I found myself at a wedding expo once, helping set up behind the scenes. There were lots of vendors there with booths touting everything from catering, photography, and flowers, to honeymoon destinations and jewelry. On the way out it struck me – I had not seen a single vendor offering the protection of life insurance to young couples that were planning a life together.
Was I being opportunistic? You bet! Mostly, I was being sincere. My wife lost her father at the age of six. Her mother was alone with a four-year-old and a six-year-old, pregnant and in the middle of Wyoming with $138.00 and no life insurance. I get very emotional about protecting children and loved ones and life insurance happens to be a way to do that. It’s not always about a huge estate and cash value. Many agents make a great living selling more affordable policies to young folks that need them, and building that relationship for life. Sounds rewarding!
Caught up in their day-to-day, people lose sight of how major life-changing events could result in a need for the death benefit that life insurance can provide. Here are a few things you should keep an eye on in your clients’ lives, or clients’ children’s lives, to discuss life insurance opportunities:
- Birth of a child
- New job – A significant increase in income could require additional death benefit to cover loss of income
- New home or other large purchase
- Adopting a healthier lifestyle, which could mean lower life insurance rates
- Starting a small business, especially if a business partner is involved
- Turning 40 – Possibly time to evaluate different types of policies considering it is possible from here on that rates increase and health can deteriorate. Now may be a good time to look into longer term coverage options.
- Retirement – Legacy planning or policies for grandchildren
Ann Arbor Annuity Exchange
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