Ask the following 3 questions of anyone selling you life insurance: These 3 must-ask questions will ensure you are working with a life insurance salesperson who cares more about their mission (helping you get a suitable policy at the best price) than their commission! In other words, they care about helping you get the right life insurance policy.
1. Do you offer more than 3 companies life insurance products? The answer should be “YES!” As a matter of fact, the salesperson should have access to at least a dozen life insurance companies. This ensures they shop all the available life insurance products to find the right one for you.
2. Do you have a sales quota or agent recruiting quota? The answers should be “NO!” and “NO!” Why? Sales QUOTAS can pressure agents to sell you an incorrect product just keep their job! Recruiting QUOTAS can take the focus from protecting your family with suitable life insurance to offering you a business opportunity. Keep in mind, the life insurance business is indeed a great opportunity, after you have successfully protected your family with proper life insurance first!
3. Do you typically sell term or permanent life insurance, and why? The answer should be “I sell mostly term insurance to the average family, but I can sell permanent whole-life insurance in appropriate situations such as estate planning or supplementing retirement funding when all qualified plan options have been exhausted.” Term life insurance is appropriate for most people. Why? It gives the most “bang for the buck,” or the most benefit for the money spent. But, it doesn’t pay a salesperson nearly as much as permanent insurance commissions do. So, many agents will push permanent life insurance, when term is more appropriate, to earn a higher commission.
If your life insurance agent can’t answer these 3 questions appropriately, it means they likely put their interests ahead of yours. Keep in mind, many agents are simply POORLY TRAINED. The truth is many agents don’t even know they are selling inferior products. So, most agents are not intentionally trying to sell the wrong life insurance. They just don’t know any better. So, it’s up to you to weed out the wrong agents and find the best agents. These 3 questions will help you do just that.
(PS: print this article out and take it to meetings with your life insurance agent. It will help you get the right life insurance at the best price from an agent who truly cares about protecting your family).
Did these 3 questions help you? Comment below and let me know!
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You’re welcome, Michael! Life insurance is integral to the foundation of your own money house! If we can help you build it right (with the right life insurance at the right price) reach out to us: tom@yourmoneyhouse.com! We’ve helped lots of people like you save money (and frustration) when dealing with life insurance! -Tom