If you are 30 yrs old and is a man,
You can get as low as $23,000 coverage for a Critical Illnesses Whole Life Plan. (One of the Limited Premium Whole Life Plan)
You can get as high as $215,000 coverage for Critical Illnesses until 65 yrs old (One of the CI Term Plan)
If you are 40 yrs old and is a man,
You can get as low as $18,000 coverage for CI Whole Life Plan.
You can get as high as $130,000 coverage for CI Term Plan till 65 yrs old.
For advisers who had recommended both plans before. Touch your heart, ask yourself, is it easier to tell a client take up a $100/mth Whole Life plan or a $100/mth Term plan. My experience told me "The $100/mth WL plan is easier."
What is happening now is that people are already spending $300-$400/mth buying Whole Life plans, its hard to tell them add $100/mth more on Term plan. They may say its not feasible to spend $500 on insurance alone. They didn't realise that 70% of premium are on Whole Life plan which gives them less than 30% of their needed cover.
So what will advisers ask people to get?
$100/mth Whole Life plan or $100/mth term plan?
I think it will be the one that is easier to sell and the one that gives a better remuneration?
Worst still, there are people trying to mix Investment with Insurance by selling ILPs with low allocation rate where the allocation charges are not even shown in the Benefit Illustrations...
Ya, nearly forgotten, we can ask for as high as $300 or even $500/mth for a WL or ILP. We can almost never do it with Term.
Just doing my job
After my death claim experience and seeing the widow's tears, I worry that I need to make a death claim again. If I delivered a $23,000 cheque to the widow at that time, I'll feel very sad because I had let the deceased's family down. If I delivered a $215,000 cheque, I think I had done a better job.
If you look at me like a saleman when I try to convince you on that $100/mth term plan, I got nothing to say. My objective is simple and clear. I will deliver that cheque to your family if you are not around anymore. I really just want to do my job and by doing my job, I feed my family.
Saturday, August 16, 2008
Subscribe to:
Post Comments (Atom)
13 comments:
can give discount or not?
Don't try to use such scare tactic as if your client will die tomorrow. You are just one of those salesman I see.
Adrain, it is because you started on the wrong footing.If you had started with a product people will think of a 'best' product with features and benefits, naturally the WL will be the choice.
But if you had started with his needs and make him see if his needs weren't met and that would cause a lot of pain and misery to himself and his family. In other words what happened next the action would be need or goal driven .Then he would see that term would be the better solution to his concern and not WL.
Explain that separating protection and saving is better and ideal.You are saving money for him. It lets him better control without having having one tied to the other. Show him this way the client gets more protection and return.Tell him there is no conflict of interest on your part. You get so much lower in commission than selling him a WL even though the WL gives much lower protection. Tell him you put his interest first.
If giving the best isn't convincing to the client, 2 options open to you. Give him what he WANTS and cover yourself in the report writing all the reasons you mentioned to him and the warnings of danger ahead. Option 2 is to discharge yourself and tell him to look for another and 'better' 'consultant' and that you are not a salesman.
Zhummmeng
To 6.45PM, yes, I do give discount.
How much WL you are buying?
$30k is less 5%
$50k is less 10%
$100K is less 35%
$200K is less 50%
$500K is less70%
If you wish for bigger discount I recommend that you take the $500K. That is a lot of saving.
NB. the discounts are subject to further negotiation.
7.03PM.
If your client is sure to be alive tommorow then buy tomorrow. If you think you won't die after tomorrow and your family can live without the money when you are dead you don't need to spend money on insurance. Also if the dread diseases dread you, you don't have to buy too.Why buy and make insurance salesmen rich? Only suckers, idiots , morons and mentally deranged animals do...
CEO of ScamLife Insurance Ltd.
ntuc agents will NEVER give discount. They think they deserve the commission for all the paper work and leg work and for reading the quotation and explaining the benefits .Wow!!! very professional. They only sell revosave, vivolife and growth and incomeshield
Also they are now called "senior financial consultant"...there is more reason not to give discount. Wahlow!!!big title...if you look at them they all look like zombies firing on 3 plugs and you would stay 100 feet away from them They don't even look like consultants. Wonder who would trust their finance with them?
