
Many Americans continue to subscribe to what is sometimes called BTID, or “buy forward and invest the difference.” It’s a theory that says it’s better to buy term insurance instead of more expensive permanent insurance like whole life or universal life.