"Unfortunately, my company was affected by the tech recession, and I was laid off."
Does this sound familiar? Amidst all the tech layoffs, you're likely to hear this from at least one client. In these challenging scenarios, it’s important to 1) lead with compassion. Getting laid off is never fun.
In this case, however, the tech industry isn't going anywhere, and developers, especially, will likely land on their feet. Whatever the industry, remind your clients that they are valuable employees and for them to try to 2) keep a positive outlook.
Next, take a 3) look at your client's options.
Your client might come out of the gate wanting to reduce benefits. But here’s the thing: It is rarely a good idea to make a permanent change to your financial plan based on temporary market behaviors. While reducing benefits would mean a permanent change, some carriers do allow for a temporary suspension of
benefits under certain circumstances.
Most importantly, though, this is an opportunity to 4) remind your client why they purchased DI in the first place: to protect against an uncertain future.
Individual DI coverage is portable. That means it comes with you wherever you
work. It was made for these moments of employment uncertainty. And it’s a
benefit you no longer have to consider in an employment decision because you
are in complete control. You can still work at the big company. Or you can work
at a startup that has nothing but health insurance. Or you can do what many
incredible visionaries have done and use the time and severance to start your
Remember to be compassionate, find positivity, explore options, and keep protecting your clients' financial plans.