Life insurance is considered by many to be one of the most important coverage a person can get. Sadly though, many people are still without this important cover. Looking at some reasons why you need to get one today may help you have a better understanding of the benefits of this cover.
1, Many people own homes that were purchased with mortgage loans. In fact, the majority of homeowners own those homes with the help of mortgage loans. What happens to your family if they are unable to make the mortgage payments again due to the loss of the bread winner? Many homes have been lost because of this sad event. I hope you do not think that your mortgage provider would stop collecting their payments because someone died? Of course they won’t. They make sure that their investment is secure which is why they insist that you have an adequate home insurance cover. You therefore need to protect your biggest investment which is your family from this double heartache. Let them just deal with the loss of a loved one and not add to it the loss of a
Many people are often confused about health insurance and life insurance. In simple terms, a health insurance prevents you from paying a large bill by covering full or a part of your medical expenses. A life insurance, on the other hand, gives to your beneficiary the entire face value of the policy as lump sum if you (the insured) die.
There are two kinds of life insurance: whole life and term life. Term life insurance is less expensive than whole life insurance. You can buy a term life insurance policy for as short as one year to a maximum of 30 years. If you have a term life insurance, your beneficiary only gets the money if you die. Most people choose to go with a term life insurance policy when they become older.
Whole life insurance, on the other hand, employs is a mix of life insurance policy and an investment plan. The premium that you pay is partly put into the life policy and the rest is put into the investment mechanism of your choice. You can choose to invest your money in a mutual
So, you have made it through the prospecting game. You made your cold calls, sent out your mass mortgage mailers, invited people to your coffee-sponsored seminars, you qualified responders as being serious prospects and have set the appointment.
Now what? You have done all this work, are you sure you are going to get their business? In this article are 5 closing techniques to help you solidify the deal and make the sale.
1. Quality Demonstration – If you are going to take the time to give a demonstration, be sure that you listen to your potential client’s needs and interpretations of what they expect to get out of your appointment. There is nothing worse than explaining variable life insurance and all the different cash options and disability waivers…to find out they only have a budget of $50 per month. So, listen and then tailor your demonstration to focus on their needs and to solve whatever void they need filled. Don’t get too wordy. The best demonstrations have few words, but are very poignant.
2. Small-closes – Throughout the demonstration, try to get periodic “buy ins” and acknowledgments that you
To alleviate anxiety, each spouse needs to be aware of their finances. Below is a list of nine things everyone should know before becoming a widow(er).
- Know your spouse’s wishes: A neighbor was telling me how their relative didn’t want a lot of pictures or memory boards at her funeral, but the people putting the service together didn’t know that and filled the space with photos. What does your spouse want for a final send off after death? Does he or she want to be an organ donor, donate their body to science, be cremated or buried? A traditional Irish wake and funeral or a celebration of life ceremony?
- Know where the stuff is: By “stuff”, I mean bills, investment statements, tax returns, estate documents, and insurance policies. Where is the paperwork located physically in your house? At what institution are the accounts located? What bank holds the safety deposit box? Where is the key? Many people have cash stashed in the house. Do you know the location?
- Know how to get in: “Get in” to online accounts that is. As the world becomes greener, more people are opting to forgo paper and go strictly online for banking and investing. Know
Vehicle insurance covers costs involved in case of accident of the vehicle. The procedure for an accident claim under a motor policy includes these steps. Intimate the claim to the insurers immediately in case of an accident or theft In case the vehicle is outside the city limits of the insuring office, intimate the nearest office of the insurance company Most insurers prefer spot survey in case of all major accidents The vehicle should be moved to the repairer.
Obtain and preserve the receipt for towing the vehicle to the repairer Obtain an estimate of repairs. One should go to an authorised repairer of the manufacturer of the vehicle. This will expedite the appointment of the surveyor. Insurers issue a claim form on intimation and on submission of the form completed and signed by the insured, they will depute a surveyor to assess the loss Provide copies of the legal documents – FIR, challans , summons etc to the insurance company for quick disposal of claim.
The surveyor will visit the workshop for inspection of the vehicle and finalisation of the claim amount with the owner
What is general insurance?
General insurance gives you some financial coverage against a range of events or loss which could be suffered, for example
- loss of your belongings
- damage to car
- damage to house
If the event happens, your insurance company will pay you an agreed amount, or an amount to cover some or all of the loss.
What is the sales process?
There is a needs analysis requirement for all health insurance products, including short-term health insurance which can be classified as general insurance. There is no similar formal needs analysis requirement for buying general insurance products like fire insurance or travel insurance. But, under the Singapore General Insurance Code of Practice issued by GIA, the general insurers and their intermediaries are expected to explain all the main features of their products and services that they offer and assist the consumers to identify the products that meet their needs.
Cancellation period for financial products and services sold during unsolicited visits
The Consumer Protection (Fair Trading) Act provides for a five-day cancellation period for financial products and services that are sold during unsolicited visits (i.e. unsolicited sales conducted at your home, office or even
For financial protection or coverage
A life insurance policy pays out an agreed amount known as the sum assured under certain circumstances. This will be paid to you if you are permanently disabled or critically ill, if your policy provides for this, or paid to your estate if you are no longer around. This money is intended to help you meet your financial needs and / or those of your dependants if these events happen. Life insurance provides financial protection or coverage against these risks.
The life insurance policy contract is between you and a life insurance company. In return for this protection or coverage, you pay a premium for an agreed period of time, depending on the type of policy you purchase.
For retirement planning, savings or investments
Life insurance policies are often marketed to meet retirement planning, savings and investment purposes too. For example, an annuity can provide an income during your retirement years.
Life insurance products like whole life and endowment participating policies or investment linked plans (ILPs) bundle together a savings and investment element with insurance protection. Hence, for the same level of insurance