Question

Make a conversation of selling life insurance to a Hispanic customer?

Answer 1

The hypothetical parameters for the customer are listed below.

1. Male, 43 years of age. Migrated to the US fifteen years back

2. Overall good health. Once hospitalised for high blood pressure. He has diabetes. He also smokes 4 cigars daily.

3. Studied up to igh school. Works for a logistics company as time keeper.

4. Have a family income of $30000.

5. Have four dependant family members including wife and three children. Wife is a casual worker and earns $4000 a year.

6. Children's education expenses are rising. Eldest one is 12, youngest one is 6.

Pitch-

LIfe insurance is essential for everyone, to cover the living expenses and responsibilities of the dependants in case of an unexpected event of the death of the main breadwinner of the family.

Since the person in case has moderate family income and has responsibility of three children and a wife, he needs the insurance to cover the expenses of upbringing and edcation of children, money for sustaining the family till the children reach earning age, and to supplement the wife's income till she works, and a sum to support her during old age.

THe customer has a history of high blood pressure and diabetes, he is more prone to cardiovascular and renal diseases, in addition to developing lung and throat cancer owing to his smoking habit. These factors affect his life expectancy adversely and make it necessary to buy a life insurance.

An time based estimate of the expenses coming up in future can be prepared and given to the customer to make him assess the future needs of himself and the family, and the money his family must have to meet those needs if he is not around.

The premium calculated according to his age and lifestyle for the sum insured should be communicated to him and the payment plans, that suit his paying capacity need to be formulated.

He should be explained the cost benefit analysis of the plan, given his current health and lifestyle to make an informed decision.