Over Insured

When the topic of insurance is mentioned during financial reviews, a defensive wall almost immediately rises and the common remark is "I am already well covered." or something similar to "I am covered over a million, in fact, I think I am over insured.".

After much difficulty indirectly probing for details, it is often revealed that the coverage is from company employee benefits, most coverage through endowments or MRTA (Mortgage Reducing Term Assurance), high coverage through personal accident plans BUT no hospital plan or not the appropriate level of shield plan they think they have, no disability income plan, high children coverage with low self coverage.

Most of these plans they purchased were from relatives and friends which they trust, so nearly nothing will change their mind that they need a review of their plans. Most are also too proud as they think they know everything because they have been educated during their brief sessions with their agent.

It is difficult to admit mistakes and ego also gets bruised to acknowledge that one those not know much.

Changing people's mindsets is a tough job, whereas being a good salesmen only requires one to mis-sell. It is a natural choice which type of agent to be when coming into this line.