Uncertainty Creates Opportunity

We have a crisis on our hands. An uncertainty if you will. The Coronavirus (COVID-19) has made a mess of things. But that doesn’t mean opportunities don’t exist.

An insurance advisor asked me yesterday if I was busy. I think he was surprised to hear that I am. The current situation in our country actually creates opportunities in many markets. The life insurance market and also the disability, annuity, and long term care markets are not excluded from opportunities. I think there are several reasons why. Here are 5:

1. People are afraid: Concerns about the stock market opens the door for annuity sales. I have had two really nice annuity sales this week using indexed products using conservative models. One client had substantial money in his checking account and wanted to get a better return. He wanted an indexed annuity that provides him downside protection but with the potential to outperform a fixed product. After lengthy discussions about his situation plus time spent going over his options, he opted for this annuity.
2. People are at home: Many people are now sitting at home. I have always placed a lot of business in the week between Christmas and New Year’s simply because people are at home and not at work.
3. People need to review their insurance: In a time of crisis, people think about if they have the right amount of coverage. This also might be a time to consider disability insurance, both personally and at the business level. During these times, long term care likewise should be considered.
4. Business deals are still being made: Many business deals depend on having key person life insurance to protect the business against the loss of a key employee or as a collateral assignment for a bank loan. These deals are still being done in spite of the Coronavirus (COVID-19).
5. Consider whole life products for cash accumulation: With market volatility, many people find dividend-paying whole life attractive. Owning a product that to some degree is uncorrelated to the market place could be a good option.
Please let me know how I can help you during this time of uncertainty. Opportunity.