The number of Insurance policies sold annually has been on a steady decline for a generation. At the same time, the population has grown by 19%.
Theoretically, one would assume that there would be a huge market for advisors, yet, the number of advisors has also been on the decline. If you ask the ones that have been around long enough, they will tell you that they are finding it harder and harder to live on Insurance Commissions.
Many advisors simply do not discuss risk.
Some do not desire to seem pigeonholed.
Some do not see the value.
Some do not understand the need.
Some do not consider it prestigious.
Some do not want to deal with the process.
My answers to them are simple.
Discussing Risk is not an option, it is necessary to give advice. Especially with the DOL Rule (if it comes back), New York’s new Regulation, the SEC’s regulation they are working on, and any other organization or state that may take it upon themselves to impose regulations.
Insurance is an additional benefit to your clients. It assists them in their time of greatest need. It can help to keep their company open if they are injured, killed, or simply retire. It can put their kids through school and keep their family in their house. It can do these and thousands of other things.
So, it is not pigeonholing, it is door opening. It is not valueless, it is full of value. It is needed anytime there is uncertainty and, while it may not seem prestigious, delivering a claim is one of the most meaningful acts one can do for a client and their family.
As for the process. It is getting better. We now have Drop Tickets, Express Applications, Accelerated Underwriting, and more.
Whatever the reason, there are too many advisors that are not having risk-based conversations with their clients. If you need help moving into this arena, always feel free to contact us.