OK, Insurance isn’t electrifying. But can you afford to ignore it?Submitted by GRP Advisor Alliance on June 24th, 2019
OK, Insurance isn’t electrifying. But can you afford to ignore it?
When was the last time you talked insurance with a client? It isn’t an exciting topic; I get it. But it's a vital conversation. One of the top action steps from Financial Finesse’s financial wellness assessments is the need for insurance.
Did you know an unexpected death or illness can cause more damage than a bear market?
Market losses may be recouped over time but losses resulting from death or disability cannot. Without insurance, that “life crisis” can be catastrophic.
What types of insurance matter?
If the unexpected happens, a death benefit can keep a family afloat financially. Life insurance can ensure probate-free transfers of wealth and provide access to cash values.
Long-term care insurance
Long-term care expenses can be crushingly expensive, can divert income to the healthcare system and erase inheritances. Since most Americans will need some form of long-term care, doesn’t it make sense to cover that risk?
Loss of income due to illness or injury is stressful. Disability insurance replaces vital income.
How do I have the conversation?
"What is your plan for your heirs upon your death? What if it is an early death?"
"What is your plan if you live a long life and become disabled or chronically ill?”
“What would the consequences be to your family and finances?"
"What worries you about your plan?”
"Are these risks you're willing to take?
Once you know their concerns, you can talk solutions.