I help clients understand why buying insurance early is better.
Comprehensive financial planning is particularly important now. Global markets are still unstable and many countries have a rapidly aging population. The number of retirees in North America is high and continues to grow. Retirement planning is crucial, not just for clients reaching age 65, but also for younger clients.
Put on your parachute! Whether clients are approaching retirement and are cognizant of the realities of aging, or are young professionals just beginning to save for the future, Life Insurance is a crucial part of a comprehensive plan. More people are beginning to understand the benefits of life insurance and see it as more of a necessity than a luxury.
To maximize the impact of the product, they need to insure themselves and their family while everyone is in good health. A simple metaphor is often effective to help clients understand this — you can't put on your parachute after you've already jumped out of the plane.
The same applies to life insurance. After health has deteriorated, it is too late to protect yourself. While it is not impossible to become insured after a major health event, options disappear and the full benefits of the product will likely no longer be available. As a client ages, rates tend to increase. The same applies after the client finds himself in bad health. In both cases, the probability of sufficient protection at a manageable price decreases. In addition, insurability itself will become more difficult as a client gets older and the chances of illness are higher.