Uncertainty
When you think about it, uncertainty is an essential element in the life insurance world and the insurance industry as a whole. We basically build and frame our conversations and recommendations based on the uncertainty of the future. When will I need this insurance? How much insurance do I need? What kind of insurance do I need? Will it be enough? What if my life and needs change? How will my needs change over time? These, and many others, are the questions and concerns we must deal with on a daily basis. Some of these questions can be answered very quickly and precisely, but others can be a little more tricky…unless you have that crystal ball we’ve all heard about!
Uncertainty is also a widespread feeling right now in our country. Unless you have been living under a rock (move over because I might be joining you), you are probably aware there is an election coming up soon, and people are feeling a specific type of way about it! No political opinions here, but it is safe to say people are definitely feeling uncertain about the future, regardless of which way they lean.
One thing I have learned in this business is Uncertainty can be motivating. We can use it to help clients understand the importance of life insurance and think more deeply about their future and how to protect it. When your clients are feeling uncertain, that is an opportunity for you to get in front of them and reassure them you have the resources to help them navigate those uncertainties.
One of the reassuring aspects of our life insurance industry is the proactive role of the carriers we work with. They fully understand the prevalence of uncertainty and are always providing flexibility and options when developing their products and riders. This gives us the ability to solve virtually any need our clients may have, providing a strong support system in times of uncertainty.
Speaking of a new rider, I will leave you with one example of how I dealt with an “Uncertain of the Future” phone call I had with an agent last week. The client was a 45-year-old male, a small business owner looking for about $750K of life insurance for his spouse. The agent and I discussed both term and permanent coverage, and I provided him with some quotes. We even discussed putting a chronic illness rider on the UL policy. After a few days, the agent called me back and said the client was very interested in the permanent coverage and especially liked the idea of the chronic illness rider. However, the client had concerns over the price. Because he felt uncertain about the upcoming election and how his finances might be affected in the near future, he was apprehensive about making that financial commitment. I told the agent about a new rider one of our carriers just came out with that might be a good fit for his client. This rider is attached to a term policy that not only strengthens the conversion privileges but also allows the client to add the carrier’s chronic illness rider to their policy when they do a conversion, with no evidence of insurability. This allowed the client to keep his premium down by buying term insurance but also gave him the piece of mind that when he converts his term policy to a permanent policy, he can add that chronic illness rider and not have to worry about qualifying for it when he is older, and possibly no longer in good health. We were able to satisfy not only a short-term need for the client but also for his uncertainties of the future.
This is just one example of how we, as insurance professionals, can help our clients achieve their goals and make them feel a little more CERTAIN about their future. Our commitment to addressing uncertainties is unwavering, and we are here to provide the support and solutions our clients need.
As always, we value our relationship, and we appreciate your business. Please give us a call with any questions.
