Preparation: Winning Half of the Cancer-Stricken Battle (Critical Illness Insurance)

It’s a usual scene every morning wherein my sister wakes me up for breakfast to get ready for school. That’s the perks of being the younger brother in my family (and having an elder sister) – she wakes up early and prepare breakfast (well, until it’s my turn to do the same for my younger brother).

I was 11 years old.

But that morning was different. My sister woke me up in a different tone.

“Gising na! Gising!” I can still remember her sobbing while shaking me from my sleep.

“Wala na si Daddy. Patay na sya!” she said in a trembling voice.

This is a common scene in a family where a loved-one passed away. A story depicted in many movies, and tv shows.

To some it’s a story being told for lessons. To some it’s a life experience where one draws strength from.

And yes, this is my story – the life experience of my family – surviving the death of a cancer-victim father. And yes, we are survivors too!

Cancer is Real (and is Prevalent)

According to the Philippine Cancer Society, 1 out of 1,000 Filipinos have cancer. That’s the reason why most of us know someone, directly or indirectly related to us, who suffer with the said disease.

Cancer Statisitics in the Philippines

One part of that fact is this – regardless whether we have a family history of cancer or not, we are all vulnerable.

According to the rates in 2008, 13 out of 100 males and 12 out of 100 females in the Philippines would have had some form of cancer if they would have lived up to age 75. Ten out of 100 males and 7 out of 100 females would have died from cancer before age 75.

Source: 2010 Philippine Cancer Facts and Estimates

…And It Is Very Expensive To Treat

I was young back then. The truth is, it’s only just recently that I’m able to glimpse the hidden sacrifices and sufferings hidden in my youth.

My mom has a mole on her feet and yes, she is a living testimony – that people with mole on their feet loves to travel. Well, in her case, she really loves to move around.

And yup, I’ve been her personal driver during the past few months.

During one of those drives, she told me this story that really made me cry inside but have to fake with a tease and a laugh.

That was the day when my mom have to leave home and take care of something.

Dad kept asking where she’d go. She said she just have to fetch something at school (she’s a teacher).

She picked up a tricycle, and rode to her destination.

She knew that it’s just a matter of time. She’s strong, but she, just like anybody else, a human, crying inside while on her way to purchase that final resting place of her husband – a coffin.

It will take more than a million pesos to decently battle the disease. More often, people with cancer choose to face death than to leave their family with further uncertainty in the future.

As I was trying to research the cost of being a cancer survivor, I found this article by Ellen Tordesillas published during 2006 – nine years ago.

The amounts she presented were expensive back then, moreso today.

What You Should Know…

Physical, emotional, psychological, and financial pains.

We can do nothing on the first three, in most things in life, these three pains are always there. But we can minimise (or even extinguish) the impact of the last one.

Do you know someone who prays to experience cancer, or any other critical illnesses? No one.

But these diseases continue to strike, regardless of nationality, upbringing, and financial/social status. We are all equal in this regard.

The truth is, only those who have the resources to pay for the treatment become survivors of the disease. The rest become survivors of the victims (those people who are left behind).

Planning Ahead

During his battle for cancer, he had four children at school. Three were studying at a private school at St. Paul School (Kinder, Elementary, and High School), and the eldest attending his college at Mapua Institute of Technology.

Mom is a retired public school teacher. Back then, I can only imagine how she juggled her small income with all of those expenses, how she took on the hardship of asking help from whatever source possible (friends, relatives, charities).

My dad died during 1998 – a year were information were not as readily available as today.

He had no Life Insurance, no Health Insurance. Mom and my eldest brother were paying debts years after his death.

These experiences undoubtedly made each one of us stronger. Perhaps we are where we are today because of these life experiences.

But, in this age of awareness, we have to understand that it’s our responsibility to prepare. That our negligence to act could be the root of sufferings of the people we dearly protect – those people who are the reasons why we do what we do.

One way to prepare is to ensure that we are covered with critical illness through Health Insurance.

Prepare not because we expect things to happen. Prepare because we cannot leave anything to chances.

Can An OFW Apply For A Philippine Life Insurance While Abroad?

No.

Few weeks ago, I received an email from an OFW asking for assistance regarding an insurance policy signed abroad. She found out (just recently) that insurance application signed outside the Philippines is not valid.

So, I took action by referring her to an advisor of that company.

Clarissa Ramos, a financial advisor with a similar experience, have posted in Facebook the same, but with a detailed guideline on how she assisted the policyholder.

This could help you, dear OFWs, if you are in a similar situation.

Let me share you this post from Pinoy Insurance Talk.

https://www.facebook.com/lifeinsurancehubph/posts/1653226394909286

To every Filipino who signed their insurance applications and proposals abroad, this is an actual story for you.

A client asked for my help. He wants to know the status of his insurance policy. He learned from Pinoy Insurance Talk Facebook group that signing insurance applications and proposals abroad is prohibited and any insurance policy born out of such is void. Also, that when an insurance policy is void, his family may not be able to claim anything. He got anxious and thought:

1. What will happen if I die during the contestability period? We can never be sure nothing will happen.
2. How about after the 2-year contestability period? Will my family be able to claim this time?

