Easy analogies for explaining insurance

Sometimes clients don’t fully understand the value of life insurance or other financial products that protect their future income. When that happens, one method is to compare it to something they do understand, such as a police officer or the dentist.

How insurance is like the police

Something 11-year MDRT member Kei Yamasaki, of Tokyo, Japan, tells clients is that police officers and life insurance are very similar. People want police to be there just in case something goes wrong — just like life insurance.

Taking care of clients like a dentist would

“When clients ask me what I do, I say I’m a financial dentist and I smile sweetly,” said 17-year MDRT member Guy Munro Mankey, of North Sydney, New South Wales, Australia. “That always elicits from them, ‘Uh huh. What do you mean?’ And my response is, ‘You know what it’s like to go to the dentist. Is it something you enjoy?’”

Clients say they hate it, but then Mankey asks how they feel after all the work is done and they leave the dentist’s office. “Everybody says they love it. There’s no more pain and it just feels fantastic,” said Mankey, a Top of the Table qualifier.

He follows up with, “We do the same with insurance. I know nobody wants to talk to anyone about insurance. It’s a grudge to purchase. It’s not a happy time, but when we’re finished with people, they tend to walk out of our office saying, ‘Wow! I’m so glad that’s done. It’s fantastic, and now we can move forward properly.’”

Clients always have a great feeling knowing they’re going to be looked after in the future. So, we’re their financial dentist, Mankey said.

See more from Guy Mankey in the videos


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