Income protection assets are often underappreciated, overlooked, and undervalued until it is simply too late. And as we grow older, our ability to procure new lines of coverage may be limited, making advanced planning a necessity.
When the COVID-19 crisis began, all Americans were forced to take stock in what was actually important to them. Health, family, and the financial guardrails that can protect our loved ones in the event of unforeseen circumstances or uncertain times became our primary focus.
Over the last few months, the critical nature of income replacement for death or disability has come to the attention of the entire world. But the value of these client assets is not only in the premium (that’s just the cost).
The true value of these client assets is the peace of mind they provide by ensuring hassle-free and cost-effective acquisition in an ever-changing market and an ever-changing health environment. The true value is what these polices can do when they get to work, potentially yielding millions of dollars in real money virtually overnight.
As the world begins to take steps toward recovery, take these three steps to create opportunities for financial advisement and reassure your clients that their interests are in good hands:
- Complete an inventory of insurance assets for each client/family
- Make certain insurance assets are reviewed at least every 24 months
- Look for gaps in protection – perform a needs analysis
Belman Klein Associates will serve as a collaborative insurance partner throughout this process, assisting you as you build stronger relationships with those you advise. Contact us today to learn how we can help or become a partner to access additional services and features through our secure member portal.