As a CPA, you play a huge role in your client’s lives. You help your clients as they navigate through various stages of life. You support them as they are planning for retirement, as their kids are going off to college, and every year when they are filing their taxes.
Finding a good CPA is an incredibly important decision. As a CPA, you know that having a poor accountant or CPA could have dire consequences. We think that a good CPA does more than help families with their taxes, they want to protect every area of their life, and that’s why CPA should be telling their clients about life insurance.
At LifeInsuranceForAccountants.com, it’s our goal to ensure that you have all of the information that you need to protect your clients and your loved ones.
CPAs and Life Insurance
For the majority of CPA, they are following the registered investment adviser (RIA) model, which means that the advisor compensated a percentage of assets that are being managed, hourly fees, a retainer, or a combination. With the RIA model, CPAs are not concerned with direct product selling, because they receive no commission from selling products. With life insurance, on the other hand, it’s all commission based. If no policy is sold, no money is made.
The problem is that life insurance is one of the most important purchases that your clients will have ever make. Not having life insurance is one of the worst mistakes that they could ever make. If something tragic were to happen to them, and they didn’t have life insurance, then the family would be responsible for a massive amount of debts and other final expenses, as you would know as their CPA.
As a CPA, we think there are a few things that you should be telling your clients about life insurance. This article is going to look at those things and help you give them the information that they need.
Life Insurance is an Investment
A lot of people think that life insurance is a waste of money because the majority of plans are never paid out. Clients are going to avoid buying a policy to save money, but that could be a dire mistake. As a CPA, it’s your job to protect their future, and life insurance is one of the best and easiest ways to do that.
One option is to outline the benefits of a whole life insurance policy, which builds cash-value inside of the plan. With the value inside of the policy, that money can be invested or used to pay the premiums. While whole life insurance policies can be used as an investment tool, it’s primary usage is to protect their loved ones.
Life Insurance can be Cheap
Another reason that a lot of Americans don’t have life insurance is that they assume that it’s going to be too expensive for their budget. In most cases, that couldn’t be further from the truth. Life insurance can be surprisingly affordable. One way that you can help your clients is to show them how cheap a term life insurance policy can be.
Life Insurance is Easy to Buy
Once upon a time, buying life insurance was a long and complicated process. There are hundreds and hundreds of companies on the market, and applying took several hours. Thanks to the internet, buying life insurance has never been easier or quicker.
There are a few companies on the market that allow applicants to get approved for life insurance in a few days, or even a few hours. With a traditional term insurance policy that requires a medical exam, you’ll still have to wait a couple of weeks, but insurance companies have make it drastically easier by using email and websites.
While we don’t recommend a guaranteed issue policy for most people, you can purchase one of these plans and get coverage in less than an hour. With companies like Haven Life, you can have life insurance in about 20 minutes.
Working with an Independent Insurance Agent
One of the best ways for anyone to purchase life insurance coverage is to work with an independent insurance agent. Unlike traditional insurance brokers, independent agents work with more than one single company. They represent dozens of highly rated companies across the country.
Every insurance company is different, and all of them are going to give your clients different rates based on their medical underwriting and rating system that they use. The quotes that your clients get are going to vary drastically depending on the company that they contact.
Let your clients know that working with an independent insurance agent will save them both time and money on their life insurance search. For example, our independent brokers can bring a personalized set of insurance quotes in a matter of minutes.
Life Insurance for Accountants
As an accountant, you should know the importance of life insurance and how it can secure the financial future of your loved ones. You never know what’s going to happen tomorrow, which means that you shouldn’t wait another day to get the life insurance coverage that you deserve. You shouldn’t only be looking out for your clients, but you should ensure that you have all of the proper insurance plans in place as well.
If you have any questions about getting life insurance as an accountant or the possible life insurance plans available, please contact one of our agents today. We would love to answer those questions and ensure that you have all of the information that you need.