It has been very competitive in the insurance industry, everyone would have at least one insurance agent around him, and sometimes in a family, there are four or five agents from A to Z companies. The high bonuses, overiding, and benefits has caused many to venture into insurance business. There are agents from different backgrounds, from those who have just survived PMR, to those degree holders, and even professionals like accountants, lecturers, lawyers and pharmacists. Although there are many who see the business as an opportunity, there are many too who thought that this industry is only for those dummies who fail to secure any better jobs outside. What do you think?

As part of the financial planning industry, the are few misconceptions and discouraging comments i have received from the public. These are the ridiculous rejects by some people..

1) Insurance company are cheaters

There is no way that the company will cheat. It is either the agents are cheating the customers on the clauses, terms and conditions, so  read the policy carefully. Besides,  the customers might be cheating the company too for non disclosure of certain medical histories during the signing up of any policies. As the result, claims can be denied for the nondisclosure.

2) Insurance agents are earning very very very high commission

The keyword involved is “COMMISSION” not basic salary. Agents only survived on commission upon signing up and continuation of premium payment of a policy. Commission stops when the policy lapsed. We give free consultation and bear the expenses on the transportation, drinks, getting infos, paper work, office equipments and other bills without knowing the negotiation would be fruitful. Thus, asking us for discounts ?? It is too cruel and most important is against the code of ethics.

3) Agents are nuisance

The fact is that we do need to do follow ups after every proposals as part of the professionalism. Agents are sometimes eager to know on the problems arise as part of their learning experiences and to understand what a customers really need and his/her financial constraints. Do not avoid and be frank, as decisions got to made and both parties got to go on.

4) I do not need savings

I always think that there are nobody will ever claim that they do not need saving at all. However, i do encounter people claiming that only stupids will ever save their money. Theysaid that they  should enjoy life and not save.. sigh !

5) Insurance are for elderly and not youngsters

I always tell them coffins came in various sizes shows that it is not made for the elderly. Insurance are coverage during critical times when there is mishap and there’s need for high hospitalisation fees. Youngsters fell sick too.

6) I came from a wealthy family and that is why i do not need financial planning.

Everyone regardless of how wealthy or how poor the family is, need financial planning. Some wealthy families even employ their own personal wealth advisors.

7) My cousin’s cousin’s cousin’s cousin is a financial planner, so it is easier for me to consult her.

It is an open market now. Due to the strong competition among all companies, some may come with very special products that suit your style and needs. It is too conservative to refer to the existing family agent only as we need more professionals to counter balance and to help when the existing agent is not readily available.

I have a lot of insurance policies.  I’m not interested to get it anymore.

Insurance is not something you are interested, it is something that you need. By having too many policies does not mean your risks are all covered. Insurance coverage is something which we need to review from time to time. The interesting fact is that customers do not really know what kind of policies they have in hand. They might be having 20 personal accident policies, and they will tell you, i have a lot.

9) I do not want to get any  insurance policies, i want to allocate those money in my business

Sometimes i might be thinking how can a low insurance premium affect the business they are having. What is the point of having huge earning from business and at last spending all on high medications and hospitalisation bills? The end result would be zero.

These are all the challenges that we face everyday. The job as an agent looks easy, practically we just sit, negotiate and close the deal.But the real scenario is it is never easy to handle people oriented business. It is about patience, professionalism, service and willingness to listen and help people that we meet