We Only Sell You What You Need! (and some humor)

We have all heard the adage that a good salesperson can sell ice to an Eskimo. But a salesperson with integrity will ask, "Does that Eskimo really need ice, and if not, why are you selling it to him or her?"  The question implies that sales people, entrepreneurs, contract employees and business owners must do their absolute best to come off as honest and not shady.

Think about those TV commercials for attorneys. There are two types - the ones who try to act sincere about how they really want to help, and the ones who scream and boast about how much money they get their clients. Neither is awesome, but the latter comes off like a used car salesman. Integrity? I'll plead the fifth. 

Selling on need means that there needs to be a discussion (short or long) to find out what the client's needs are. And everyone has different needs, despite what some of the financial "gurus" in the media assume when they give generic advice. That discussion will let everyone involved in the sales process know that we are doing our best by our client. 

The Funny Part

I was speaking to the Regional VP for Disability Sales at one of the insurance carriers I represent. We were discussing a YouTube video I had made a few months earlier titled "Can Zombies Get Life Insurance?" In that conversation he asked if vampires could get Long Term Care insurance. "Well, you certainly wouldn't sell them a policy with a lifetime benefit because they don't die. A company could go broke paying that claim!" Once again, this guy showed me why he's a lot smarter than I am.

But the conversation made me think. For several weeks, I have considered the "vampire market" and wondered if there were suitable products for such a niche market. My list looked like this.

1. Life insurance - Vampires don't die, unless by a wooden stake or sunlight. Life coverage may not be necessary.
2. Accident insurance - Most accidents will cover severe sunburns, as well as wooden stakes that accidentally pierce the heart. 
3. Long Term Care insurance - I'm not sure if being "undead" is a chronic illness.
4. Disability insurance - Tricky, because we are assuming that vampires have incomes to protect.  
5. Medical insurance - Assuming vampires need to be hospitalized, what doctor would know how to treat them? 

Let us make sure you are purchasing what you need and not what pays the highest commission. And if you aren't sure what you need, you can book a quick conversation with us from our website. We look forward to hearing from you.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. 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!

Is Life Insurance Through Your Work Enough?

Many of us who are self-employed don't always get to enjoy the perks of group benefits, like medical coverage and paid time off. But for those who do have jobs where the company pays for extra perks, those perks may be good, but not awesome.

One of the issues I run into quite often with people who have "bennies" through work is the idea that their group life insurance program is all they need. For some it may be, but for many people that coverage is much less than what they actually need and it more than likely won't be there if these people leave their jobs.

One of my first real jobs was working for a large company that did offer life insurance. They offered me coverage of my annual salary, which was next to nothing, and I could buy additional coverage, like 2 or 3 times my salary for a few dollars each month. There were no exams or health questions, and I got as much as I could for the price of a coffee at Starbucks. I was single and didn't have much debt, so I figured that if something were to happen to me, my family would have enough to pay for a funeral and maybe even have some hor d'oeuvres. In other words, the life insurance plan was appropriate for my needs.

However, there were co-workers of mine who were married and had children. These folks also had mortgages, car payments and other expenses that I didn't have. I seriously doubt that the small amount of life insurance offered was enough to give their families the safety net they needed if they were to die. And when the company was sold and employees started to jump ship like rats, they lost the little coverage they had.

Having life insurance coverage through your work is good, and most agents will take that into account when trying to determine how much you actually need. There are several other items to consider when you calculate your family's needs.

1. Outstanding debt. Mortgage balance, credit cards and car payments should be included.
2. Final expenses. Funeral costs and other costs associated with dying. For instance, many people will spend time in the hospital before passing away, and those deductibles may need to be met.
3. Replacing lost income. Your survivors depend on your income to take care of everyday expenses, as well as those bills that happen to pop up unexpectedly, like repairs for appliances and vehicles. 
4. Education costs. If you have small children, you may want to include the costs of higher education.

Having life insurance through work is good, but making sure you have enough coverage is even better. If you aren't sure how much you need, Our life insurance quoting tool has a built in calculator that will help you out. Give it a try and in the meantime, stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. 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!