“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.

If qualified products are not your niche, form a beneficial partnership with an expert who has the knowledge to help you underwrite such complex and difficult cases. Working with a CLU or ChFC to administer a solid life insurance plan will not dilute your client relationship, but rather demonstrate to your client your commitment to their needs and the value you deliver as their financial guide.

For help finding a colleague adept at qualification products, I recommend seeking out a member of the Association of Advance Life Underwriters, the Million Dollar Round Table or the Society of Financial Service Professionals.

Clients count on us to anticipate and respond to their needs. I encourage you to take a closer look at the long-term risk protection needs of your clients. Are they prepared for the inevitable risks of life? Do they have long term and/or critical care insurance to protect against the risk of failing health or even outliving their savings? Do they have life insurance to protect against the risk of not passing along their dreams to the next generation?

As we start the New Year, weave a stronger thread through your clients’ baskets by taking the steps to keep their nest eggs safe for both today and tomorrow.

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