Advocis conference update: Expert offers tips to send CI sales through roof

Advocis conference update: Membership drive main focus for new chair (June 1, 2004) Donna Thorne is a big believer in the difference a solid critical illness insurance (CI) policy can make in a person’s life. “When your clients or your friends or family members become diagnosed with a very serious, life-threatening illness such as a […]

By John Craig | June 1, 2004 | Last updated on June 1, 2004
4 min read
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    3. Make it real simple. Thorne says that some advisors cut right to the chase and simply call CI “cancer insurance” or “heart attack insurance.”

    Thorne also offered some advice on overcoming objections of clients who feel they don’t need CI coverage. One strategy focused on a basic understanding of what the risks factors are in becoming seriously ill and communicating those to the client.

    “Recognize that one in three Canadians will be diagnosed with some form of life-threatening cancer, recognize that heart disease is on the increase and coronary artery disease is on the increase,” said Thorne. “Recognize that the other side of it is that we are surviving these illnesses better than we’ve ever survived them before — that’s the important factor here.”

    Thorne reported that another favourite objection of clients to purchasing CI is to tell their advisor if they do become ill, they will cut luxury items out of their life, forego vacations, re-mortgage their homes or — perhaps most distressing to Thorne — stop making deposits to the investments for their retirement plan. “My thought is, ‘Why would you want to do that?'” said Thorne. “I want you to be in a position that when you suffer that serious illness, I want you to still make those deposits to your investment [portfolio] because you’re going to have capital that is going to allow you to do that and because you’re also going to have capital that will allow you to focus on your recovery.”

    Thorne’s final piece of advice for advisors looking to boost CI sales is to buy a policy for themselves. “I want you to be able to look at your client in the eye and say, ‘Yes, I do and that’s why I’m talking to you, it’s because I feel it’s so important for you to have this protection,” she said. “If you cannot qualify for this coverage, then I want you be able to look at your client and say, ‘I could not qualify, I’m uninsurable and this is the reason why I’m talking to you today, because you’re healthy, you need to have this protection in place to manage this risk exposure so that you never end up in a position like we’ve talked about in the past.”

    Filed by John Craig, john.craig@advisor.rogers.com.

    (06/01/04)

    John Craig

  • Advocis conference update: Membership drive main focus for new chair
  • Advocis conference update: Executive orders
  • Advocis conference update: Overcoming insurance “urban legends”
  • Advocis conference update: Advocis announces in-house E&O program
  • Advocis conference update: Opportunity, professionalism buzzwords at opening session

    3. Make it real simple. Thorne says that some advisors cut right to the chase and simply call CI “cancer insurance” or “heart attack insurance.”

    Thorne also offered some advice on overcoming objections of clients who feel they don’t need CI coverage. One strategy focused on a basic understanding of what the risks factors are in becoming seriously ill and communicating those to the client.

    “Recognize that one in three Canadians will be diagnosed with some form of life-threatening cancer, recognize that heart disease is on the increase and coronary artery disease is on the increase,” said Thorne. “Recognize that the other side of it is that we are surviving these illnesses better than we’ve ever survived them before — that’s the important factor here.”

    Thorne reported that another favourite objection of clients to purchasing CI is to tell their advisor if they do become ill, they will cut luxury items out of their life, forego vacations, re-mortgage their homes or — perhaps most distressing to Thorne — stop making deposits to the investments for their retirement plan. “My thought is, ‘Why would you want to do that?'” said Thorne. “I want you to be in a position that when you suffer that serious illness, I want you to still make those deposits to your investment [portfolio] because you’re going to have capital that is going to allow you to do that and because you’re also going to have capital that will allow you to focus on your recovery.”

    Thorne’s final piece of advice for advisors looking to boost CI sales is to buy a policy for themselves. “I want you to be able to look at your client in the eye and say, ‘Yes, I do and that’s why I’m talking to you, it’s because I feel it’s so important for you to have this protection,” she said. “If you cannot qualify for this coverage, then I want you be able to look at your client and say, ‘I could not qualify, I’m uninsurable and this is the reason why I’m talking to you today, because you’re healthy, you need to have this protection in place to manage this risk exposure so that you never end up in a position like we’ve talked about in the past.”

    Filed by John Craig, john.craig@advisor.rogers.com.

    (06/01/04)