Canada Protection Plan co-president says a smart advisor is reviewing plans and engaging with clients at this time of year
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Winding down for the summer and ready to accept a slowdown in life insurance sales? Think again.
Michael Aziz, co-president at Canada Protection Plan, told LHP that his firm’s numbers have shown no sign of dipping despite the drowsy heat that’s hit much of the country.
Instead of writing the summer off, Aziz believes this is actually the perfect time for his team to approach advisors about life insurance, and for advisors to engage with clients.
He said: “Everybody seems to slow down in the summer. People are thinking holidays; they aren’t thinking about financial planning. You’ve had Christmas, February is RRSP month, so it’s a lull, which is the best time to approach clients and talk about their insurance needs.
“People are more receptive in the summer time to having discussions. It doesn’t have to be sitting in the office, it can be outside, at a coffee shop, where a broker talks to a client and says, ‘hey, let’s review your needs’. Everyone has downtime and it gives the advisor more time to get together with clients.”
Canada Protection Plan is best known as a leader of No Medical and Simplified life insurance, although it recently launched Express Elite Term, a no-medical life insurance product. In 15 minutes or less, Canadians and newcomers with a work permit who are in excellent health and between the ages of 18-60 years can apply either by phone or online. Within a few days, they can receive coverage for up to $500,000 with no time-consuming medical exams required.
Aziz said that while residents might be thinking vacation they are clearly still thinking about insurance and financial planning, and Canada Protection Plan has the products for them. For his team, therefore, this is the prime time to reach about to advisors and urge them into action.
He added that the smart advisors are the ones reaching out to clients right now.
“You are not going to reach someone in December because it’s Christmas and they are running around getting their shopping, January the weather is not fun and February is RRSP month. There is nice weather in the summer, people relax and are open and you can have good dialogue with them.
“I think sometimes people have a block in their own mind. I think financial advisors may have a block and think it’s summertime, people don’t want to be bothered. Well, we aren’t bothering people – we are helping people.”
