I do not know whether your Financial Planner knows anything about medical conditions but personally I would think that it’s good that any Financial Planner, who is serious in this financial planning career, to have a little medical background (or at least know how and where to get more information) when it comes to providing a good service/follow-up to his/her current and future clienteles!
This would also be good for potential customers who are keen to take up insurance as they will not be rejected straightaway because some Financial Planners choose not to take on their applications because they are “not healthy” and would take up more time during the application process!
My Conversations With Some Friends Who Are Getting Rejected By Financial Planners
I had a few chats with some older friends and financial planning was one of the topics that we had (thanks to the financial awareness done up by some insurance companies). Interestingly, though they are aware of the need to get themselves insured and to prepare for a proper retirement… a few of them cannot proceed with it because they are no longer healthy!
Some of the common ailments that they have include high blood pressure, high cholesterol and for those who go for content-rich meals regularly suffer from cases of Gout… And given the medical environment in Singapore, as long as you see a doctor for any medical conditions, the chances that you have to be put on a long-term medications and reviews are high.
So once you are on medications or have been diagnosed with certain medical conditions (and put down in black and white or electronically), these records live with you!
If you are to apply for any insurance policies (especially whole-life, term or endowment), you have to declare these records to the insurance companies and let their panel of doctors (along with the medical examinations that they ask you to) to determine whether they are willing to accept your applications on standard rate or to come with a loading!
Unfortunately for some of these friends, they are simply not given the chance because some Financial Planners would not like to take on their applications because to them, these are mostly a waste of time (in going through the application and waiting for the outcome of the approval process) and effort (going back to the client to arrange for medical checks, filling up of medical questionnaires) – only to have the insurance companies reject the application or have a high loading!
And when the client gets to know of it, they get disappointed and they simply give up trying!
A Good Financial Planner Who Has A Little Medical Knowledge/Background Can Make A Difference
I have seen some of my fellow Financial Planners who go all the way out for any clients – regardless healthy or unhealthy. It is more obvious through the way they handle those clients who are unhealthy.
For example, those who are suffering from High Blood Pressure could be due to Work Stress, Unhealthy Sleeping & Eating Habits and going through a one or two months of lifestyle changes and really make positive impacts during the insurance application process.
If a Financial Planner really cares about the well-being of his clients, he would have done up his own research online and come up with his own regimen to help them get healthy again! Do you know that even by helping some clients to look through whatever medical records/memos they have – does help as well!
I have ever seen a client who has a medical memo that states that he was down with High Cholesterol for more than 10 years ago but upon asking him to go for a recheck, the doctor is able to put him out of it and declares that he is healthier than before!
Does It Take A Lot Of Time And Efforts To Gain Some Medical Knowledge?
The initial stage of preparing them would take some time and quite a fair bit of doing the research but the good thing is that the Internet is here to help.
For example, if there’s clients who are suffering from Gout… the Internet can provide you with a lot of useful resources like:
And a Good Financial Planner can even sit through a Medical Examination with his Client (may take up to a few hours but it will be worthed it) and understand the whole medical examination process, especially knowing what the doctor will ask and check!
I do hope this sharing of mine does help both parties – Clients as well as Financial Planners!
For clients who are serious about Financial Planning but been told to be diagnosed with certain medical conditions – you can still make improvement or changes by doing your own research. It will be good for your health as well as for your insurance planning.
For Financial Planners who are serious about this career and the well-being of their clients… get yourself up to date with some medical knowledge. This will help you in your client prospecting as well as providing a good service to your clients – you do not have to just talk about financial numbers, you can also talk about how to live a healthier life as well!