![]() It might include a whole life policy for diehard bank-on-yourself types. This might include guaranteed no-lapse universal life insurance for someone who needs a specific amount of money at their death. There are more complex insurance products that are needed and desired far more rarely than the above listed products. #5 When Selling Complex Products, Put the Client's Interest First Treat people right and sell them the right policies, and their friends will flock to you to do the same for them. These include term life insurance, disability insurance, comprehensive health insurance, auto insurance, homeowner's/renter's insurance, malpractice insurance, and single premium immediate annuities ( SPIA). None of these products takes very long to explain, design, or sell, and they all pay you a fair commission. These risks are all easily insured against using simple, easy-to-understand products that sell themselves to anyone who recognizes the risk. In our litigious society, they need to insure against the possibility of seriously hurting somebody else, physically and financially. They may even need to insure against running out of money in retirement. They need to insure against the death or disability of the family breadwinner and potentially a non-earning parent. They need to insure against sudden and severe medical expenses. There are very real risks people need to insure against. #4 Understand That the Best Insurance Is Usually the Simplest Northwestern Mutual “Financial Advisor” Review and Confessions If all your training is in sales-or even if it's all in insurance-it will be hard for you to recognize when ANY insurance policy is simply the wrong thing to do for a client. These designations, while the hardest to get in the financial world, aren't that much when compared to the education and training that most professionals go through. Better yet, step outside the insurance industry. The bare minimum should be the highest designations the insurance industry offers, including the Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC). Ninety-five percent of the training that insurance companies provide for their agents is in sales, not finances. If your only financial education comes from the company that hired you, you need to spend some serious time studying. Even though the law may not require it, act like a true fiduciary to your clients and you will be rewarded for it. Do it the wrong way and you'll never get there. Only by being able to sell any client any product from any company can you ensure you're always able to do the right thing for the client, which is the only true path to real success. Get away from there as soon as you can and become independent. You may have to start your career “captive” to one insurance company. It will also take you years to build up your book of business to where you will have a high income. People generally just need a few questions answered and to have their insurance products designed well.ĭoctors, lawyers, accountants, and other professionals spend years before they ever make a decent income. There are plenty of good insurance products that sell themselves. When too many people are in the field, good people are forced to sell bad products to put food on the table. Get-rich-quick schemers belong somewhere else. If you're not going to be in it for the long haul, get out. There are too many new and inexperienced agents. Just do your job and do it well.įrankly, I think the world would be better off if there were FEWER insurance agents. You don't need to morph yourself into a financial planner, asset manager, retirement specialist, or college financial planning specialist to provide value. Other types, such as life and disability insurance, should be considered mandatory for most people for certain periods of their lives. ![]() Some types of insurance, such as automobile liability and now health insurance, are mandated by law. Insurance can be complicated, and having a trustworthy person to explain it to us and sell us the right policies is worthwhile and valuable. There are risks that everybody can and should insure against. #1 Insurance Can and Should Be a Noble Profession ![]() ![]() Physician Wellness and Financial Literacy Conference – Park City.Continuing Financial Education – Las Vegas.Financial Wellness and Burnout Prevention for Medical Professionals.
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