Doing Business W/Friends & Family

[insurehound]

I know that one of the cornerstones of prospecting in the insurance business is to sell products to family and friends, especially in the beginning. of one's career.

I may be crazy but I am not sure that is always a good idea. There's nothing like something going wrong to kill a good friendship or create tension with family members. It just takes one claim going wrong or a really big administrative mishap to put a crimp in the relationship.

What do you think?

 

[GMANPRO]

I know that one of the cornerstones of prospecting in the insurance business is to sell products to family and friends, especially in the beginning. of one's career.

I may be crazy but I am not sure that is always a good idea. There's nothing like something going wrong to kill a good friendship or create tension with family members. It just takes one claim going wrong or a really big administrative mishap to put a crimp in the relationship.

What do you think?

Don't screw it up on your end. As long as they feel that YOU are on their side, they will get over what the company did. It also depends of what company (or companies) you would be using. NEVER write them anywhere you don't have full confidence in.

Also, don't look at it this way. They face these problems with any insurance company and they would much rather deal with you than some random agent.

Hope this helps!

 

[taterpeeler]

I am in full agreement. I dont even carry biz cards to the golf course.

Never sell friends or family any product that is subject to arburtarry claim processing or any product that could change over time.

What would I sell to f/f? Medicare supplements or Term life(i dont sell term but I sold one to a friend one time)

No health insurance or advantage plans as they may or may not pay or do something you expect.

after health care reform we will see if I change my position in a GI world

 

[LOM58]

The only policies I have ever sold to friends or family, and they have been few, were when they requested that I help them. I never solicited business.

 

[Kenek]

Counter argument - why in the world should they entrust their future with a stranger rather than you? And if you are any good at what you do, you'll likely do a better job of setting up their plans so their insurance is appropriate for where they are in life.

There are too many not-very-good agents in our profession, and I'd rather not have the people I care about write policies with an agent who may be out of the profession in a year or two.

I don't irritate my f/f with solicitations but I've made sure they all know what I do and how I help people plan for the unexpected. They more often than not come to me with questions about their insurance needs.

 

[WinoBlues]

I am in your camp. I have sold more to friends and family in the last five years than I did the previous 20. And only guaranteed products like WL, GUL or Term.

 

[taterpeeler]

I am in your camp. I have sold more to friends and family in the last five years than I did the previous 20. And only guaranteed products like WL, GUL or Term.

I was speaking of health insurance. There are way to many factors that come into play that it will be "your fault" not intersted in f/f for health ... like you said drunko.. GI only

 

[Kenek]

I was hesitant at first once becoming licensed, but after my first year I got over that pronto. The way I see it every person I meet - f/f included - will benefit from talking to me as most people with insurance already in place don't have the right plan(s), or they don't have any insurance at all.

How many people on this board know someone who died prematurely and had little or no life? How did it impact the family left behind? I don't want that happening to anyone I know.

 

[WinoBlues]

I was speaking of health insurance. There are way to many factors that come into play that it will be "your fault" not intersted in f/f for health ... like you said drunko.. GI only

Yeah when I first started I did not know what I did not know.

My managers taught me to strip out old WL policies, put the funds into a bond fund and fund a UL (80s) with it. F'n criminal! Imagine the family reunions had I done that with the aunts.

 

[DS4]

I know that one of the cornerstones of prospecting in the insurance business is to sell products to family and friends, especially in the beginning. of one's career.

I may be crazy but I am not sure that is always a good idea. There's nothing like something going wrong to kill a good friendship or create tension with family members. It just takes one claim going wrong or a really big administrative mishap to put a crimp in the relationship.

What do you think?

I will take anyones money.
Rick will call me a whore.