Life Insurance: Can your family survive financially without you?

Life insurance is essentially a security blanket for your loved ones. 

Life insurance asks a simple yet vital question – can my family manage financially on their own without any support from me? Future planning takes into consideration the well-being of our loved ones. We cannot always anticipate sudden changes but we can have a plan in case something drastic and unexpected occurs.

Here are some common types of Life Insurance policies: 

Reasons why life insurance is one of the most challenging insurances to sell:

Insurers are realising that they have to do a better job of reaching the under-insured and especially so, in gaining their trust. Life insurance is a complex financial product and many consumers do not clearly understand how life insurance works and how it should be prioritised among their other financial investments.

Consumer expectations have been conditioned by exposure to customer-orientated industries such as retail and air travel, where the user experience is insightful, predictable, and convenient. 82% of Singaporeans have not sought financial advice in 2017. It is not because they suddenly do not need life insurance but because the insurance industry has failed to keep up with changing consumer buying habits and behaviours.

Is life insurance something that is still sold and not bought?

It is still necessary to educate people on life insurance; advisers have to convince people by pointing their attention to their needs, and also justify the urgency for purchasing a life insurance. This is the where the concept of “selling” a life insurance came about. It is different from a situation where someone is looking to buy a car, and so they approach a car dealer.

Leading insurers are focused on understanding customer value propositions and building scalable operating models to support new channels and evolving products.

Realising the importance of Life Insurance

Advisers today do not just sell – they educate. Though information is readily available online, there are still people who may not fully comprehend the impact of not having a life insurance. It becomes the adviser’s responsibility to educate clients and prospects about the benefits and protection life insurance provides.

Contribution acknowledgement:

Qiren Organisation, An Authorised Representative of AIA Singapore

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