What you need to know
- Everything is different.
- It includes goals.
- Also, the expense structure.
I know I’m not the only one who thinks time has lost all its meaning since the pandemic began.
What used to feel like an hour can now feel like a day, and what used to take a month now occurs in a minute.
But like many others, it’s not the speed or slowness at which something happens, but a little time to assess where we are, what we are doing, and where we want to go. I noticed that it took.
Isn’t that all about life?
In that spirit, there is no better time for financial advisors to help clients do the same.
Ultimately, if the client can evaluate where he is and where he wants to go tomorrow, especially in the event of a pandemic, the client can wisely discuss what it takes to get there.
Often, the best way to close that gap is to ensure long-term financial security.
Here are some ways advisors can help clients stop and evaluate their goals and make life insurance part of their analysis.
Discuss what is changing.
No one can predict what the future of COVID will be, but there is growing consensus that most people want to find a “new common sense.”
Every individual must define what it means for them and their families.
But for advisors, this is a unique gateway for them to help clients think about what the impact of those decisions means economically.
Imagine a client who is finally ready to go out on their own after seeing countless people take part in mass layoffs.
Doing so may involve giving up on group life insurance coverage sponsored by their workplace and borrowing a small business loan.
If the client passes without personal life insurance coverage, the advisor knows that the family may face significant financial burden, not to mention before the loan is repaid.
Advisors, on the other hand, may have clients who are trying to buy a new home. After all, it’s no secret that the real estate market is booming.
Ultimately, new real estate often means a new mortgage, whether it’s a client ready to move out into the suburbs and return to urban life during a pandemic, or vice versa.
Does the client have sufficient coverage to cover the cost of a mortgage in the event of an unthinkable event?
