“It’s always something.” Before the pandemic, the stock market looked more exciting than insurance products. During the pandemic you focused on handholding.
(Article reprinted from ThinkAdvisor.com: 6 Reasons the Average Person Always Needs Insurance)
After the pandemic, people might worry about getting their jobs back or cash flow.
It’s not hard to make the case why anytime is a good time to buy insurance.
The primary purpose of buying life insurance is peace of mind through protection. If something happened to you and you weren’t there to provide for your family, they would receive a lump sum of money. The coronavirus reminded us none of us are immune to illness, disease and death.
Whole life insurance steadily builds cash value over time. For most people, it’s difficult to save for the future. There’s always a demand on your paycheck. Life insurance not only provides protection, it becomes it’s own nest egg.
After a bull market lasting 10+ years, some people might have thought the stock market only goes in one direction, up. In 2020, they learned “Money talks. It says goodbye.” Many people might be thinking they took on more risk than they thought. Insurance produces some products that grow regardless of market volatility. Other products allow you to share in stock market performance while enjoying principal protection.
Many people invest in the stock market. Recent events might find them short of cash, yet selling their investments might mean taking a loss. Once insurance products have accumulated some cash value, many products allow the policy holder to borrow against that amount. It’s a useful option to have.
Most people realize they are responsible for providing for their own retirement. They need to save towards that goal. After collecting a monthly paycheck for decades, many people want that to continue in retirement. People want the stability of knowing they won’t outlive their assets, that they will always have income. Insurance products like annuities can provide lifetime income in retirement.
The financial services industry primarily invests lump sums. The insurance industry does a great job working with cash flow. Many products can be purchased with monthly or quarterly contributions. Your client doesn’t need to wait. Your client can get started now.
There’s a place for insurance in most people’s lives. Sometimes, they need to be reminded.