He confronted his agent about it. His agent only offered excuses. He contemplated of inquiring about the matter himself, but his agent told him that he will fix it. Trusting his agent, he did not inquire. However, his agent never did. He decided to do something because he did not want to always be left wondering whether or not his family will be able to claim. He wanted to file a report.

I helped him by drafting his complaint which contained all the relevant facts he narrated to me. I told him all the evidence he needed to prepare to establish the facts we stated in the letter. The good thing about the evidence preparation was that he was able to provide everything I asked that we would possibly need. Finally, I taught him where to go to, who are the people he needed to talk to and how to inquire.

He arrived yesterday from abroad and went to the office of the Insurance Company today to air his concern. Here are the following things he learned:

1. Indeed, the insurance policy is VOID, not just voidable.

Void means that a contract is invalid and has no force or legal effect – it never existed in the first place. Voidable means that a contract is valid and has force or legal effect BUT can later on be declared as invalid.

Why is an insurance policy – the basis of which are insurance applications and proposals signed abroad – void?

Under Article 1409 of the Civil Code, one of the void and inexistent contracts is where it is expressly prohibited or declared void by law. Insurance agents and companies here in the Philippines are prohibited from selling insurance abroad because the license issued to them is good only within the Philippines. Thus, it follows that there cannot be an insurance policy born out from solicitations made by insurance agents and companies abroad.

2. Even if the years pass by, the company will NOT PAY the benefits.

Under Article 1410 of the Civil Code, the action or defence for the declaration of the non-existence of a contract does not prescribe. This means that the insurance company can claim that the contract is void at anytime, if indeed it is void. There is no time limit for the company to raise that. The contract being void, the company can refuse to pay the benefits under the premise that they have no obligation. Do note that in void contracts, the parties cannot be compelled to fulfil their obligations because the very source of those duties are inexistent.

Something to remember: The rules on contestability period only applies to valid and voidable insurance policies.
The Insurance Company told the client that it was a good thing he reported and that he had two options:

1. If he wanted to keep his policy, he can request for a letter of acceptance from Insurance Company which will be heard and decided by a Committee.
2. If he wants nothing to do with his policy anymore, he can request for a cancellation of the policy and refund of all the premiums he paid.

That being said, I encourage everyone to come forward and do what the client did. Do not let your family suffer in the future.

In relation to this issue, I have found this article from Rappler. Let us all be aware so we can really enjoy the peace of mind that we have bought.

You Are Young and Don’t Have Any Dependent: Why Should You Get Life Insurance?

Yes, perhaps this is you…

You are probably starting in your career, and at this stage, you already know that you have to take control of your finances (a proof is that you are actually reading this article).

Congratulations to that!

You’ve got your emergency funds covered, but now you’re confused. Will you go straight to investing, or will you get life insurance first?

It is very crucial to address this bugging question.

Considering you are young with nobody relying on your income but you, why would you ever need life insurance?

“I’ll just invest the money instead of buying life insurance!” This, perhaps, is the voice in your head.

Why Need Life Insurance, Anyway!?

life insurance for yuppies

First and the major reason is about taking responsibility of our own lives.

In most situations, our lives are often interconnected with one another. Especially for us Filipinos who take pride in our family-oriented outlook.

Our actions and inactions particularly about money could directly or indirectly affect our parents and/or our siblings, and sometimes, even our relatives’ lives.

Whenever a member of the family is in a dire need, everyone is usually there, offering moral and financial support. That’s how we love our families.

But that feeds a cycle of a never ending loop, leaving everyone struggling on their finances – while they themselves are financially challenge, they won’t think twice to provide financial support to any family member who badly needs it.

This cycle should stop.

Untimely death should not burden the families left behind. That burden will surely slow down their own journey to financial independence, well, unless you belong to the ultra rich families.

But most of us are on the middle. And nobody wants to be a burden to anybody, either dead or alive.

The second reason is about planning ahead. Since life insurance increase costs as we age, getting one while we are young (and able) is a practical reason.

Life insurance is one of those things in life that you buy but you don’t want to use. Those things that you can’t buy whenever you needed them the most.

Conclusions and Recommendations

As a yuppie, if you have already saved a good amount of money that would cover the costs of “untimely death”, then perhaps you really don’t need insurance.

How much do you need saved up? Well, this article could give you an overview of how much.

The truth is, most yuppies that enters the marketplace does not really have much – given it’s the stage in our lives wherein we are just starting to accumulate assets.

You may be able to afford sustaining your own personal needs, and perhaps consider yourself independent – living on your own income. But, when inevitable events comes up – sickness, loss of job, etc.., the tendency of asking help from parents and siblings aren’t that very far.

Emergency funds, life insurance, health insurance, and your investments would help you cover those inevitable events. Only by then wherein you can proudly say that you are really taking responsibility of your own life.

