How To Buy A Life Policy

If they are "shopping", I don't go anywhere near them. I agree with Somarco. Why should I be the one to educate them, so that they can go online and get it through someone else?

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I am trying to "educate" myself about insurance types, as I figure that now I have some extra savings and hence would like to boost up my familiar financial w.r.t. insurance. I am still servicing my VUL which was popular back then.

Reading through the posts, I realised that this is the professional forums where at least some insurance speclists respond.

I saw there are various people salute to Bob on his "great post" from the view of LI agents. However, I have to say that this is the type of agent that I likely will shut the door, though I am looking to buy one. No offense, but LI Agents may want to understand why some of them are regarded as second to auto sales person that genuine buyers find hard to deal with.

As some of the forum'er asked, buyers would like to know about the topics about "insurance" so that they can decide what to buy/invest. Of course, an area expert (agent) has the background to say: well, this is a professional sector and agents spent years of experience to understand it, so don't bother to know. Just listen. And, what I am going to propose to you is the best that you should buy. Don't ask more details and don't try to compare.

Heck, LI is as important monetory investment, if not more than, say buying stocks/house. Certainly more valuable than car. How do you think a buyer would just "listen" and let other people decide for him/her? Even a medical doctor would suggest a cross reference for medical procedure, and will educate patient about his options.

Secondly, since LI agents, like any other professional services, are meant to sell "service" or "consultation", albeit with the "insurance sector" being their expertise. If buyer cannot get basic education from the potential LI Agent that he/she will buy from (or use his/her service), how would your client know how to assess your competency? I thought you would want to give your clients a chance to listen to your expert knowledge and hence a chance for you to sell your service. By declining those "green" clients, probably you really don't want more biz.

This is the problem I have with a service industry when it is not well-regularated. Many people can be insurance agents and it's hard for users to assess them. Adding to the pain, is the complicated legal statements on all sorts of insurance types out there.

Reading Bob's posts it reinforce my prior belief that many LI agents really do not worth us spending money for... better educate myself via books and internet, though I have no intention to be LI Agent, and though I am all willing to let a good agents get paid for the service.

People who immerse in their own sectors typically find it hard to see the problem in that sector. What I talked about is one of the root cause that shun interested buyers from buying LI, really.
 
Out of respect to Melmunch3, and to maintain the decorum of the board, I will not respond to you except via private e-mail.

Pease feel free to e-mail me at marcircus . com (no spaces - do not wish to create a link) if you wish to make further personal comments. I am going to delete this address in about 24 hours so as to avoid my e-mail becomming clogged with spam.

Hi Bob, I wish I could have been with your wife on her wedding night - if you get my drift.

Well, so much for maintaining decorum. :D
 
Hello everybody,
I am new in this site and I don't know about life policy.
So, I want to know how to buy a life policy.
And thanks to all for your help
 
Hey Every,
Life Insurance tends to be one of those things that people really don't want to deal with. Company know they should have it, but it can frequently serve to reminds them of their mortality, And let's face it; it's not all that exciting. Personally, They see a lot confusion regarding this matter. So how about reviewing some of the issues behind buying life insurance, with a mind towards keeping those premium costs low?
 
If they are "shopping", I don't go anywhere near them. I agree with Somarco. Why should I be the one to educate them, so that they can go online and get it through someone else?

I don't waste time with "tire kickers".

There is also no need to even discuss all the riders out there, since 99% of them will have absolutely nothing to do with your client/prospect. By drilling down and finding out why they want it, who they want it for, and for how long they wish to hold on to it, you are better able to assist them.

You may also be better served finding out what other "investments" or "financial" obligations they have, to get a clearer picture of liquidity and future growth. Alot goes into it. Don't fall into the trap of being a "quote machine" for your clients or prospects.

If all they want is a number, then send them to the internet and move on.

You don't refer a someone to a physician, and say, "He/She's the cheapest." No. You say, "He/She's the best." We are our own worst enemy, ladies and gents. Buying Life Insurance is NOT like buying a car. Buying a car is a selfish act - you want to be seen in a sleek, cool, fully featured automobile. Buying Life Insurance is an unselfish act - you want to make sure that your family has as little to worry about as possible, in a very traumatic time in their lives.

Ask any widow/widower if they are glad that their spouse got the cheapest policy? Or if they are glad they got a policy that was sufficient for their needs?

But, as an industry, we keep sending out postcards with the words "CHEAPEST RATES IN TOWN" on it, and are surprised that the buying public has become price shoppers.

Look at the Cellular industry. They don't chat about being the cheapest. The concentrate on who can provide you the most minutes, the coolest download ringtones, the best internet graphics. They know if they can list all those "value added" options, then price becomes secondary. In other words, they find out how to be the "best" provider for your needs.

That should be our line of thinking.

Do you think if you go to one cell phone provider, and tell them that their competition is cheaper, they will try to cut their price? NO. They will list all that they offer, and justify that with their cost. You, at that point, will either make the decision based on how much you want to write the check for each month, or on the services you receive.

Also keep this in mind. The client/prospect who does not want to share information with you, and who makes you do all the work, will probably not be a client for long, and/or will not have any respect for you, or what you do. This does not mean you shouldn't service the client. It means that, if you are trying to get basic information from them, and they are not cooperating, chances are they've got something to hide.

I happen to like people who do research on the topic. However, I won't work with someone who will "Analyze to Paralyze".

I sat down with a couple last year, and, at our first meeting, the wife had a 52-page spreadsheet with DB's APR's, and COLA's. Needless to say, this didn't work out very well for her. She was too focused on her spreadsheet, than on finding the best product for her needs (which, by the way, she would never articulate to me). To this day, she is still "thinking about it", which is fine with me. I've moved on.

The funny thing is, she wants me to help her with LTC. Anybody want to guess what my response to her was, and how much time I've spent on it?

Bob, this was one of the most informative posts regarding the facts of being a life agent, you pointed out some very sound reasoning with your examples, thanks!
 
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