The advice that makes a world of difference

The advice that makes a world of difference

Brad Fensom

Confronting morbidity is hard. It’s also hard looking at something you might consider a “grudge payment.” But if it’s explained properly and packaged properly, this kind of protection is relatable. Like health insurance – one of those necessary items.

I used to have a lot more issues explaining the value of life insurance when I was younger. I started in this industry when I was 28, and probably didn’t understand so much the personal side of having that protection in place.

But then I had kids and I started thinking about those grown-up, mature things, and that’s when it became clear to me. On top of that, once those first couple of claims came in as the business grew – I saw the positive difference it made in people’s lives first hand.

As a reverse example, I remember we had the spouse of a truck driver. Five kids, she wanted to understand what he had, insurance wise. He’d opted out of insurance cover, so I had to tell this lady from Tamworth that he had about $50,000 in super and nothing else. Trying to survive on welfare in a housing commission home, with just that to provide for the five kids.

Having that insurance in place would’ve made a world of difference.

In order to work out what a client needs, we have a mathematical process. It’s a real structured way of determining how much insurance an individual needs. Then we articulate the numbers – how we’ve arrived at X amount of cover, replacement of income, pay out non-tax-deductible debts, pay for education from 18 up to 21.

There’s a clear and precise formula, but understandably people will occasionally say, “I don’t want to pay that much!”

And that’s when you ask: what part of this cover will you accept as not having for your family? What part of the quality of life are you willing to forego to reduce the premium? Less net income?

Phrasing it that way really puts it in perspective.

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