Imagine you live in a town, and it that town there is a physician who treats every ailment the same. "I only prescribe penicillin," says the doctor. Everyone through the door, whether suffering from an infection, a cold, broken bones, mosquito bites or just a headache gets the same medication to cure them.
In reality, if this doctor existed, he or she would be run out of town on a rail, or at the very least, have their license to practice medicine revoked.
However, there are financial advisors and insurance agents who do the same thing. Have you ever heard the agent that says "I tell all of my clients to buy term and invest the difference"? One cure for a variety of financial ailments.
People have different situations, and like snowflakes, no two are exactly the same. Consider factors like marital status, elderly parents, kids who are at home, kids who are out of the house and those who have returned back home. There are other variables as well, like debt, employment status, benefits through work and many others. I can go on listing all the things that make your financial situation different from others. The gist is that one insurance product may be good, but not great.
At Surf Financial our philosophy is this: There are a wide variety of insurance and investment products out there and they all serve a purpose somewhere, but not every product is for everybody. Does a 25 year old need an annuity? Probably not, but some universal life or a savings plan might be a good start. Does a 75 year old need a term life policy? Not unless they need it to secure a loan or have another specific need in mind.
The truth of the matter is that if an insurance agents says to you "I don't sell that product because I don't believe in it" the odds are good that either they don't understand how that insurance products works and who it works for, or it simply is not available to them.
In the first case, I remember working with agents who just could not wrap their heads around universal life insurance. Their excuse was that if they couldn't understand it, then how could they explain it to their clients. Going back to our doctor, can you imagine hearing "I don't understand how a virus works so I only treat fractures"?
And there are those agents who do not have access to certain insurance products. I knew a couple of agents who were "captive", which meant that they had contracted with a company who only allowed them to sell approved products within their portfolio. Newer agents like working for these kinds of carriers because they only need to learn a handful of products. In the long run, it put them and their clients at a disadvantage.
In other words, without asking questions, a true "advisor" isn't any better than the doctor with one prescription. Let us help you by having an honest conversation. Yes, we will ask you some questions to find out what your situation is, but it only takes a few minutes. And if you are looking for the best disability insurance quotes, life insurance or a cancer plan, give us a call. You can even book your own appointment to make it even more convenient.
Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!
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