I am pondering about the objection my client gave me on insurance and thinking about them.
The fact is in this world the richer get richer and the poorer get poorer. I found out some reasons why.
1)Strangly, the people that needed insurance the most are the people that are not that rich. Cos u transfer the risk to insurer, and something happen to u and u dont hav to pay the full amount. This will somehow retain the financial status of these people. But most of them dont think it is important. U might argue, cos they no money, have things to commit in and not enough cash.My question is you told me you wanna be rich or live better, this is your priority but you are not acting towards it. people tend to look at the immediate stuff and those distracting and far away they chuck it aside.
Next they tell me that they need to retire with X amount of money each month when they reach certain age. But when doing the retirement planning, they start to discount themselves.Shortchanging themselves. pretty sad. Yes investment is non gurantee for retirment planning, but if it is gurantee do u think i will still be working and do u think u still need to work. If you never start this number for retirment planning is just a dream, and is this the way you wanna led ur life. playing with hopes and luck.
2) The rich know that it is important and they really transfer the risk to insurer. They want to make sure they need not pay for things when soemthing happen to them and they can start off from where they left off.So they get richer after tt.They think long term and want to live better than now in the long run.
I will always thank my client for the business they gave me and also a hand shake with client when they buy something. But this is not to thank them, but congrate them that they made a move that will benefit themselves.It is not the plan they are buying, it is the life they are choosing. Product are just commodities, can be replace anytime, but the advise from the advisor is the key thing. Bcos life changes from time to time. It is not a fact like science, it is an assumption and will change constantly. So an advisor is key. It is not what you have that matter, it is what u do to what u have that matter.
