66. Why is it easier to buy an iPhone than a Life Insurance Policy?

The iPhone 12 is one of the fastest selling iPhone model, reported to have sold over 100 million units just seven months from launch, what makes it so desirable?

First is the iPhone gives the buyer instant gratification, never mind if he has to line up for hours in an apple store just to get his unit. in contrast, the gratification provided by a Life Insurance Policy is often delayed to an uncertain time in the future greatly reducing purchase satisfaction

Second, having an iPhone is a social status symbol, among peers and friends, the one using an iPhone is generally seen as someone who can afford (entry models starts at around Php 35K) and maybe by association - maybe more successful ? A Php 35k price tag is already enough to secure a basic life insurance coverage with a decent face amount. But can you imagine bringing your insurance policy to a social gathering and telling anybody who cared to listen you bought one? may not be exactly a good conversation starter he he

One of the key attractions of an iPhone is its extreme usability, most features are intuitive by nature and the user experience can still be enhanced by millions of supplementary apps available in the apps store. To a lot of people, Life Insurance Benefits and what it can do to help financially secure policyowners are often vague and not fully appreciated 

I can still hear some comments that life insurance benefits can only be availed if someone dies, this may not be exactly true now as Life insurance products have already evolved, benefits can include "living" benefits like protection against critical illness, maturity values can be used to supplement retirement funding, programed withdrawals can also be applied to fund the education expenses of a child and so on

One useful tool for financial advisors is to have clear and concise "financial advisory narratives" that would best illustrate and describe the many uses and benefits of a life insurance policy, a narrative is a chronology of related ideas that can help a prospective insurance buyer walk through the stages in appreciating the importance of life insurance in a well crafted financial plan

If a financial advisor can make a life insurance policy as desirable as an iPhone using clear and concise financial advisory narratives, he may then be able to help secure more Filipino families

Next : The four essential financial advisory narratives

stay safe my friends!