The Life Insurance Issue • Special Sponsored Section
Whole•istic thinking … With Guardian Life
A key ingredient to living confidently: whole life insurance — share the whole perspective.
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hen a client understands and owns whole life insurance, they are more likely to have higher financial and emotional confidence. In fact, 81 percent of the most financially confident Americans own whole life insurance, according to the Guardian Study of Financial and Emotional Confidence. Why does owning whole life promote confidence? Because most Americans want to protect their families in the event of death or disability.1 In fact, 85 percent of working Americans place a priority on providing for their families if they die or are unable to work. Yet more than 52 percent of households need more life insurance. “When it fits in a financial plan, the benefits of whole life can add up to helping clients live life to its fullest with growth and diversification, while also giving them the comfort of knowing that the people they love are financially protected when they pass away,” said Chet E. Schwartz, registered representative and financial advisor of Park Avenue Securities LLC, an indirect, wholly owned subsidiary of The Guardian Life Insurance Company of America. “You can’t leave a more valuable gift for your family than to give them security or financial confidence, but there are some added benefits your clients should be aware of that can directly benefit them as well.”
Strengthen the conversation
Filling the gap between clients’ goals and the reality of their planning can help them address the top priorities of many working Americans: protecting their families, having enough money in retirement and educating their children. Yet, low awareness and misunderstanding can prevent clients from valuing the benefits of whole life or what whole life insurance can mean to them. That makes it essential to be equipped to have effective discussions with them.
Present the wide range of whole life benefits
Some clients are fully unaware of the multiple benefits offered by whole life and might not understand the full scope of that benefit — or even know about the others. “The idea of life insurance can give clients tunnel vision. They may see a death benefit only,” said Schwartz. “But when their needs go beyond death benefit protection, we can help
them understand that whole life has other value. For instance, there is the potential to build cash value that could be used to help fund certain needs such as education, buying a home or retirement. It can also serve as an invaluable source of capital when opportunity knocks and liquidity is needed to benefit from it, without the restrictions, limitations, taxes and penalties often associated with other asset types.” 2, 3, 4