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INSURANCE BUYING AND SELLING
How many times have you purchased life insurance based mostly
on the numbers shown on a computerized illustration? For you deputies out there, how many
times have you used a computer illustration to sell life insurance? The answer for both
the buyers and sellers of life insurance is plenty of times.
Buying life insurance as a demand product such as mutual
funds is difficult to understand for many people. With mutual funds you can review the
prospectus, the quotes in the daily newspaper, etc. With life insurance, the only tool too
many people use to compare plans are the computer illustrations or advertisements.
Some life insurance companies are attempting to have you
purchase life insurance as a demand product. You have seen the TV ads. "Yes, you can
purchase $250,000 of coverage for only $14 per month." Great marketing if everyone
could buy it for $14. The small print in the ad explains that this is a 10 year level term
for a female age 34 who must qualify for a super-preferred rate category, etc. etc. With
some of your larger companies only a small percentage of the population can qualify for
their super-preferred rate class. And those people who call and do not qualify for the
special rate become a little upset. Gee, and I wonder why the public mistrusts insurance
companies?
This is where the role of the agent comes into
play. A PRCUA agent is really a dual agent. He or she not only represents the PRCUA, but
you as well. The agent will help you first to determine how much insurance to buy, which
plan best suits your needs and at a price you can afford. No computer illustration or
advertisement will ever help you this way.
Instead of telling that persistent PRCUA agent that now is
not a good time to talk or some other put-off, if you think you need additional insurance
or are not sure, then by all means invite that agent over. He or she can provide you
invaluable information and direction. Contact your local agent
or our
office.
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