No matter what our cultural backgrounds are, we carry with us a story of family, traditions and values. Where, however, do those values fit when we’re discussing insurance with clients, including while we’re conducting fact-finding and needs analysis?
Family values
Regardless of culture, everyone wants to provide their children with the best opportunities. Education has been the historic path to upward mobility. Remember when everyone wanted their children to either become doctors and lawyers or marry one? People will save and sacrifice to give their children the best education. Do they know what it’s going to cost them and how they’ll save for it? They need savings vehicles.
Care for the elderly
Your clients will age. Years ago, having a large family was how retirement planning worked. Multiple generations lived in one household. Grandparents were built-in babysitters. Children cared for their parents. Today, families are dispersed geographically. Parents don’t want to be a financial burden to their children. Retirement planning offers income in retirement. Guaranteed lifetime income was something defined benefit plans used to provide. Sadly, those plans are rare now. You can provide an alternative as well as long-term care insurance.
Enter the death benefit
Years ago, the person bringing home the salary was called the breadwinner. They provided for their family. What happens if the breadwinner isn’t in the picture any longer? The family still has needs. These might be living or education expenses. Agents can explain how a lump sum death benefit can fill this need in case the worst happens.
The family legacy
No one wants to see their family’s accumulated wealth disappear. Although it sounds crass, heirs expect to inherit something. People who invest wisely, own a business or own hard assets such as property can be in a difficult situation if they have a large estate tax bill. It’s better and easier to address estate planning early. This is another area when advisors can do their part in assuring there are assets to distribute to family members.
Bryce Sanders is president of Perceptive Business Solutions Inc. His book, Captivating the Wealthy Investor, can be found on Amazon.
Learn more about clients with these ideas from MDRT members
- The heart of selling — Cristine T. Tan, RFC, LUTCF, describes questions that help her learns more about clients
- The power of asking questions — Curtis V. Cloke, LUTCF, RICP, offers questions to help him learn more about clients
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