Is Family Your TOUGHEST Prospects?

Pandorian · 07-02-2009, 06:34 PM

So I am at home with my MIL visiting and the discussion turns to my new job as a Financial Planner, which will also include selling Life Insurance.

Now usually when getting started, companies will have you fill out some sort of information about the first '100 Prospects/people you know' who might be interested in talking to you as you get started. From this you get referrals and leads, etc. Generally you put down close friends and family members.

So MIL says "I don't need any life insurance. Just enough to cover the funeral. Besides, if I start running out of money, I'll just move in with you guys."

I then asked what she expected would happen if she ran up medical expenses, etc. Not her problem. When she's dead, it will be ours.

So MIL is planning on spending down entire estate, without any insurance protection, and then letting us eat whatever expenses go over.

I guess all that is besides the point. Generally speaking, though, have you found approaching family members about WHATEVER it is you are offering to be a fairly useless exercise? Good for training purposes and skill development, but other than that, a waste of time?

healthagent · 07-02-2009, 06:40 PM

The worst thing you can do it write 'em a policy. Family members are the worst clients.

somarco · 07-02-2009, 07:29 PM

Unless you sign as guarantor, her medical expenses will be paid from her estate. You are not responsible.

She either has a very poor attitude and lack of respect for you and your wife, or she is being very defensive and throwing up barriers that say "don't ask me to buy anything".

On another note, John is right. Relatives, and friends as well, make the worst clients.

My F&F know what I do. If they want to buy they know how to get in touch with me. But I will try my best to get them to buy from someone else.

arnguy · 07-02-2009, 08:41 PM

Ditto, Bob!

westpac99 · 07-02-2009, 08:56 PM

I agree with what others have already stated, but there may not be enough information to make a clean judment on this situation.

#1 What is her age?

#2 Any major health conditions that you know of or maybe that you don't know of?

#3 If she is insurable, what if you paid for her insurance policy and named you as the sole beneficiary? Something within your budget maybe?

#4 What health insurance covers her now? Is she retired and on Medicare? If so, does she have a med supp?

Not a bad idea to look into paying for her life or med supp + life. Heck, we never got to LTC yet! Which leads me to what is the approximate value of her estate?

With that in mind, it still is a pain in the a*s to deal with F&F, not just for insurance but with nearly any business transaction.....

xrac · 07-02-2009, 09:33 PM

Originally Posted by somarco

Unless you sign as guarantor, her medical expenses will be paid from her estate. You are not responsible.

She either has a very poor attitude and lack of respect for you and your wife, or she is being very defensive and throwing up barriers that say "don't ask me to buy anything".

On another note, John is right. Relatives, and friends as well, make the worst clients.

My F&F know what I do. If they want to buy they know how to get in touch with me. But I will try my best to get them to buy from someone else.

Somarco is right. There is a lot of ignorance and defensiveness about LI.

DHK · 07-09-2009, 01:07 AM

Originally Posted by Pandorian

So I am at home with my MIL visiting and the discussion turns to my new job as a Financial Planner, which will also include selling Life Insurance.

Now usually when getting started, companies will have you fill out some sort of information about the first '100 Prospects/people you know' who might be interested in talking to you as you get started. From this you get referrals and leads, etc. Generally you put down close friends and family members.

So MIL says "I don't need any life insurance. Just enough to cover the funeral. Besides, if I start running out of money, I'll just move in with you guys."

I then asked what she expected would happen if she ran up medical expenses, etc. Not her problem. When she's dead, it will be ours.

So MIL is planning on spending down entire estate, without any insurance protection, and then letting us eat whatever expenses go over.

I guess all that is besides the point. Generally speaking, though, have you found approaching family members about WHATEVER it is you are offering to be a fairly useless exercise? Good for training purposes and skill development, but other than that, a waste of time?

Sounds like she doesn't have a sense of responsibility regarding her finances.

A sense of responsibility is PARAMOUNT in the process of selling ANY kind of insurance.

She would be a poor prospect for EVERY insurance agent.

However, have you considered buying your own policy on HER life? If she intends to pass the buck to you the least you can do is COLLECT!