insuranceedge

Best policy or best proposal form? Everyone wants to know which is the best life or health insurance policy? Most policies are quite similar. Some may have additional features. But then you might have to pay additional premium. Actually, it is not about the policy. It really is about the disclosures you make in the proposal form. Now the proposal form is the basis of the insurance contract. You should never be in a hurry when filling up the proposal form. Never allow the agent to fill up the proposal form. Take time to answer every question truthfully. Ask the agent/ insurance executive if you have any query. Do not miss out anything. Maybe the insurer will apply loading. And you may have to pay a higher premium. But you will be the winner when a claim occurs. There will be no ground on which the claim can be denied. It is all about filling  the best proposal form, not having the best policy.

  Always ask the prospect to buy a high sum insured amount. If the prospect resists, suggest a lower sum insured. Carry a small gift with you for the prospect- a pen or a note book; maybe a diary. Narrate a story. How insurance helped a family from certain financial ruin. Have many such stories in your repertoire. Be prepared for any general questions on insurance and queries about products from other insurers. Never show your need for the business. Act as if you are working for the prospect's benefit.

A different way to sell When you are pitching for a large premium amount, for a health policy, from a well-heeled prospect, you would probably list all the features and benefits of the policy. But what is the big idea in your presentation? Is it the recharge benefit? Or the no copayment clause? Or no room capping? Or a special discount if the prospect buys a two year old policy? Remember you have to hold the prospect's attention.  Do not let the prospect overwhelm you in any way. You are providing the prospect with a large cover for a relatively smaller amount. The prospect's need is greater than yours. Walk away from the deal, if the prospect is overbearing. Show yourself as prized and hard to get.