Tips on How to Successfully Help People Buy Insurance


Consider the huge positive impact on outcomes, attitudes, and referrals that you can make when you help people buy insurance rather than selling them insurance.

Tip 1 Discuss the matter with the client

Before placing insurance in force, advisers must first establish trust and a relationship with their clients. This is achieved by talking to them (The Past and The Future), and learning about their personal and financial needs.

Tip 2 Ask questions, and discuss your immediate needs

Ask questions and be open to discussing the risks. Ask the client what if questions.

Leaving aside emotional issues, what would happen if you were to die yesterday? You could be half dead (TPD) or unable to work for six months because of illness.

Advisors should be able to spot the truth and become a good fact-finder. Ask the client questions to find out if they need the insurance and if they can afford it. (Age, occupation, and hobbies will impact eligibility in the underwriting process).

Tip #3 Listen to the client

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Advisors must be able to listen and understand the clients’ needs. Two ears, one mouth. Common stumbling blocks are advisers who try to impress clients with their knowledge and talk all the time. This is where the old saying “The client cares what you know until they care!” comes in. Clients don’t care about what you know unless they feel that you care. The adviser can understand the client’s situation by listening.

Tip #4 Interpret what the client says

A skilled adviser will ask the client questions and listen to what they actually mean.

Bill, I believe you have to have a reason why you don’t believe in Insurance. May I ask you why? The adviser should interpret the meaning of the answers.

Tip 5 Empathy

Good advisers will be able to empathize with clients and understand their feelings (Do not just walk in their shoes; take on their shoes). It is possible to bring past experiences (become a good storyteller) into discussions. The adviser might be able draw from past experiences to help the client understand.

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Tip 6 Tap into emotional triggers

Insurance gives clients the assurance that all will be well.

The client will be able to understand the importance of insurance by tapping into their emotional motivations. You can do this by telling a story and making it personal. Clients will be able see what happens if their spouse or business partner dies, and can feel certain emotions. The client will be able to see the benefits of insurance.

Tip 7 – Know the product

While it is fine to show empathy and provoke emotions, clients need to know that their advisers are knowledgeable about the material. It is important to have a good technical understanding of the products available on the market. It is essential to be familiar with the characteristics of each product and which one best suits a specific problem. Honesty is important as well. It is best to tell advisers if they don’t know the answer. This will make it difficult for the adviser to be credible.

Tip8 Take the time to evaluate

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Do the numbers after completing a thorough fact check and assessing all assets and liabilities. The adviser must take the time to assess which strategies are most suitable for their client before they will purchase insurance. It is important to look at all options.

Tip9 Follow up on actions

Talk the talk. Keep your word and keep your promises. Promise more than you promise and then deliver.

Tip 10 Do regular reviews

Insurance needs change with life. A plan may have been the right amount of insurance at the time, but it is possible to make adjustments. Over time, the cost of living and replacement value will change. As assets outweigh liabilities, insurance requirements will decrease as people get older. It is important that advisers examine requirements at least once per year.

We appreciate your kind words, ladies and gentlemen. Do you have any questions?

Carlos Banhelyi, a Certified Financial Planner is located in F N Q (Far North Queensland), Australia.

“Ordinary people will tell it is impossible, but successful people will tell it is possible.”

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