Why Insurance is Important for Your Client's Financial Security
September 8, 2022
One of the benefits of becoming an insurance agent is being able to help friends and family plan for their futures and protect their livelihoods. Money inevitably plays a key role. Thinking about how finance and insurance correspond means that you can help your clients make financial decisions that not only fit their life phase but that also support their future plans. Here are three ways that insurance and finance work together.
Insurance Protects Valuable Assets
Farm Bureau Financial Services offers many types of insurance to protect clients’ homes, vehicles and more. Safeguarding what’s most important will help your clients grow in future endeavors.
Home & Auto Insurance
As an insurance agent, you’ll help clients during different life events. Purchasing a home is one of the biggest financial decisions a client will make. Educating them on the appropriate insurance coverages is an important part of the job.
Whether your client owns a car, truck, motorcycle, farm equipment or recreational vehicles, having the proper insurance coverage will protect their finances in the event of an accident.
Liability & Umbrella Insurance
You can help your clients assess the appropriate amount of liability coverage on their home and auto policies. Liability insurance provides protection against injury and property damage claims, including protection for legal services.
Umbrella insurance is an additional way to protect your clients (and their businesses) by increasing the amount of liability coverage. With umbrella insurance, clients are protected beyond their existing homeowners or auto insurance policies to avoid paying out of pocket for additional costs.
A person’s ability to earn income is one of their most important assets. That income provides for their family and contributes to accumulating wealth – life insurance is essential in protecting a family in the event of an untimely death. You can help your clients navigate their changing needs as they progress through various life stages.
Farm and Ranch Insurance
Farm Bureau is an industry leader when it comes to protecting farm and ranch operations. Agents partner with Ag Marketing underwriters to assess all insurance needs across the entire operation to better protect your community’s farmers. In addition to protecting farms and ranches, Farm Bureau also works with small business owners to protect all aspects of their businesses they’ve worked so hard to build.
Insurance Builds Savings
Once you’ve crafted a solid foundation, the next step to getting a financial house in order is to build savings for short-term needs. This includes establishing an emergency fund for future unknowns, such as a vehicle repair or home renovation. Insurance coverage can assist only so much, so insurance agents can support personal finance goals by guiding clients to set aside a designated amount, or percentage, of their income each month to reassure them that if something major happens, they’ll be prepared.
Insurance Paves the Way for Investments and Wealth Management
Once major assets are protected and emergency funds established, you can then help clients focus on longer term and larger financial goals. Up to this point, you’ve been helping them organize their life and protect for their futures, so it makes sense to begin talking about long-term financial goals. Security licensed agents then have the opportunity to assist them in planning for those goals while non-security licensed agents can tap into a network of financial advisors who can partner with the agent in serving the clients.
With help from a financial advisor, your clients can work toward their various financial goals with confidence.
Become An Agent
Becoming an insurance agent for Farm Bureau requires more than providing insurance coverage. We take pride in helping people make decisions that have a significant impact on their future and livelihoods. Learn how you can be part of this rewarding industry as a Farm Bureau insurance agent!