We all know of situations where a “professional” has ignored applying his or her professional advice or standards to their own lives. Some doctors smoke or are grossly overweight.. Golfers drink heavily and are hung over for the first day of a big tournament. Tax accountants owe back taxes..
In the profession of financial services, insurance agents often overlook their own insurance needs. When a catastrophic event occurs in their life, their own account holders and policy owners are incredulous that here is a financial professional that hasn’t taken his own advice. And, they see the results of that: spouses opening bank accounts for contributions to the “My husband forgot to buy life insurance Fund”, widows going back to work full-time to pay the mortgage, and family caregivers getting no rest because there is no money to pay for professonal care.
If you’re one of those insurance agents. call a time out…NOW!
- Do you rely heavily on your income? Buy income replacement insurance (Disability Income or DI).
- Does someone that you care about rely in whole or in part on your income and/or your ability to provide a comfortable lifestyle for them? Buy a sufficient amount of life insurance.
- Are you concerned about your clients not having enough money in their later years due to the high cost of end-of-life care? What have you done about that for your own family? Buy your own long-term care insurance or a linked product like life insurance or annuity with a long-term care benefit rider.
- Have you advised any of your clients that they might run out of money during their retirement years and recommended a flexible-premium deferred annuity (FPDA) into which they make regular deposits, insuring what they put in and allowing for deferred taxation of gains? Invest in a fixed annuity for your own supplemental retirement.
By doing these things, you not only protect yourself and those that depend on you, but you “walk the talk”. You demonstrate that you truly believe that the advice that you give and the products that you sell are worth the capital outlay on which you make a living.
It is often said that you can’t sell what you don’t buy. That’s not entirely true. But, what do you say to a client to whom you have recommended income protection against a prolonged recovery from an accident or illness that asks you, “What kind of disability income insurance do you have for yourself?”
Think about it. And, then, do something about it. If you don’t have the product knowledge or need help deciding what really is best for you, call us at Designs In Life. You don’t need to be an expert. And, a second opinion confirming what you think you might need will give you confidence that you are truly doing the right thing without spending more than you need to.
Don’t forget – you’ll be getting insurance at a discount: the full commission on the first-year premium is yours! And, most carriers provide a 5% or 10% discount on premiums to producers that buy their own DI and LTCi.
So, Dr. Financial Professional – heal thyself! Or, perhaps better said, buy insurance in the event that you need to be healed, to validate your professionalism, and to enhance your ability to sell insurance to others.