What carrier(s) do you like?
What product(s) do you like?
What concept(s) do you like?
Have you ever been asked one of those questions? I must assume yes, because I am asked it constantly.
Feel free to let me know how you answer by emailing me, but here is how I answer.
I do not like any carrier, product, or process over another. I like good advisors. If I am working with a good advisor, then we will find the appropriate carrier, product, and/or concept that is in the best interest of their specific clients.
Inevitably, the next question I am asked is, “Well, how can you tell who is a good advisor?”.
This is slightly harder question, but I do have some criteria that I like to check-off.
- Do they come off as more genuine or more salesy? This may seem intuitive, but I have met some amazing advisor who came off as very salesy, however, they were even more genuine when I was able to get by their salesyness (which was not always easy).
- Do they have a sale in mind or their client in mind? If an advisor asks me about a carrier, product, or sale within fifteen seconds of bringing a case to my attention, it is usually a sign that they are more interested in moving a sale as opposed to assisting a client.
- Does the advisor understand the differences and products and how they work? This is very important to me because I truly believe that if someone does not take the time to understand what exactly they are selling, then they probably do not care whether they are selling it appropriately.
- I saved the most important point for last. Does the advisor take an active role in reviewing their clients portfolios? This question is the number one reason that I tell people that I do not like any single carrier, product, or concept over another. I will explain below.
Carriers have no allegiance to policy holders or shareholders. It sounds coarse but it is true. It is as true for mutual carriers as it is public carriers. Their first and foremost concern is the same as any business. Profits. If an old block of business is no longer profitable, they will find a way to make it more profitable, generally at the expense of the policy holders. If the carrier is still having trouble, they may just stop selling new policies all together. This will almost always have negative impact on policies with the added negative impact on servicing those contracts.
This is why the advisor is the key. I cannot tell the future. I cannot tell you what carrier, product, or concept will be best when your client needs their living or death benefit(s). However, if we review their policies every year or two together to make sure they are still appropriate, I am confident that the carrier, product, or concept will not be an issue when the time arises.
That is why I do not like any carriers, products, or concepts.