Hi Zhummmeng,
Surprised to see you in my blog. Thanks for visiting.
I did full fact finding for most of my cases. All numbers are properly computed.
The challenge is in 2 areas:
1) Client usually don't believe they need the coverage.
Eg, From a proper fact-finding, we can easily identify a breadwinner probably needs at least an additional $600k coverage. They will feel that a $600k term policy is damn huge policy when premium is probably just $100/mth.
2) To convince them that by investing, they are able to get a better returns than a life policy. They like to look to other extreme that they lose money.
Its really easy to convince people on a $100/mth ILP or Whole Life plan. $100/mth on term is really not easy.
That is because they are focusing on the fact that they get back some money after certain years with WL but not a cent with term. The focus is that they do not lose out in future should they not die.
Adrian, don't contradict yourself in your website. I don't believe you don't sell life insurance. In reality, agents are paid to just fill up forms. We can get an insurance from Safra and invest from fundsupermart or ETFs from SGX. It is so much cheaper! Why need to pay extra for agents like you!!! Go continue sell revosave and vivolife as a package like the rest of the NTUC agents and make your money from stupid people before MAS sweep all agents including you!! You lose your chance to make money before they kill you off. You are still young, get out of the industry if you cannot be like the rest!
Hi Adrian,
I think you just need to do what you think is right, and well, talk less. :)
That way you won't have to deal with all the negative comments. And don't think that you are a saint just because you ONLY recommend people term insurance. Please appreciate the fact that each individual's need is different. I see nothing wrong with Ltd Pmt plan. If all S'poreans know how to optimise their asset allocation planning, then there will not be sad story lor.
For those of you who are not in the industry but claimed that you know what's goining on, perhaps you have not seen enough of circumstances or met the qualified adviser to advise you.
But I do admit that many of you would be much much better off DIY than to be conned by the so-called advisers. Far too many of them are out there just to make quick bucks out of your expenses. They are like aligators waiting for easy preys. They are out there to ruin you financially. But as they say: you reap what you sow. They will get the punishment for what they have done. I have seen many many of these people in and out of the industry. They are the reason the industry is very lowly regarded.
Adrian, don't get yourself into those pointless argument cos you don't get paid for doing that. The way I look at it, the quality of your writing has degenerated, and you have used vulgar words more often. Professionals don't talk like that, and it reflects badly on you.
I think you have spent too much time maintaining this blog. Based on my experience, seldom people generate sales from writing blogs. Think it's more for client reading and increase profile etc.
Oops... Poor English yes, but I really din notice that I'd used vulgarities in my postings. Could they be from the commentors? I do think that I am too lenient in letting negative comments to be posted.
First. I never claims myself to be a Saint. I never say Whole Life plan is definitely not suitable for anyone. I also do not wish to spend time arguing with anonymous 10:53.
I strongly recommend Term because it is only using term, we are able to give maximum coverage and only going through a proper fact-finding, we are able to identify needs. These are the 2 areas which many advisers did not do.
This blog is like my online diary. I use it to record my own life and also use it to express how I feel of certain things. I never claim myself to be more intelligent or better than the rest.
Anyway, thanks for all the comments.
Moderated Comments:
12.00pm, you are right to say every body has different need. Only the rich can afford the whole life, limited or whatever. They don't need them but they can WANT them
The poor don't need them and EVERYBODY doesn't need wholelife. This is different from every body's need is different. Poor people need more term than wholelife
Moderated Comments:
Adrain , don't be discouraged by those unhealthy comments. They are intended to sobo you. Continue the good work and champion BTITD because BTITD definitely helps the consumers.
Wholelife NEVER and it is NEVER good for anybody except the insurance salesmen who are eyeing the MDRT and TOT.
Hi Adrian,
I am in the same profession as you are and yes Term is better than wholelife. Seperating savings and insurance is the most rational thing to do. I think you are doing a great job and are sincere in helping people.
Cheers to a great financial planner!
Post a Comment