Although the industry is having a hard time recruiting young people those that do make the leap of faith can make their lives a whole lot easier with one simple choice
For young people the insurance business is confusing enough so imagine what it’s like for anyone contemplating a career in the industry.
Fear not.
Toronto advisor Lawrence Geller has some answers to this question. Geller recently caught up with LHP to discuss his life and career in the insurance industry; he wasn’t short on conversation.
The business, he feels, is all about security.
“If we’re not selling security we should be in a different business. I’m not a financial advisor. I don’t do estate planning to any great extent. What I do is relatively simple,” said Geller. “It’s protecting your family’s income. It’s protecting what you leave to your kids. It’s protecting your family’s income while you’re alive.”
When considering the four major types of insurance to sell – life, critical illness, disability and long-term care – Geller would likely dismiss CI as a choice because it’s so difficult to sell.
“I find CI to be a real tough uphill slog because clients don’t understand it and the amounts aren’t meaningful to them and it’s very expensive,” said Geller. “Nobody wants to buy a 10-year policy even though that’s probably the most suitable for most people in terms of CI. It’s really a bridge. To my mind you buy CI if you have a bunch of debt and you don’t want to go into disability with a bunch of debt.”
He’s not saying you shouldn’t sell it but that it might not be his first choice.
So, what would be at the top of the list? Well, LHP didn’t actually ask him but if you read between the lines the answer is clear.
One word: Disability. And that’s at least partially due to a severe reduction in the number of Canadian insurers participating in the disability arena.
“At one point there were 40 companies selling disability insurance. Good quality disability insurance. When RBC bought Unum Provident my understanding is they picked up 80% of the market,” Geller told LHP. “RBC, Great-West, Canada life, Manulife and to a lesser extent, companies like Desjardins [sell disability]. When there were 40 it was a pretty competitive environment, when there are three or four it’s not really competitive at all.”
“Compared to long term care or critical illness, it’s really easy to sell disability insurance,” Geller said.
Fear not.
Toronto advisor Lawrence Geller has some answers to this question. Geller recently caught up with LHP to discuss his life and career in the insurance industry; he wasn’t short on conversation.
The business, he feels, is all about security.
“If we’re not selling security we should be in a different business. I’m not a financial advisor. I don’t do estate planning to any great extent. What I do is relatively simple,” said Geller. “It’s protecting your family’s income. It’s protecting what you leave to your kids. It’s protecting your family’s income while you’re alive.”
When considering the four major types of insurance to sell – life, critical illness, disability and long-term care – Geller would likely dismiss CI as a choice because it’s so difficult to sell.
“I find CI to be a real tough uphill slog because clients don’t understand it and the amounts aren’t meaningful to them and it’s very expensive,” said Geller. “Nobody wants to buy a 10-year policy even though that’s probably the most suitable for most people in terms of CI. It’s really a bridge. To my mind you buy CI if you have a bunch of debt and you don’t want to go into disability with a bunch of debt.”
He’s not saying you shouldn’t sell it but that it might not be his first choice.
So, what would be at the top of the list? Well, LHP didn’t actually ask him but if you read between the lines the answer is clear.
One word: Disability. And that’s at least partially due to a severe reduction in the number of Canadian insurers participating in the disability arena.
“At one point there were 40 companies selling disability insurance. Good quality disability insurance. When RBC bought Unum Provident my understanding is they picked up 80% of the market,” Geller told LHP. “RBC, Great-West, Canada life, Manulife and to a lesser extent, companies like Desjardins [sell disability]. When there were 40 it was a pretty competitive environment, when there are three or four it’s not really competitive at all.”
“Compared to long term care or critical illness, it’s really easy to sell disability insurance,” Geller said.
