How do you turn down a friend who is trying to sell you an insurance product? - Seedly
 

Insurance

Asked by Anonymous

Asked on 14 Jun 2019

How do you turn down a friend who is trying to sell you an insurance product?

I have a friend who I’ve known since Army days and he has joined an agency for a year after Uni. Met up with him over coffee and he’a been trying to get me to switch. How do i turn him down as i have no intention to switch.

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Huang Yixuan
Huang Yixuan, Product Designer at Somewhere
Level 6. Master
Updated on 21 Jun 2019

I understand how you feel!! Happened to me last year also. Just started working and my friend (okay actually not really close but we hang around in a group sometimes) asked me out to talk about insurance and I felt bad to say no. But only afterwards I realised he didn't actually take the time to talk to me to understand my needs, but only just generically tried to sell me a whole life insurance. And when the insurance underwriters rejected my application due to my exisiting health conditions, he tried to push me to get an endowment plan instead.

Now I just ignore him when he texts me cause he was just too pushy and I don't think he actually cared bout my welfare.

I think when you realise that your friend is using the "friend card" to guilt trip you into buying insurance for him, you need to decide if he is really your friend and if he is somebody you want to keep in your life. These things can show their true colours. Hope you manage to siam this!

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Huang Yixuan
Huang Yixuan

on 21 Jun 2019

Thank You!
Angie Puan
Angie Puan

on 21 Jun 2019

Wow, sorry your 'friend' didn't try to understand your needs and welfare.. I've had my fare share with such but I've met some good ones too and since the products are generally similar (varies according to your personal needs), I got it from a close friend who wasn't pushy at all. Hope you find a good one to help manage your health and wealth! :)

Get him to go through all the pros and cons to switching. Most of the time, you'll be losing out on cancelling and re purchasing a new insurance policy.

However, if he really puts in the work and you'll be better off with the new policy, then why not consider.

But before you commit, ask a 3rd party to analyse his pros and cons listed and see if its valid.

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Kenneth Lou
Kenneth Lou

on 17 Jun 2019

Yeah i think maybe at the end of the day, can just get more perspectives on your current financial situation!
Samuel Chin
Samuel Chin
Level 3. Wonderkid
Updated on 21 Jun 2019

If you really are not interested, be honest and open with him that you don’t want to discuss about it. If he appreciates the friendship I’m sure he will understand. If you‘re curious and don’t mind listening, let him know too, that you’re just knowing more. See what he has to offer and make sure he doesn’t sugar coat the whole one with only benefits.

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Edward Boon Sun Shee
Edward Boon Sun Shee

on 21 Jun 2019

Yup i stand by honesty as the best policy. Because if you really don’t want, no one can force you to do so. Keeping the friendship is more important than spoiling the relationship. Because at the end of the day, there’s so many people out there needing help for their financial portfolio so reject politely lor if you really not keen to buy. If the person is really pushy then no choice don’t waste your time.
Allison Chan
Allison Chan

on 21 Jun 2019

I totally agree
Jennifer Goh
Jennifer Goh
Level 4. Prodigy
Answered on 14 Jun 2019

While a straight no is the most effective way to cut the topic short, I can imagine the rest of the conversation will be quite awkward...

In that case...Indirect no...by saying something like 'you need some time to think about investing an insurance as you've some other responsibilities and priorities...'

If he/she persists, they're not respecting the friendship and they don't deserve your time coz a true friend will understand and stop bugging you about it :)

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Since you already know you have no intention to switch; just tell him straight no that at this stage you have no intention to switch and that you'd like to keep it that way.

If he tries relentlessly, let him know what products you have and ask him for his recommendations. If his recommendations truly help to complement your current portfolio; consider it. If it doesn't and/or is just asking you to switch over for sake of his sales, decline and tell him that you value him as a friend and would like to help but no because he doesn't value you likewise.

He should stop bothering you after that.

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Alan Kor
Alan Kor
Level 5. Genius
Updated on 15 Jun 2019

Just say no and if he is persistent, ask him to pay for the product which you will buy from him

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Kenneth Lou
Kenneth Lou

on 15 Jun 2019

Lol. 😱what a move. @Alan Kor
Charmaine Ng
Charmaine Ng

on 15 Jun 2019

But that is a very effective move to be used on the last straw. For anyone who's reading it and if your friend agrees please sign a contract with them. (Thumb print works best)
Takingstock @
Takingstock @
Level 5. Genius
Updated on 14 Jun 2019

Why not just say you would like to remain good friends? And that if he / she should respect that. And that you do not want to risk losing friendship if things sour.

Show him / her this message.

If you ask me, insurance / financial products make / break friendships as bad as a joint trip in Japan.

There is too much conflict, and you may let friendship cloud your judgment.

A lot of times, you may trust your friend more and skip reading those lines in the contract. And when you do later, and find out you have been ****ed, all hell breaks loose. So no, just no.

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Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 8. Wizard
Answered on 14 Jun 2019

Well, I also had this situation before. At the end, before signing, I thought carefully and said I am not interested to sign the policies.

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Joseph Sng
Joseph Sng, Chief Curator at CurateXX Asia
Level 3. Wonderkid
Answered on 22 Jun 2019

Check with him the reasons for asking you to switch, perhaps there is some cost-saving or additional coverage, which he did it out of real good intention for u?

