“Don’t Waste A Crisis”, this term has been used for some time. Over the past year the “crisis” has obviously been the COVID 19 pandemic. What we don’t want to “waste” are the opportunities this unfortunate scourge has created. Our profession, overall, is in a strong position to benefit from the current state of affairs based on the economic stress that both individuals and business have experienced.
People are realizing the importance of having financial reserves and the catastrophic impact lacking reserves can have on one’s financial life. With the loss of life, loss of income and fear brought upon by COVID19, people have become more open to discussing protection vehicles overall. Life Insurance in a recent consumer study published by LIMRA[1] became an important consideration for many Americans concerned about the well being of their loved ones should something happen to them.
This month is “Disability Awareness Month”, and Americans are primed for the important conversation of protecting what they may not recognize but is their most valuable asset, their income. People in general make purchasing decisions based on pain or gain. This last year has provided many a preview of the importance of one’s income stream and the pain it can cause if not properly prepared. One challenge we often face in selling disability insurance is explaining to individuals that disability is not synonymous with a physical incapacity. Now, people can better relate to the impact a short-term illness can have on their ability to maintain their lifestyle or even cover the basics. It is nearly impossible to speak with someone today that has not had a direct or indirect experience with COVID19 and seen the financial impact of being out of work for an extended period of time due to the health crisis.
Let’s not waste a crisis and advocate for insuring our client’s income with life and disability products. Educate everyone you encounter on why their income is the most important asset and insure their paycheck through disability insurance today.
[1] Life Happens and LIMRA announce results from its 10th annual consumer study (June 2020)
