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Life stage financial planning
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- 18. We may bethe life insurance company that listens, but there’s one thing we can’t keep quiet about. AAA PRUDENTIAL The world’s leading credit rating agency, Standard & Poor’s has awarded Prudential UK the prestigious Triple A rating for financial strength.
Editor's Notes
- #2 STEP 1: INTRODUCTION Good morning, Mr. Prospect! How are you today? (NOTE: Ask about family or work.) I am a financial consultant of Pru Life UK. Here’s my business card (if available). As a financial consultant, I help people understand and achieve their financial goals.
- #3 CONTINUATION OF STEP 2: ESTABLISHING THE NEED AND FACT FINDING As we go through these life stages, there are four needs we need to prepare for. The first need is PROTECTION. If you are providing for yourself and your family, then your income is important. We have to protect that income. Is that correct? Can you and your family maintain your present lifestyle in case something unexpected happens to you? The second need is CHILDREN’S EDUCATION. Sending children to school can be expensive. So, we need to prepare ahead. Do you agree? What are your dreams for your child? The third need is RETIREMENT. Most of us wish for a comfortable retirement. For this to be possible, we need money. Do you know that 8 out of 10 retirees depend on their children for financial support? (Source: NSO 2003) The fourth need is MEDIUM- TO LONG-TERM SAVINGS. We want to buy a house and a car, travel, and do all sorts of things we have always wanted to do. Again, we need to prepare for all these. What dreams and goals do you have for your future? In your case, Mr. Prospect, which of these four needs is your priority today? (NOTE: Our goal as agents is to provide sufficient protection for our clients. In case the client answers car or travel as their priority, you can have a follow up question to determine if it’s the most important thing for him/his family today. Agent may say: “Is this the most important thing for you and your family today?”)