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December 31, 2007 at 07:00 PM
“Don’t put all your eggs in one basket.”
–Old English Proverb
Stockbrokers, bankers, money managers and other financial professionals are quite talented at helping clients maximize their financial assets. While they may know enough to help their clients gather as many “eggs” as possible, are they putting the eggs in strong enough baskets to protect them in the future?
As trusted financial advisors, it is important to accept a greater purpose and recognize the inherent risks of life facing the financial integrity of clients. No matter what your specific financial niche, we must all protect clients from the liabilities side of their financial balance sheets.
Medical breakthroughs, pharmacology advancements and lifestyle changes have created a generation of seniors who are living longer and living better. Yet even for today’s seniors, life is filled with risk – whether it’s dying too soon, becoming sick or injured and enduring high medical bills, or outliving their retirement savings.
Protection against risk is a simple concept, but the protection products themselves have historically been rather complex. In fact, both clients and financial professionals often shy away from life insurance, long term care insurance and other such products that require clients to qualify based on health and family history.
But there is good news. It is not too late to protect the financial assets and integrity of your senior clients by putting in place financial “shock absorbers.” Financial products have evolved to meet the needs of today’s seniors. As a result, more seniors are applying and qualifying at reasonable rates for life insurance.
