Agents and brokers often have requests from customers who are interested in insurance for various needs. One of the most common is for life insurance and other types of financial vehicles dealing with end of life issues, such as long term care.
Although death is not a particularly easy subject to discuss between agent and client, the topic at some point must be broached because, well, people don't live forever. Although the American population has been able to live longer due to advances in medical science, you're still on borrowed time after your three score and ten.
Selling LTC or life insurance is a very interesting career. You get to meet lots of people with all types of varying personalities, needs, and interests. As well, their goals are often as different as the individuals. You also have the satisfaction of knowing you are able to help someone adjust to the idea of their mortality, and that you are helping them reach certain financial goals—taking care of the "end of life" needs are critical when preparing for death.
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Not to sound morbid or insensitive, but anyone who doesn't take into consideration that they aren't taking it with them is not dealing with a full deck. Hearses are not typically outfitted with trailer hitches.
In deciding whether they need to do any estate planning, the key questions your clients should answer are whether there is any property they would like a particular person or charity to receive after their deaths and whether they have strong opinions about their medical care and final arrangements. If so, it's usually wise for them to get some simple documentation in writing to provide legal assurance that those wishes will be enforced. Apart from the spiritual aspect of the Hereafter, here are some solid tips from Caring.com about getting ready to have your financial house in order before you meet your Maker:
- What are my assets and what is their approximate value?
- What people or organizations do I want to have these assets — and do I wish to give them up during my lifetime or after my death?
- Who should manage these assets during my lifetime if I become unable to do so, or after my death if management is needed?
- Who should be responsible for taking care of any minor or dependent children if I become unable to do so?
- Who should make decisions about my medical care and finances if I cannot make them?
- After I die, do I want my remains to be donated, cremated, scattered, or buried?
These questions help form the basis of good estate planning. Protection from loss is usually one of the reasons people buy life insurance, but that product also offsets any financial obligations, such as debt and final expenses including funeral or other costs. As well, life insurance helps compensate beneficiaries in the event of probable loss of income and for asset protection.
Long term insurance is usually a good way to help offset the costs associated with assisted living, nursing home, home health care, hospice, and other types of end of life scenarios. There are several reputable companies that offer good coverage, but make sure you work with those that offer options that are not only affordable but also have a variety of plan designs that meet the needs of your clients.
Whatever your goals as a broker, you should take into consideration the concerns expressed by your clients for this type of monetary obligation and preparedness. Helping to work through the issues surrounding life and death takes great patience, compassion, and insight. From a business perspective, it makes sense to offer products that help the client reach his goals. When that happens, you definitely end up on the winning side. Not only will your customers feel comfortable doing business with you, but likely you will end up with even more clients due to the referrals generated by your savvy behavior, sensitivity to needs, and product knowledge.
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