A checklist (Image: Shutterstock)

We all have high hopes for 2021. Never has the passing of a year been more anticipated.

(Related: The Pandemic and Wealthy Clients’ Lives)

The new year is often a time for introspection. Translate that as “insurance review” or “insurance discussion.” They might not immediately see the need. Here are some talking points that apply to life, retirement and personal property protection needs.

1. The Stock Market

We’ve all heard the expression “What could possibly go wrong?” This might be a good time to consider diversifying into something that provides protection and builds cash value, regardless of stock market volatility. Sounds like insurance.

2. Pandemic-Related Deaths

CNN tracks them throughout the day. In November and December, the United States was setting records. That’s a bad thing. It’s gotten people thinking about their own mortality, especially if they lost friends in their social circle.

3. Assets You Can Borrow Against

Some people came out of the pandemic better than others financially. If they were invested in the stock market, they were happy. If they worked in a restaurant or acted in a theater company, they were seriously impacted. They needed places where they could access money. Life insurance builds cash value. It’s meant to stay in there, but can be accessed in emergencies.

4. Retirement Planning Needs

Many people thought they would work until they no longer felt like it. The pandemic brought about lots of layoffs. Some of those jobs aren’t returning. There’s no guarantee the pandemic was a “one off” event. Your client might have a job and is thankful for it, but they don’t know what the future holds. Are they financially on track for retirement? How about early retirement?

5. A New Car

As you drive around, aren’t you astounded by the number of new cards on the road? You wonder “What am I missing?” Historically low interest rates play a role. Your client might have added a fancy new car. Is it properly insured? Who will be driving it?

6. The Jewelry Channel

The pandemic has increased online shopping. People are glued to their TVs. New programs are too depressing. They’ve seen every Christmas movie three times. That leaves the shopping channel. They’ve been buying stuff. Lots of stuff. Is the insurance for their home’s contents still adequate?

There are plenty of reasons you and your clients (and prospects) should be talking about insurance in early 2021.

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Bryce SandersBryce Sanders is president of Perceptive Business Solutions Inc. He provides high-net-worth client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor,” can be found on Amazon.