7 Ways You Bring Peace of Mind to Your Clients

Slideshow January 17, 2023 at 04:43 AM Share & Print

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As an insurance professional, you sell insurance. That’s pretty obvious.

Your product range has likely expanded over the years to include financial planning, wealth management and banking products like certificates of deposit. Maybe you offer other products and services too.

With all these tools on your work belt, you are able to help clients build a life that has less stress and worry. How do you do it?

For seven ideas, see the gallery above.

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Bryce Sanders

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1. Income Replacement

This is a major feature of life insurance. Younger clients who are starting out in life get married, have children and buy their first house. Years ago there was one breadwinner, today it might be a double income household. What happens if one of the earners is taken prematurely?

Why you bring peace of mind: If an earner passes away, the life insurance policy provides a lump sum death benefit. This money can be invested to provide the family with income into the future.

(Image: Monkey Business Images/Shutterstock)

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2. Paying Medical Bills

The United States has great medical care. We also have expensive medical care. Although many employers provide health insurance, there are times when clients need to buy it themselves.

They might be self-employed in the gig economy. They might be retired. They might work several jobs part time.

Why you bring peace of mind: Because you can help them find health insurance at different stages of life and at different price points, your client knows they have coverage when they need it.

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3. Income That Lasts Forever

Some people are OK with managing their own retirement income. Others received a monthly paycheck for their entire working life and would like this trend to continue. Some people are used to paying bills. Others have never written a check or paid a bill in their life.

Why you bring peace of mind: Annuities can be bought at virtually any stage of life. Income and me immediate or deferred. Your client can expect to get a check on a regular basis for the rest of their life.

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4. Saving for the Future

This area is often addressed through wealth management, but insurance can play a role too.

Whole life insurance builds cash value over time. Many younger people find it difficult to save money.

Why you bring peace of mind: The life insurance they bought with income protection in mind becomes a form of savings vehicle over time.

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5. Emergency Funds

COVID-19 taught us that life is unpredictable. Your client might find themselves between jobs. Their small business might be going through a slow period. They need cash on a temporary basis for everyday personal expenses. They plan to repay it.

Why you bring peace of mind: Many insurance products that build cash value also allow the policy owner to borrow against the cash value. As their cash value grows, they know the money is there if they need it.

(Image: Intarapong/Adobe Stock)

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6. Estate Planning

Not all assets are liquid. Your client might own farmland or a business. If they pass away, money might be needed to pay federal or state estate tax liabilities.

Why you bring peace of mind: Owning life insurance as part of their estate plan can make cash available, so other less liquid assets do not need to be quickly sold to pay bills.

(Image: New Africa/Shutterstock)

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7. Leaving a Legacy

Many clients want their children or grandchildren to get a cash windfall when the client passes away. If a client lives to a grand old age, income replacement might not be a big need, but the insurance policy still provides a cash payment.

Why you bring peace of mind: Your older client might be living on a fixed income, but once they pass away, the life insurance payout provides a legacy to their heirs.

(Photo: Thinkstock)

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