The current financial crisis stemming from COVID-19 is different from other recent financial downturns because the present situation has given consumers the fear of death and disability in addition to the fear of losing their money.
That was the word from Joe Jordan, industry speaker and author of A Life Of Significance. Jordan spoke at Monday’s online town hall meeting held by the National Association of Insurance and Financial Advisors.
The COVID-19 situation brings the need for protection products such as life insurance to the forefront, Jordan said, advising NAIFA members, “Don’t waste this crisis.”
Jordan told advisors that prospecting in addition to contacting existing clients are the two things they need to do right now.
“The foundation of our business is based on two things: 1) prospecting, and 2) everything else,” he said.
He advised focusing on the DCC – daily contact commitment. Advisors must commit to getting in front of a certain number of prospects every day. “Manage efforts and not results,” he said. “Prospecting is a reaffirmation of what you do.”
He said the COVID-19 crisis is a good opportunity to review with clients the way protection products such as life and long-term care insurance perform right now. “Mortality is on people’s minds. It’s a good opportunity to discuss life products with living benefits.”
As for LTCi, Jordan said, “Sometimes the best legacy you can leave your children is to not have them take care of you.”
Jordan also told advisors not to give in to fear. “It’s not bad to feel fear,” he said. “But it’s bad to do what fear tells us to do.”
The financial services profession is not a place for those who are indifferent, Jordan said. “You need to work with love, which overcomes all the internal fear.”
Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.
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