The definition of “tragedy” is: “an event causing great suffering, destruction, and distress (such as a serious accident, crime or natural catastrophe)”. Tragedies can happen to anyone at any time and there is never a good time for one to happen. They just do! A tragedy is not planned.
The question is this: how prepared are your customers when tragedy strikes and how do they deal with it? The top 4 reasons for death in young adults in the United States are: 1: Accidents, 2: Suicide,
3: Homicide and 4: Drugs and Alcohol. These are tragedies; however, the one that is most unavoidable are accidents. An accident may happen to any age, any occupation or any demographic at any time.
Automobile accidents are responsible for 41%* of deaths in young adults. As careful as many are, there are still risks if people drive and/or are passengers in a vehicle. A young, twenty-something customer, who is starting to build credit and get their life on track, may be the highest population at risk. It may be that customer who tells you, “Oh, I’m too young to die”. How do you respond to this?
Focusing on disability for this customer is important, especially if they are single and have just one income; however, don’t discount the need for Life coverage. Someone will be handling the personal effects of this individual and they shouldn’t suffer any more than what the loss of the loved one will cause.
Helping this young investor get on the right track for financial independence is offering financial advice for today and for their future. Protecting themselves, their loan and their credit is a vital part of any good financial plan. You don’t have to be mature in years to understand the value of Payment Protection. Young adults need this valuable coverage as well.
*Forbes Advisor For Internal Training Use Only
