Life Insurance: do you have 5 to 10x income? That's what all the experts say you need, but also assess how much you WANT. We've conditioned ourselves to "sell the need" while often ignoring the "want". You need the Life Insurance to replace income - what do you want it to do? Send kids to college? Help your church or a charity? Allow your surviving spouse to not have to work so hard?
Disability Insurance: I'm astounded at how many insurance professionals I've spoken with who don't have DI! Sure it protects a paycheck, but it protects that nice car you have in the driveway; the nice home you have; the tuition bills at the private college. BUY IT! And, buy enough to protect your lifestyle.
Critical Illness: I love this concept. Pays for heart attacks, cancers, etc. Do you think that in the age of National Healthcare everything will be covered lock, stock and barrel? Do you think there's a correlation between countries that have had existing National Healthcare and them having great CI sales? Face it. Any health plan has holes that you can't see until a claim comes in - do you think a healthcare plan run by the government will be different? No elimination periods, cash on the barrelhead.
Long Term Care Insurance: I think linked benefits are a worth consideration nowadays - or one of the accelerated DB riders on a life insurance plan. See above - do you WANT your Life Insurance to cover a two for one proposition? Death and a long term care claim? If not, buy LTCI. Take the burden of potential care off your family's back.
If you don't have any one of these coverages - buy them. It'll help you market them to your clients as well as providing you protection.
Here's to a prosperous and Healthy 2014. May all your policies be issued preferred and may you not have a claim of your own (but just in case, make sure you have the coverage).
