A Gestalt Approach to the End Zone
After recently ending the 2020 football season, one might
think this article was about football. All the terms fit appropriately but they
can be applied to numerous subjects. The only relevant subject that we will
discuss here is retirement. Decades of preparation go into this life event, but
many parts are ignored or lightly treated. I feel it is time to dissect this period
of life for ultimate service.
Most people who are in the retirement market, whether you
sell insurance, retirement savings plans, help with medical service or assisted
living, naturally and usually only focus on that aspect of retirement. That is like
looking at the goal line and saying you are off the field. As you know, everyone around you would be
hilariously laughing.
Why? Because everyone who knows the game of football knows
the field is marked with an end zone. The
goal line is not quite the end of the playing field. Now for the game, this area
might not be that significant, but for life, the goal leads to retirement. The
end zone is that period after retirement age until one is off the field. It is
that period for which we should start in our twenties to prepare. Once one has crossed
the goal line, the end of the field is just a short distance away.
Most agents stop at this point and think to themselves they
have focused on the customer's only end concern. Whether that is a
retirement plan, long-term care product, Medicare Supplement, etc., the bottom
line is we have only covered one need.
Medicare covers some of the medical needs. Supplements
partially cover what Medicare does not cover. Long-term care insurance mostly
covers retirement communities. The retirement plan covers the financial need
for that period of life in the end zone. The problem with this is the end zone
in life is not a fixed line, nor does it only have one variable! As a general
rule, people are living ten, twenty, thirty, and forty years longer than just a
few years ago. So, the agent/advisor/consultant is only taking an educated
guess to fully cover the needs of the customer.
Most good agents know today's needs have changed. The customer no longer thinks that the
nursing home is the final goal. Most customers do not want to spend their last
days in one either. Many would rather have service at home. Hence the new “need”
is care for the long term!
Numerous products meet varying needs. Short-term care products
reimburse the customer for the eighty-plus days' Medicare does not cover.
Hospital indemnity reimburses not only seniors but others for those out-of-pocket
expenses related to the hospital stay. There are plans to even cover critical
illness. To someone on a fixed income and unable to supplement their income, these
products pay off.
The agent/advisor/consultant who has done their due
diligence completing a thorough needs analysis would have uncovered these
issues. Still, there are other needs not
being met! It is NOT just doing your “job” to uncover these, it is going above
and beyond to uncover all needs. The initial needs assessment is not the only
place to do this. Staying in contact
with the customer often uncovers other needs previously unmentioned. Then, if one
is truly working for seniors, in my opinion, it is best to have the resources
for ALL their needs.
What does that mean? One does not have to be a doctor,
lawyer, accountant, estate planner, etc. One only needs to know where to direct
the customer to assist them. Therefore, it is good to have the connections to
be able to assist your customer. Why not be their “go-to” SME(subject matter
expert)! (continued)
