Congratulations, you just sold your clients a boat!
Boats are great, not least because of their characteristic ability to keep your clients afloat in the most torrid conditions. It has all the equipment to help them get from point A to point B safely: hull, keel, mast, sail, line, rudder, even railings. Just one hole in the plan: They've got everything they need except an anchor. What could go wrong?
Anchors aren't that important as long as your clients are on the go, moving, cruising. Very few things could stop them from getting to where they want to go. Your job was to enable them with all the tools to chart a course and meet their dreams and objectives.
However, seas are wont to become choppy. Winds are wont to blow. Sometimes these unforeseen circumstances can cause an interruption in your clients' flow. Their momentum is stifled. They become stuck out at sea. And they are at the whim of the elements, unless they have an anchor.
Anchors are great because they help stabilize the environment. Even if seas are choppy and winds are howling, a suitable anchor can keep the vessel tethered to the earth without fear of being pushed into the rocks, further out to sea, or onto a beach (not in a relaxing way). An anchor has the ability to moor the ship which allows the captain and crew to sleep at night.
Your clients could find themselves in a dangerous situation if they set sail without an anchor. However, it's important to keep in mind that an anchor is simply a convenient solution to a greater problem--the need to sleep at night knowing they have a stable lifeline.
For instance, there are anchor buoys, wharfs, and jetties. Anyone of those items can assist in a similar capacity as an anchor, but you would have to meet a buoy, wharf, or jetty on their terms. An anchor offers freedom to your client: the unique ability to choose when and where to stabilize in the midst of their journey.
The evenings would be difficult without an anchor. You could tell your client to sail the boat during the day and have the spouse sail at night. Easy, as long as they know celestial navigation and don't mind spending hours apart while each person recovers from a long day of steering and pilotage.
If times are very desperate your clients could simply sell the sail and/or rudder and buy an anchor from the proceeds. This remedy solves the lack-of-anchor problem, but suddenly they have a navigational problem. This might be fine as long as they are okay giving up control of their plan and intend to move with the tides from this point forward.
Now, any new boat buyer will admit that they are more excited about the boat than they are about the anchor. Understandable. And as a boat vendor, you might even say that the anchor is not your responsibility. Also understandable. The client really should know to get the anchor. You might not want to jeopardize the boat sale by asking about the anchor!
Your client might not know where to go to get an anchor. How many anchor salespeople do you know? None. Craigslist for anchors? Please. Could they purchase an anchor at a retail marine outlet? Possible, but that could undermine your relationship with the client, and who knows if that anchor is of the proper caliber that they'll need for the job, etc.
It's much easier to simply sell an anchor with the boat. All you have to do is remember to mention the anchor. Explain the significance. You could even go above and beyond and show your client how the anchor works. And in the meantime, watch your anchor revenues make a splash on your bottom line.
If you're reading this then you are probably an insurance or financial advisor. As a marine advisor, you would never sell a boat without an anchor. Most insurance and financial advisors have specialties. Some specialize in life insurance, others in health insurance, and some do financial plans. Whatever "boat" you sell, the chances are you've sold at least a few without anchors.
You are in the distinguished position of helping your clients' families if they are faced with tragedy or the unexpected. And you've sold them a great boat! That's not up for debate. The question is what would they do if they were adrift without a stable income due to an illness or injury?
Would you advise the family to rely on Social Security Disability, State DI, or Workers Comp (i.e. moor alongside a buoy, wharf, or jetty)? The obstacles and limitations of these options are infamous for their inadequacies. Don't advocate for further regulatory hardship on your clients while they're already battling an enormous life event.
Would you advise the family to work more hours (i.e. take the wheel and astronavigate at night)? That solution could be misconstrued as careless, crass, and unenviable. Worse, they could have expected you to implement a plan to avoid exactly a scenario such as this, and you could be forced to put your hands up in the air.
Would you advise them to offload some assets to cover their regular expenses, taking a huge hit in opportunity cost (i.e. sell the rudder and sail)? This could lead to massive losses in market gains while the clients' retirement savings are displaced and reallocated to regular expense accounts. Their entire plan could be derailed.
No. You sell the anchor with the boat. Disability insurance is still the most cost-effective solution available to help your clients stabilize their income.
Make sure to mention the anchor. If you need help starting the conversation then contact your local anchorage DI specialist today.