4 Common Worries Clients Have When Purchasing Insurance

Dave Ramstack
Dave Ramstack
Published on August 4, 2020

Purchasing insurance is no small decision. Deciding on the right policy and determining needs can be stressful and time-consuming. Many of your clients and prospects will be inexperienced in purchasing certain types of products like life insurance or Medicare supplements.

That’s where you come in. A knowledgeable insurance agent can help ease the worries of clients by providing support every step of the way during the process.

These are some common worries you may come across when your clients purchase insurance:

1. Cost of the insurance policy

For many, the bottom line is cost when it comes to purchasing insurance, but that’s only one piece of the puzzle. As an agent, you can help diminish your clients’ stresses about cost by showing them the long-term value of their policy and the potential risks without it.

For example, someone may be surprised at the monthly cost of a term insurance policy and be skeptical about actual need. You can show your client the return on investment by breaking down the payments invested vs. the total payout.

Fortunately, independent agents have the opportunity to shop around to get the best rate, giving clients access to affordable and accessible insurance.

2. What kind of coverage is needed

Most people have at least some knowledge of policies like life insurance or long-term care insurance. The concern arises when your clients aren’t sure how much coverage to purchase. There are so many different factors to consider when making a big decision like purchasing insurance, so it’s essential your clients are educated and advised appropriately.

Demonstrate different scenarios and educate your clients on where certain coverages can be highly beneficial. Always try to shed light on value.

3. Is the insurance agent/agency trustworthy?

If a prospective client has never used you for insurance solutions before, there may be some hesitation and reluctance to fully trust you initially, even with a referral to your office. Your customers want to know they are getting the best service and are not being taken advantage of in any way.

Take the time to build rapport and establish a relationship with your client before moving on to the purchase. Commit to actively listening to their worries and needs so you can help them pick the appropriate coverage.

4. Accessibility of the agent

A client wants to know that once they invest in an insurance policy, they are going to have ongoing support and access to high-quality customer service from where they bought the policy. It can be unnerving wondering how a potential claims process will go or what future communication is like. There is nothing worse than paying a significant amount of money toward something and then being on your own.

Ensure your clients that you are always there to oversee any issues or answer questions.

Takeaway

As an agent, you can focus on building a strong relationship with your clients and address these concerns head-on.

Purchasing insurance can understandably bring up a slew of worries for your clients. Factors like overall cost of the policy (especially when considered over a long period of time), need for coverage, and trustworthiness of the agent are all considerations people think about during the process.

Interested in becoming an agent? With our top-notch training and support, you can expect to advance and succeed in your career. Contact us today for more information.

The post 4 Common Worries Clients Have When Purchasing Insurance appeared first on American Senior Benefits.

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