LIFE INSURANCE
Closing the gap
[ ]
With Carson Group research showing only 4 % of advisors believing all of their clients are fully insured , there is a lot of work to be done to close the coverage gap .
Just over a year ago , the world as we knew it was upended and all of our lives changed . With 2020 behind us and the COVID-19 vaccine being distributed throughout the country , there is hope our lives and businesses will return to some level of normalcy in the coming months .
One thing I hope doesn ’ t change is consumers ’ awareness about the value of life insurance . Before the pandemic , there were 60 million American families uninsured or underinsured . According to LIMRA research , many Americans were confused about what to buy , others had misconceptions about costs , and some were focused on other financial priorities . The pandemic changed everything . The crisis has reawakened us all to the mortality risk we face and the importance of life insurance .
With this in mind , LIMRA joined NAILBA and six other trade associations to collectively work together to address the life insurance coverage gap in the United States through the Help Protect Our Families campaign . With Carson Group research showing only 4 % of advisors believing all of their clients are fully insured , there is a lot of work to be done to close the coverage gap .
Improve client satisfaction
Eight in 10 clients feel highly satisfied with their advisor if they feel like they have the correct amount of life insurance . The reality is most people aren ’ t confident in their knowledge about life insurance or how much they should have . Our research shows that even households with insurance ( across all age groups and income levels ) say they want to review their life insurance coverage annually .
Having this annual check-up is not only good for the client but it benefits the advisor as well . Research suggests that clients who meet with their advisors at least four times a year believe they receive more value from their advisor . Having the conversation to make sure your clients are adequately protected is one way to improve your client ’ s overall satisfaction in your services .
John Carroll , Head of National Accounts Sales Team , LL Global
Cement your value
Permanent life insurance is the cornerstone of any holistic financial strategy . Your clients need your help to ensure they have the right amount of life insurance coverage to protect their families ’ future financial security . More than a quarter of consumers said speaking with a financial professional made the decision to buy life insurance easier and 95 % who feel they have the appropriate amount of life insurance believe they receive more value from working with their advisor .
It ’ s a noble effort
The pandemic has shifted people ’ s priorities and reminded us all how precarious life can be and the importance of being prepared for the unexpected . We have an obligation to ensure that our clients ’ needs and the financial risks they face are addressed . This noble purpose is why our industry exists : to provide Americans a level of financial peace of mind and stability at a time when so much else has been uncertain .
We hope we can count on you to do your part and have a conversation about life insurance with all of your clients .
34 Perspectives Q2 2021