A Disturbing Question

All life insurance salespeople regularly meet people who are delusional about how much capital is needed to replace their career earnings.

According to LIMRA, in Canada, insured husbands have enough life insurance to replace their income for 4.1 years, and wives for 4.6 years.  What to do?

Years ago I worked with an experienced and creative salesman who had a simple question that tended to bring the prospect closer to the real world.

“Are you planning to be dead long?”

Once that settles in, you can be more analytical and proactive.

“What you have here will last a year or maybe two.  Would you have any objection if I showed you a way to do something about that?”

Don Shaughnessy is a retired partner in an international accounting firm and is presently with The Protectors Group, a large personal insurance, employee benefits and investment agency in Peterborough Ontario. don.s@protectorsgroup.com

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