Insurance

amnblog

bigadaj wrote: »

The depressing thing is that most people don't think for themselves and commission has been a significant driving force in sales.

Is commission driving sales a bad thing?

Or are uninsured mums and dads worse?

ACG

amnblog its not a case of one or the other.

If your doing the job you do it properly and to the best of your ability - just like any job. Dont forget your working for the client not for the commission, the commission is what you get for doing the job.

If the amount of commission you get paid reflects which product(s) you choose i think you need to question your morals.

kingstreet

Let's face it, people don't buy this stuff, it has to be sold.

If they do occasionally buy it, they employ no other means of comparison than price - unless they are more aware than average joe.

It's not until claim time they realise they made the wrong product, or provider choice, but as posts on the Insurance board testify, they blame the contract type, not the specific plan they bought. I know the waters are muddied by tied agents and banks flogging over-priced poor quality cover, but in general it's the concept which is deemed at fault, not their choice of plan or provider.

If after I've made my recommendations people choose to accept these risks for themselves, that's their right. However, I will be asking them to sign an indemnity to confirm that's what they are doing.

gazter

Dan-Dan wrote: »

The one thing someone said was if you dont make allowances in some way , your family will have to cremate you at the same time as having the stress of the mortgage etc , my work pay two times my salary if i pass whilst employed here which covers the mortgage amount i would have outstanding , more or less , which is good , but how would that help me if touch wood my wife passed and i had to give up work for the kids

?

As I said, this is the biggest issue for me. While not directly connected, my wife who is nigerian when she was sixteen got accepted to study at an american university, a father was quite wealthy and was paying for it all.

He died of a heart attack. As soon as he died everything got frozen. She carried on as long as she could but ultimately she wasnt able to complete her education. This had a significant mark on her life, it took another decade before she was in a position to get back into higher education. Which she has now done, and completed along with a masters.

The point is, she was entirely dependent on him, his death and the immediate financial impact was to spend many of the years following trying to get back to the point before his death.

amnblog

Just had a call from my 39 year old client re a critical illness claim.

The £425,000 sum assured is going to remove the mortgage on his home.

Does this mean my commission on this one can be considered as 'not depressing'.

Of course, as suggested earlier in this thread, my client could have invested the premiums instead of buying the policy in which case I suspect he would still be waiting to become 'well off'

Wh05apk

amnblog wrote: »

Just had a call from my 39 year old client re a critical illness claim.

The £425,000 sum assured is going to remove the mortgage on his home.

Does this mean my commission on this one can be considered as 'not depressing'.

Of course, as suggested earlier in this thread, my client could have invested the premiums instead of buying the policy in which case I suspect he would still be waiting to become 'well off'

................but presumably you made quite a nice commission on the original sale, how dare you try and earn a living!

It is always difficult when you get a client who has a claim paid, on the one hand you feel bad that they needed to make the claim, but then at least they now have a degree of financial security they wouldn't have had.

amnblog

Wh05apk wrote: »

It is always difficult when you get a client who has a claim paid, on the one hand you feel bad that they needed to make the claim, but then at least they now have a degree of financial security they wouldn't have had.

Each claim makes it more difficult for the next client to get me to accept a 'no' - that's for sure

As you will appreciate Who05, the revenue we produce is a function of the advice given.

If people were going to buy life and critical illness insurance unprompted the providers would just put leaflets in boxes by the kerb for people to sign and put in the postbox.

Wh05apk

amnblog wrote: »

Each claim makes it more difficult for the next client to get me to accept a 'no' - that's for sure

As you will appreciate Who05, the revenue we produce is a function of the advice given.

If people were going to buy life and critical illness insurance unprompted the providers would just put leaflets in boxes by the kerb for people to sign and put in the postbox.

Past experience is certainly a great "selling aid" 18 months ago, I broke my back (fortunately not serious) but it made me realise how fragile our survival is, if I had fallen slightly differently I could have broken my neck, and may not be here now, 48 hours later, I had a call from someone who had had a m/c accident and shattered his ankle seriously and would be off work for up to 12 months, as a self employed decorator that could have bankrupted him, fortunately he has AS cover, I am sure he did not resent me earning a commission!