Wednesday, May 18, 2011

Tips to buy life insurance....

Buying tips...

If you are one reader here who intend to buy life insurance, please try to avoid comparing plans and products. The loser could be yourself.

Telling from my heart. Years ago ago, when I first started in this career of selling life insurance, I was trained to "compete and compare" with products. I learned not only my company range of plans but also the rest of the other companies. I knew their strong and weakest points. Conclusion, I had more knowledge than the buying public. Whenever a prospect had intention to purchase a so called 'good plan' for himself, thinking to be smart, he moved around town to ask for the various quotations offered by all the companies. And if I had the opportunity to encounter this enquiry, I would try to be the last to submit my proposal. Being the last to offer my plan, I had the chance to see what others were proposing. Eventually I would know the highest and the lowest bidders in terms of cost over benefits and the returns. As witty and cunning as my master who taught me, I could work another more competitive and attractive program than all my competitors.

The sale could be concluded in my hand no doubt but deep down in my heart, I knew I won the case merely my comparing and competing, and was not there to serve for the benefit to the client. He bought the plan because he thought was a good buy out of the many comparisons.

I had been avoiding this type of selling for more than twenty years, as I feel life insurance should be sold more on a personal relationship rather than by comparing as a product. In fact, all life insurance companies work the same because they are from the same school of thought. The higher the risk tolerance, the higher the cost should be and the more you paid the more you should get back in return. Is just the sale and the marketing personals who twist and turn the figures to confuse the innocent.

Some friendly advices: Buy life insurance when you don't need it because when you need it, you can't buy. Pick any company you like because they are the same. But pick a life insurance agent whom you feel is comfortable to deal with. One who is honest and have the passion in this business. Or like me. Haha!!

Moral of the story... "Expensive might not be the best & Cheap might not be good either".


Anonymous said...

Hi, my dad is turning 70 n he do not have any medical coverage/insurance. Currenly, he's still very healthy but im concern about the financial support if ever, touch wood, when he's not well n needed a medical consultant. Im not from a financially stable family. I did search around the web, but mostly, they are talking about the $$ one gets after death. What im seeking for is the $$ that can help to pay for the hospital bills so my dad can be well again. Desperately seeking for advice on whether or not i can still get insurance for my dad & honestly, is it advisable to get him an insurance now? IS it worth it? Many says that i should just start a saving instead of getting an insurance. Here seeking for a second opinion from you.


Robert Foo said...

Hi Michelle,

Most Insurance Companies would not look at prospects who exceeded the age of 60. Our company, Prudential has medical plans to cater for seniors who have not touched 71 yet. However a full medical checkup is needed to qualify his insurance with us.

What your dad needs is Hospital & Surgical medical insurance. At least the benefits could pay most of the hospital bills in case he isn't well in the future.We cld even extent the coverage right till his age of 100.

You are certainly a caring daughter and i feel good for your dad as well. Thank you for reading my blog.

Anonymous said...

Dear Robert, thank you so much for the info. Highly appreciate this. ^^

By the way, about your blog, i was actually surveying on insurance for my dad & one of the link brings me here. Now, your blog is tag as favorite in my browser. I love all the things you shared. Will check in often so pls dun stop sharing.

Robert Foo said...

Hi Michelle,

Happiness is to see others happier. I'm too joyful to see my blog is helpful to you. Your comment could definitely spur me to write further. Thank you for reading my blog again.

Chris from said...

I think it when it comes to buying insurance products, consumers continue to prefer brand over price as well as rely on personal interaction.

Robert Foo said...

Hi Chris,

Thank you for the comment.

You could be right but a good and professional agent makes thing different for his prospects.

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Unknown said...

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