How & Why Retirement Advisors Can Benefit from Life Insurance Know-how

Jan 11, 2017

Not all retirement advisors sell life insurance, but all retirement advisors can benefit from knowledge about life insurance products and the life insurance industry. The clearest advantage is the ability to answer investors’ questions about life insurance off the cuff. Having to admit you don’t know the answers to investors’ questions can be embarrassing, and may reflect poorly on you in the eyes of some investors.


According to a recent Life Insurance Marketing and Research Association (LIMRA) study, 40% of investors are highly interested in life insurance products. Many of these investors indicated their desire to speak with a retirement planning or wealth advisor about how to properly use life insurance when planning for their future.


On the aggregate, consumers lack knowledge around life insurance. The majority of consumers living without life insurance overestimate the costs of insurance policies and undervalue the importance of insurance in their lives. Fully half of U.S. households have suboptimal life insurance coverage.


As a retirement advisor, you play an important role in investors’ lives. You help clients identify financial priorities and set financial goals. Spreading awareness around the importance of having life insurance is part and parcel of that job. LIMRA’s research shows that investors are more likely to buy additional life insurance, or any life insurance at all, if encouraged by an advisor.


Having a body of knowledge pertaining to life insurance can make advising seem more holistic. It may boost rapport among existing clients and help you secure more clients in the future. It can also be helpful in networking and establishing connections with life insurance professionals. For training and guidance that can make you a knowledgeable resource for life insurance inquiries from investors, call Brokers Alliance at (800) 290-7226.







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