The COVID-19 pandemic has impacted almost everyone worldwide. And as states begin to ease restrictions, and a consolidated effort to reopen the United States begins to take shape, advisors and their clients will be having evolving conversations. What is on the top of most client’s minds today? Protection – and specifically protection against mortality and morbidity.
According to Google Trends, searches for “does life insurance cover covid 19” have increased a staggering 3,650% over the past 90 days. This suggests the pandemic has forced people to take stock of their own mortality. If there were products that could be obtained cost-effectively and implemented swiftly, wouldn’t that help to alleviate a great deal of anxiety?
There are some simple, straightforward – yet critical – conversations that financial advisors, Property & Casual brokers, and independent advisors can (and should) be having with their clients in the wake of the pandemic.
• Stress to clients that it is possible to lock in their insurability right now. And for a period of time, it can be guaranteed for life. Reassure them that there is a strong possibility they can achieve this with little disturbance to their family finances and without the need for a medical exam.
Belman Klein Associates can help you navigate the term insurance products that are priced at historically low rates and that include strong conversion options. This allows you to lock in current age medical underwriting for your clients – in some cases through the age of 70 – enabling them to convert temporary term insurance to something with a lifetime guarantee when the time is more conducive to a larger premium.
• Reassurance for retirees and those nearing retirement age. The havoc that COVID-19 has wreaked on the country’s nursing homes has been well documented. This is sure to be at the forefront of clients’ minds – particularly those who are nearing retirement. For the most part, people tend to feel the most comfortable in their own homes, but sometimes the activities of daily living become too challenging to handle alone.
Modern day long-term care insurance products all provide for benefit if the care is performed at home vs. a facility. In many cases, clients can choose the type of benefit they want. Indemnity and reimbursement policies can offer unique benefits that can be aligned with the clients’ desires as they relate to care for themselves or loved ones in the future.
Selling with empathy will be more critical than ever for our purpose-driven industry. Initially, when doing outreach, you should feel free to allow your clients to discuss whatever may be on their minds.
At Belman Klein Associates, it is not lost on our team that this serious societal issue has caused widespread change, affecting people’s thoughts, families, and budget.
And yet, this monumental – and hopefully temporary – upheaval does not negate the traditional protections that the insurance industry provides. If anything, it reinforces just how important they are.
Your clients probably have many questions. Belman Klein Associates is available to help you provide them with answers. Reach out to our team for assistance in initiating these evolving conversations and devising positive outcomes for everyone involved.