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2 cases to share:

1) aquantaince in uni asked to meet up for lunch to chat. In a separate uni clique a few of us have also been approached so i know what she wants. I told her directly that all my insurance needs are alr taken care of by an agent that looks at my whole family, but if she wants to meet up to chat or to practise her pitch I'm ok. So we just met up for lunch and chatted about random things in uni. Did not talk about insurance at all. And also never spoke or met ever again.

2) jc friend asked to meet for dinner to catch up. Treated this case somewhat different because she was a friend, not just an aquantaince. Met, chatted, eventually diverted to insurance but same thing i said i had a family agent. And it so happened that anyway she was working for the same company so she didnt continue trying to sell me anything. Now she still keeps in contact for promos from the insurance company.

I think lesson learnt from these 2 cases is to set the tone right from the beginning. If you don't give them the hope that you'll become a client then they'll most likely leave you alone.

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Sep)

Level 8. Wizard
Answered on 23 Jun 2019

If a 'friend' shows up out of the blue after months or years of not keeping in touch with the sole intention to sell you an insurance product, I would re-evaluate my relationship with said friend.

But jokes aside and if he's a good buddy, then it makes sense to listen to him. Even if you are not looking to switch as he's said, you can look at other ways to support him for eg. helping him refine his sales pitch and recommending him to your friends, provided you feel that he has his clients best interests at heart. I have an insurance agent that sends me the occasional message on, hey what if you get an accident/die/etc etc - do you want to buy this additional coverage. Needless to say, I have bought other insurance policies from more well meaning insurance agents.

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Yong Kah Hwee
Yong Kah Hwee
Level 6. Master
Answered on 23 Jun 2019

Just be honest and say you don't see a need to switch now, but appreciate his thoughts and that you'd keep him in mind if you decide to switch one day! :)

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Joash Chua
Joash Chua
Level 3. Wonderkid
Answered on 22 Jun 2019

At the end of the day, no one can possibly put a gun to your head and make you say “yes” to any recommendation - just remember that you are always in control of the final decision. As for the suitability of the recommendation, it’s more subjective than it seems. In fact, looking at this on a product level is too myopic. You should take a big step back and look at this from a much wider perspective. 1) Is the advisor competent? As far as I’m concerned, a financial consultant needs to actually understand financial concepts. If you go to a licensed doctor to be treated for ailments, then there’s no reason to be suckered into buying dubious health products frm a door-to-door salesman. 2) Is the advisor emphatic and a good listener? If he starts the meeting talking about a product without actually listening to you talk about your life and goals and fears, that’s a problem. Rule of thumb for the advisor - 70% listening 30% talking. At the end of the day, there is a lot of information asymmetry (what the advisor knows vs what you don’t know) which can be used against you. It comes down to whether u feel he/she can be trusted.

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Allison Chan
Allison Chan
Level 2. Rookie
Answered on 21 Jun 2019

Friend or no friend; no obligations to accept any or every proposals made. Just tell it plainly and honestly, be it not interested, not so much money, no such need now, enough insurance already...etc. It's long term leh...dun want the friendship to go sour then must be honest upfront, rather than regret or hold grudges. If still friends after rejection then this is real friendship. Professional ones will handle rejections with no emotions involved.

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Farez Omar
Farez Omar
Level 2. Rookie
Answered on 21 Jun 2019

If your friend truly had your welfare in mind, he would be more focused on the value that he can provide to you instead of merely trying to get you to switch agencies. Going through the pros and cons of switching first would be a good start. Else, I’d be skeptical too. If you are adamant about not switching, honest with him and tell him you have no intention to switch. If he truly believes in putting your personal choice and welfare first, there should be no further reason to push for a switch (unless the costs of not switching is proven to be higher).

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Tina Sharon Lee
Tina Sharon Lee
Level 3. Wonderkid
Answered on 21 Jun 2019

Best to be upfront and tell him that you are not switching. You can say that if you come across anyone looking to buy, you will send them his way.

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HC Tang
HC Tang
Level 8. Wizard
Answered on 21 Jun 2019

I'm an agent too. 😂

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Cayson Choong
Cayson Choong
Level 2. Rookie
Answered on 21 Jun 2019

I think the first thing you have to tell him is the reason why you do not want to switch. Maybe you're not comfortable with him or you already have an amazing advisor.

Ultimately he's there to close a deal with you, if you're not interested or comfortable just let him know.

And always, always educate yourself first before making decisions

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There are two form of rejection

  1. reject n hurting the person feeling
  2. reject n not hurting the

There are two form of rejection

  1. reject n hurting the person feeling
  2. reject n not hurting the person feeling

for pt 1, u can just reject any ways u like. "Stop Scamming!"

for pt 2, shows verbal or physical support, care n concern but be firm tt you couldn't do more with monetary because you have other liability to fulfill. person feeling

for pt 1, u can just reject any ways u like. "Stop Scamming!"

for pt 2, shows verbal or physical support, care n concern but be firm tt you couldn't more more with monetary because you have other liability to fulfill.

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Lim Chun Long Jimmy
Lim Chun Long Jimmy, Graduate at Actions to Wealth
Level 5. Genius
Answered on 21 Jun 2019

Can say something like, "I already have existing servicing agent(s) and have no intention to change to another. Thank you.".

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