Explaining to clients the cost of delaying insurance

Clients don’t know what we do and haven’t seen what we have. It’s understandable then that they may not always understand the cost of delaying insurance is about more than saving on the premium. Below is something I tell clients to help them understand the cost and impact of delaying their financial planning, and I hope you find it helpful as well with your clients.

Why buying insurance early is important

Let’s say you have an international flight to catch. Most people want to arrive at the airport about two hours early. This allows them plenty of time to perhaps enjoy a meal at the airport. They also know to have their passport with them.

What if you arrived at the airport early but without a passport? Would you still be able to fly? Definitely not.

What if you have your passport but arrive at the airport a few minutes after your flight leaves? Of course, you’ve also missed your flight. It’s the same when someone tries to get insurance after they become sick and are no longer insurable.

Critical illness can happen at any time

Once you’re experiencing a critical illness, even if you can work, you still may face financial difficulties or place a financial burden on your family while you receive treatments and recuperate.

When you’re flying, it’s better to be two hours early than two minutes late. When you’re protecting your wealth, time is also an important factor. This financial mentality is precisely why the rich get richer and the poor get poorer. The rich prioritize and protect their assets first.

A critical illness can strike anyone, anytime, anywhere, regardless of age, gender, nationality, race and social status. That’s why we’re here to help people open their minds about having the right coverage at the right time before it’s too late.

Let’s help clients experience seamless travel, which means they’re not too late and they have the proper documents in hand. This will allow them and their families to reach their financial destinations.

Romel Garganera, of Singapore, is a nine-year MDRT member. He’s also a Top of the Table member. This was excerpted from his 2023 MDRT Global Conference presentation “The cost of delay.” (MDRT member exclusive and available in eight languages).

For more ideas to explain the value of not delaying financial planning, watch:

Comments
  • Winston Williams says:

    I remember in my early career being told to explain to clients that, “it wasn’t raining when Noah built the ark.” This meant that we need to be prepared for when, at times the inevitable occurs(death), but also for accidents and sickness which are less certain but very likely.

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