No one likes to think about death, their own or that of a loved one. But Steven Schwartz, Vice President and Practice Leader, Individual and Executive Benefits at HUB International Northeast, challenges his clients and prospects to think about life insurance coverage in a different way.
“We have this pain avoidance instinct wired into our human DNA. We don’t want to consider dying because that’s a painful idea. That’s why I like to take the words ‘life insurance’ literally. Life insurance is living insurance. It’s about ensuring the life you want your family to live is actually fulfilled, no matter what.”
According to experts like Schwartz, the purchase of life insurance coverage represents the security of every dream and plan you have for your family. When you raise children, you commit to provide for them. It is impossible to predict the future but you have the power to ensure that your children can maintain their current lifestyle and pursue their future goals without the burden of financial insecurity.
Schwartz has been working in the industry for over 30 years and the one takeaway from his experience is: “People may complain that life insurance coverage costs too much, but it’s never enough when you need it. Families receiving death benefits invariably ask, ‘Didn’t we buy more life insurance coverage?’” He views it as a broker’s mission to help clients overcome the objections that are rendered meaningless when the inevitable occurs.
Here are four of the most common questions families ask when considering the purchase of a life insurance policy.
- Do we need it or want it? Schwartz views this as the simplest question to answer. Everyone needs to provide for his or her family. Instead he often responds to clients with a question of his own: “What do you want your life insurance coverage to do for you? I’ll write out everything you say.” By connecting unemotionally with how you want the future to look, by writing down hard numbers, securing your family’s prospects may seem less scary.
- Do I trust you and your company? As Schwartz explains, “Families are buying something very important. They have to trust their broker because they don’t completely understand the product or process.” The need to build a relationship is understandable and a good broker will spend the time talking, providing satisfied client references or anything else needed. But if you encounter an expert who leaves you feeling uncomfortable, try another one. Don’t let anything, as Schwartz puts it, “become an obstacle to your financial success.”
- Is now a good time? What’s the hurry? As we’ve already mentioned, life is unpredictable and anything can happen. But there are periods in the year when budgets might be more flexible than others. Coinciding with the trust question above, a dependable broker will respond to your individual situation – while providing consistent contact. Planning your family’s future is too important.
- Can we afford it? Today’s families live more frenetic lives than ever. Insurance is hardly the first priority - until it’s too late. People are living longer and baby boomers have been nicknamed “The Sandwich Generation” with good reason. They are often caretakers of both children and parents. If you’re in the common situation of having to provide financial resources for two generations, life insurance is a resource you can’t do without.
When it comes to “living insurance,” skipping coverage is not worth the risk to your family’s future. Learn more and contact us today to put our experts to work. Don’t let common objections prove a fatal blow to your financial success.