Shawn Meaike is the CEO of Family First Life. In the following article, Mr. Meaike explains the role a life insurance advisor takes on with a client, how they help with financial management, help clients understand which options would be best suited for them, and ways they act as brokers between the insurance provider and the client.
A life insurance advisor is responsible for providing life insurance policy recommendations to clients. Advisors typically work for insurance companies or brokerages, and they must be licensed in order to sell life insurance products. When working with a client, a life insurance advisor will first assess the client’s needs and goals before recommending a policy that will best suit the client’s needs explains Shawn Meaike.
Over time, the advisor and client will typically develop a close relationship, as the advisor will be responsible for ensuring that the client’s life insurance policy meets their needs as their life changes. Shawn Meaike explains advisor roles in greater detail and discovers how life insurance advisors help their clients.
Life Insurance Advisors Help Clients with Financial Management
One of the main responsibilities of a life insurance advisor is to help clients with financial management. This includes providing advice on how to best use life insurance products to meet their financial goals. For example, a life insurance advisor may help a client use a life insurance policy to save for retirement or pay for their children’s education explains Shawn Meaike.
Advisors also help clients plan for unexpected events, such as a death or disability. In addition to providing advice, life insurance advisors also help their clients stay on track by monitoring their policy’s performance and making recommendations as needed says Shawn Meaike. For example, an advisor may recommend that a client increase their life insurance coverage if they experience a significant life event, such as the birth of a child.
Life Insurance Advisors Help Clients Understand Their Options
Another important responsibility of a life insurance advisor is to help their clients understand their options. There are many different types of life insurance policies available, and each has its own set of benefits and drawbacks. It is the job of the life insurance advisor to explain the different policy options to their clients and help them choose the best policy for their needs.
Shawn Meaike explains that advisors typically have a deep understanding of the life insurance market and can provide their clients with insights that they would not be able to get on their own. For example, an advisor may know of a policy that is specifically designed for people with certain health conditions.
If a client ever needs to file a claim, their advisor will be there to help them navigate the process. Advisors typically have a good understanding of the claims process and can help their clients access the money they need in a timely manner. In addition, if their claim is denied, the advisor will work with the insurance company to try to get the claim approved says Shawn Meaike.
Life Insurance Advisors Encourage Clients to View Insurance as an Investment
Life insurance advisors can play an active role in their client’s financial success by encouraging clients to view insurance as an investment. Shawn Meaike says that this means that advisors typically try to sell policies that will not only provide financial protection in the event of a death or disability, but that will also grow in value over time.
For example, many life insurance policies have an investment component that allows policyholders to grow their death benefits over the course of the policy. This can be an attractive option for clients who are looking for a way to build up their estate. Advisors also typically encourage their clients to review their policies on a regular basis to make sure that they are still in line with their financial goals.
An advisor can help clients pick between term and whole life policies, as well as break down the pros and cons of each. For some clients, a simple 10-year policy will provide enough protection while other clients may benefit from the long-term solution of a whole-life policy. It’s up to the advisor to gauge clients’ needs and offer a best-fit solution according to Shawn Meaike.
Life Insurance Advisors Act as a Helping Hand Between Customer and Provider
Whatever service an advisor offers, Shawn Meaike says their main role is to act as a friendly go-between for customers and providers. Advisors help customers with knowledge and understanding of the product and also work with the insurance company on the customer’s behalf to ensure that everything runs smoothly. An advisor may even be able to secure a discount on monthly premiums if the client agrees to personalized terms.
The Bottom Line
The role of a life insurance advisor is to provide policy recommendations to clients, help with financial management and understanding policy options, as well as to encourage clients to view insurance as an investment. Advisors typically have a deep understanding of the life insurance market and can provide their clients with insights that they would not be able to get on their own.