|Posted by deon.keyman on March 6, 2013 at 3:25 AM||comments (0)|
How much money are you willing to pay more because the agent you did your business insurance (key man, key person insurance) with is your best friend . So you are afraid to get quotes with someone else so your relationship with him can stay intact?
This is a strange question, because not so long ago insurance was a intimacy-only business, it was just about being intimate with your client, in other words being your friend and getting you to trust him 100%.
Once the client bought an insurance product, the product built up a cash value, which meant the product (insurance policy) became valuable in its own right, and so the competition for who can get you the best and cheapest life cover stopped the moment you bought the insurance.
This has changed completely - no cash value is built up over time, and what you pay for life cover changes every year as you get older.
In my opinion this is a big improvement, as the client is now first!
Now the focus has changed to your health, and it is how healthy are you compared to other people that is the same age as you? Has your health improved or gotten worse since you took out the life cover policy all that time ago?
Well if it got worse - then you have the best deal - as the one advantage of securing life cover is that the insurance company may not change what it charges you for life cover if your health deteriorates. So now you have really cheap life cover f- or your specific health, and so you should guard your current insurance policy with your life. Excuse the pun.
But if your health has improved, then you are paying too much for the life cover compared to your specific health position. Which means it is time to get new quotes and save yourself some money.
When you got the cover you would have fallen into one of two groups
Perfect health and no dangerous sports or job or excessive driving.Not perfect health with dangerous sports or job or being a smoker.
Has any of these changed for the better since then:
you are healthier for your age group no dangerous sportsstopped driving so muchstopped smokinglost wait - started gymwent on new medicine, so now are healthierstopped divingstopped parachuting or parasailing
You will know if they loaded the premium as you would have had to sign for the extra premiums.
As getting quotes are free, only a bit of a nuisance at worst - most of the time a free medical is included, which has turned out for many as a life saver, as they identified a illness early that has saved more than one life. So you can only win there is no down side!
Life cover has changed to be very competitive, and the process is now more like short term insurance (cars and household insurance) your broker should get new updated insurance quotes with different insurance companies on a regular basis so that you the client can always have the best deal that you possibly can.
So if your friend is a agent for a specific Insurance company - they don't shop around for the best deal (they are not allowed), they give you what they have “the best” which is always the company they are at - makes you wonder...
So in conclusion don't let your friendly insurance agent stand between you and the cheaper life cover that you could have - let a insurance broker quote for free for you today, and start saving money! If he is really your best friend he will understand.
|Posted by deon.keyman on December 19, 2012 at 4:00 PM||comments (0)|
The question to ask is "if who dies or gets disabled is it the worst case scenario for your company?" Will there even be a business if this keyman is no longer in the business? If not - you have a dilemma!
The good news is this situation can be managed . But it needs planning, and it may take months to put everything in place, or you could be fortunate and it only take weeks.
Keyman or keyperson Insurance is what you will need, this is done in the name of your company, because its your company that will need extra money if the keyman dies or gets disabled.
But it is not always so easy to figure out exactly how much life cover can be organized so if you do not have a strategy in place - the speedier you start with this process the more desirable it will be.
So if you are in South Africa, Pretoria or Johannesburg give us a call and let us help you to assess your current risk and put it behind you succesfully.
Then if at all possible you want a lawyer insurance agent combination to help you put all of the above in place, as in a great deal of situations their are long term contracts that must be put in place and the majority of of the time it is not all so evident what to do. One contract overlooked can have a devastating effect later!