The Psychology of the Life Insurance Buyer
- Thread starter xrac
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- Staff
- #2
They are right....people should stop selling life insurance online and get out now......selling them and not meeting them face to face can not be done and is very rare.......get out now.......and go meet this people.........
Whatever, I've done quite well by it.
I didn't read the article intensely, but I'd be interested in the breakdown of those purchase percentages by age cohort. I'm guessing younger purchasers would be a lot more frequent to make purchases like this. I've also sold a healthy amount of policies to older boomers without meeting with them.
There's also no methodology explained when it comes to what a needs analysis means, or what recommending a certain amount entails. I use the old Guardian guidelines for HLV that I got years ago whenever I talk to someone. Does that count for a recommendation?
There's nothing there that I found incredibly insightful.
I didn't read the article intensely, but I'd be interested in the breakdown of those purchase percentages by age cohort. I'm guessing younger purchasers would be a lot more frequent to make purchases like this. I've also sold a healthy amount of policies to older boomers without meeting with them.
There's also no methodology explained when it comes to what a needs analysis means, or what recommending a certain amount entails. I use the old Guardian guidelines for HLV that I got years ago whenever I talk to someone. Does that count for a recommendation?
There's nothing there that I found incredibly insightful.
- 4,686
Met life term life dot com does a great job of selling direct to the educated, informed consumer. It's also hard to find a better company to deal with. Just my .02.
- Staff
- #5
funny thing about that article is that I rarely sell a policy to the healthy term crowd that is under $500,000.....and man the need analysis we use to use at met was like 5 pages long.....my need analysis is a bit shorter....you ask what is the purpose of the insurance rates that you are running on my site..... now if they have a sure fire way to get the client to buy annually I would love to read that.....my is cheaper to pay annually usually does pretty good......
What's startling about that report is that, here in 2011, they (LIMRA) find it "startling" that agents using fact-finders write bigger cases. Of course they do, as that's how you educate the client on their true needs and get them out of the mindset that $150,000 is a huge number and will cover their family forever.
Most agents who don't fact-find are happy-happy when the client agrees to whatever premium is quoted for a small face amount and the agent wants to wrap up the paperwork before the client has second thoughts. These agents will struggle in this career.
I thoroughly enjoy sitting down with any potential client who has coverage in the $100,000 to $400,000 range, as I am confident that no fact-finding was done on the current policy and I will easily show them their true worth.
I have had many clients ask me "why didn't the other agent do this?" after showing them their actual needs.
Most agents who don't fact-find are happy-happy when the client agrees to whatever premium is quoted for a small face amount and the agent wants to wrap up the paperwork before the client has second thoughts. These agents will struggle in this career.
I thoroughly enjoy sitting down with any potential client who has coverage in the $100,000 to $400,000 range, as I am confident that no fact-finding was done on the current policy and I will easily show them their true worth.
I have had many clients ask me "why didn't the other agent do this?" after showing them their actual needs.
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