Don't Overlook The Divorce Market

DON’T OVERLOOK THE DIVORCE MARKET

By John R. Ingrisano, CLU © 2016

I know, the topic may sound a bit ghoulish.  However, here are several things you need to keep in mind when a couple goes through a divorce:

  1. More than 800,000 divorces take place every year in the United States, according to the National Center for Health Statistics.
  2. When a divorce occurs, in addition to the emotional turmoil that besets a family, the potential financial chaos can be just as devastating, and the ramifications can go on for years.
  3. As an insurance/financial professional, you have an important role to play to help these individuals.

Your role is to meet with prospects and clients to ...

  • Help make sure that life insurance coverage stays in place, especially if there are children involved.  Too often one person may simply stop paying premiums, allowing coverages to lapse.
  • Offer to review the coverage of both new households to make sure that protection reflects the changed needs and situation.  There may be a need for additional life insurance.
  • Suggest updating beneficiary designations.  Perhaps a former spouse needs to be removed and a new spouse needs to be added.
  • Encourage them to review and update their wills and other estate plans.
  • Recommend meeting with adult parents of the divorcing couple to make sure their coverage and estate plans reflect the changes in the family.  (Imagine, for example, the potential problems if an ex-son-in-law remains as a beneficiary long after the divorce.?

In short, there is much you can - and should - do to help clients and prospects get through a divorce.

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John Ingrisano is a former insurance agent, business journalist, sales trainer and “marketeer” who has developed sales programs, newsletters and marketing campaigns for dozens of major insurance and financial services companies over the last 35 years.  He is also a public speaker and author of several books, including “The Back to Basics Book of Selling:  A Guide to a Successful Sales Career” and “The Back to Basics Book of Money: A Couple’s Guide to Financial Peace.”   John can be contacted by email at This email address is being protected from spambots. You need JavaScript enabled to view it.


Copyright © 2016 John R. Ingrisano