I just got in from an appointment with a 35 year old, male, separated from his girlfriend, the mother of his 4 children. He is unemployed, and possibly on some type of disability, (I couldn't get a firm response from him). We spent just over an hour together, and unfortunately for me, I did not close the sale.
We spent time getting to know each other, and determining exactly what he had in mind in the way of coverage. Being unemployed, I knew that he could not afford much at this time in his life, yet I explained the differences of term insurance and permanent insurance coverage. I suggested that he purchase a term policy, for a 10 year period, and explained to him that this type of policy can be coverted to a more permanent type, (Whole life or Universal Life) before the term expired in 10 years. I advised him that he probably require more coverage than the $100,000 death benefit he was looking for. I suggested that he check out a website devoted to life insurance, (www.lifehappens.org), to learn more.
This potential client that he had called several other insurance companies and was to meet with them later this week, and early next week. He said that he had received lower quotes over the telephone, but had told the agent on the other side of the phone nothing about his high blood pressure and diabetes, not to mention his weight. I told him that most companies will quote the "BEST" rate over the telephone, just to get the appointment, and that an experience agent would ask questions first, prior to quoting.
I like to meet all my potential clients in person. That first meeting between the two of you is extremely important, especially that we get to know each other, and earn that trust factor. The purchase of a life plan is a long term investment, like purchasing a home.
I guess that the reason I'm writing is to advise you that if you're going to purchase a life insurance product, you need to be upfront with your client, as well as them being completely honest with you. Only then, can a professional put together the best possible plan for your needs.
I plan on calling this possible client this weekend to determine whether or not we will meet again, and if some one other than me gave him some misleading information.