What does clean teeth have to do with insurance?

Last night I went to brush my teeth and realized Carly had taken the toothpaste with her on her work trip.

Instead of heading out to grab more at 10 pm before having to be up early to grab my Brisbane flight, I just brushed with water and the toothbrush.

After I finished, I realized that whilst not perfect, brushing alone had done 80% of the work and the toothpaste was the cherry on top.

This made me reflect on the fact that the real value of what I do lies in the conversations rather than the insurance products themselves.

RECENT CLIENT EXAMPLE

Last week, I met with a new client and their fiancé. These guys came to me aware of insurance but not sure whether it was for them.

These guys had a relatively simple life together (both working, no kids together, just bought their first property with each other) but both brought complexities from their past.

He had kids from a previous marriage, one of which was still receiving child support. In addition to this, he had been diagnosed with cancer in his early 20’s and had previously been knocked back when applying for insurance.

She had a number of properties accumulated over the years, the main property was owned 50/50 with her Mum who lived there rent free.

When we started working through this, we had conversations that these two had never had before.

UNIQUE QUESTIONS WE COVERED

  • How did he want to decide how much to leave to his kids, did he want his fiancé to have to make this decision?
  • How much is the right amount to leave to reduce the likelihood of his kids challenging the Estate?
  • How would his previous chance affect any insurance applications?
  • What do we do if we cannot get cover at an appropriate cost?
  • How does his role as a director create a risk for the new property they had bought together?
  • What would she like to do with the house her Mum lives in should anything happen to her? Would she like her Mum to have a life interest in this property?
  • Was the property owned joint tenants or tenants in common?
  • How would their upcoming wedding affect the will if not addressed?
  • Do they do separate wills/estate plans or could this be done together even if their intentions as very different?

I absolutely love these conversations and these are typical of the types of places we get to go during these meetings.

HOW DID I HELP?

The most important things to take care of for them became super obvious – these estate planning issues we causing them more stress than having the perfect insurance amounts.

I contacted the solicitors and got a quote for the wills/estate planning.

Given the complexity, the cost was more than normal which meant the indicative price I had provided to facilitate this (one of the 3 packages I offer) needed to be adjusted.

I called them, explained what had happened and revised the price to reflect the increased cost.

CONCLUSION

Ideal clients for me are not based on income, wealth or occupation rather the way we interact. This call was amazing and the way they handled it was perfect.

Reflecting on this, I believe this was setup by the meeting we had just had which proved I was thinking about their situation as if it were my own.

These guys came back to me a couple of weeks later after having a chance to discuss and opted to go ahead with the option to have me facilitate the estate planning and help them to come up with appropriate cover levels as well.

Coming back to the toothpaste example, these guys got the most value from the conversation (brushing) rather than the perfect insurance products & a Will (toothpaste).

Want to have a chat with someone who is keen to take an interest in your specific circumstance? Drop me a note and and let me know a bit about yourself.

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