Single parents have plenty to worry about, especially when it comes to finances. We asked two of our own to share their thoughts on how you can help these clients.
Even though I’m a healthy 41-year-old with a good job, I have a lot of worries when it comes to finances. As a single parent raising a 13-year-old daughter and managing a single-income household, my biggest concerns are:
As an insurance professional, I know women tend to worry about the future more than men. And, as expected, single mothers worry more than average women.
Life, disability and long-term care insurance can help alleviate some of these worries, but the costs CANNOT be constricting to cash flow or savings – those things are still just as important! Keep that in mind when you’re talking to your clients who are single parents.
I have to agree with Teresa – cash flow, cash flow, cash flow! Money is always on the brain. We don’t live near my family or my son’s father, so I’ve protected us with two different approaches:
As an advisor of a single parent, you should ask a lot of questions. The first: Have they updated the beneficiary on their life insurance? Chances are, it’s still their former spouse, and most people don’t realize they should NOT make their child the beneficiary. Instead, they could establish a trust and designate a trustee to ensure their child’s financial needs are met.
If something did happen to your client, are YOU prepared to talk to their children and other loved ones about the plans in place? Your role becomes even more important in this situation. Make sure you’re the partner they can depend on.
Teresa Curreri is a senior LTC consultant partnering with agents to protect their clients and family from the uncertainty of tomorrow. She’s is a licensed life and health producer, and she’s been focusing on LTC for 15 years.
Gina Shaffer is a Senior Internal Wholesaler with more than 30 years of experience in the life insurance industry. She takes an extreme amount of pride in creating an impact and partnering with agents, their staff and their clients.
© 2018 Ash Brokerage LLC.