Why Invest in a Single Premium VUL (SPVUL) instead of Mutual Funds or UITF

You have at least P500,000.00 in your bank deposit account and are planning to invest it in an investment that would help you make your money work for you. You were brought to several options, and you have ended up choosing between a Single Premium VUL, a Mutual Fund, or a UITF.

Now, you’re confused.

First off, the listed options are all pooled funds managed by professionals called fund managers. In investing in either of the three, you will be asked whether you’ll want to invest your money in an Equity Fund, a Bond Fund, or a Balanced Fund.

They are the same in almost all aspects. Their difference lies on the structural aspect. Single Premium VULs are offered by insurance companies, thus, are regulated by the Insurance Commission (IC).

Unit Investment Trust Fund, popularly referred to as UITF, are offered by banks and managed by their trust department. The regulatory body is the Bangko Sentral ng Pilipinas (BSP).

Mutual Funds, on the other hand, are managed by Investment Companies and are regulated by the Securities and Exchange Commission (SEC).

I know, stating those differences doesn’t bring up any clarity in your decision making. Now, let’s talk about benefits.

mf vs. spvul

Benefits of investing in Single Premium VULs over Mutual Funds and UITF.

The truth is, there’s really not much difference between a mutual fund and UITF in terms of benefit. For discussion purposes we’ll just compare Mutual Funds and Single Premium VULs.

Allow me to use Sun Life’s Maxilink One as a sample for Single Premium VUL, and Sun Life’s Prosperity Fund for Mutual Fund.

Here’s the situation. You have P500,000.00 to invest in a 10 year time frame. You are inclined to investing in an Equity Fund, you’re just not quite sure whether to choose a Mutual Fund (or UITF) or a Single Premium VUL.

Now, you decided to look at the numbers.

Let’s assume that in both funds, the average annual rate of return is 10%. Both funds, Mutual Fund and Single Premium VUL, uses a backend fee system of 5%, diminishing by 1% yearly (If investment is redeemed in the first year, charge is 5%, if on second year, 4%, and so on and so forth. Redemption of investment after the 5th year no longer have a redemption charge.)

Investing in Mutual Funds

 
Year Fund Values
1 550,000
2 605,000
3 665,500
4 732,050
5 805,255
6 885,781
7 974,359
8 1,071,794
9 1,178,974
10 1,296,871

Projected fund value of the mutual fund investment after 10 years is P1,296,871. Mutual Funds are very flexible that you can withdraw your investment anytime without being bounded by holding period. However, there are sanctions for early redemption.

Investing in Single Premium VUL

 
Year Charges Fund Values
1 266 548,615
2 168 602,146
3 137 660,995
4 102 725,608
5 61 796,537
6 18 874,399
7 959,872
8 1,053,700
9 1,156,700
10 1,289,986

At year 10, the projected Fund Value for a Single Premium VUL is P1,289,986.00. The difference of P6,885.23 to the fund value of Mutual Fund is attributable to the insurance charges for the Single Premium VUL. Investment benefits are identical for Mutual Funds and Single Premium VUL.

Looking at the projected 10 year fund value, you might be concluding that it’s best to invest in mutual funds because it’s higher than Single Premium VUL by P6,885.23.

Benefits of a Single Premium VUL over Mutual Funds, UITF, Bank Deposits, and Real Estate Investments

It is an insurance product. Thus, the minuscule difference of P6,885.23 is really very immaterial compared to the benefits it could provide to the investor (or beneficiaries of investors).

I. Minimum Death Benefit. The death benefit for a Single Premium VUL is then higher of 125% of Single Premium or the Fund Value. In our illustration, it is the higher of P625,000 (P500,000 x 125%) or the current Fund Value of the investment.

This means that in the event a policyholder (investor of a Single Premium VUL) dies while the fund value of his investment is lower than P625,000, his beneficiaries will still receive the minimum death benefit of P625,000.

Say the fund value of the invested P500,000 at the time of death is P400,000 (market declined significantly), the beneficiaries will still be receiving the GUARANTEED minimum death benefit of P625,000 (as long as no withdrawal was made in the fund).

Or lets say the fund value at the time of death is P800,000 (market rises significantly), the beneficiaries will be receiving P800,000, which is higher compared to the minimum death benefit.

In case of a Mutual Fund or UITF, the people left behind will receive only the fund value, regardless if it is higher or lower the the amount invested.

II. Liquidity upon death. While all other assets (investments including Mutual Funds, Stocks, Cash Deposits, and Real Estate) will be frozen by BIR until the appropriate taxes are paid, investment in a Single Premium VUL are readily available to your loved ones. The reason behind this is that Single Premium VUL is still an insurance product.

If you have defined an irrevocable beneficiary, your investment becomes tax exempt (tax-free).

The Bottom Line and Final Recommendation

On a more holistic financial planning perspective, I am recommending a Single Premium VUL over investing in Mutual Funds and UITF. It is a great tool to use in planning your Estate while having the ability to enjoy your investments while the investor is still alive, contrary to other insurance products wherein the benefit focuses upon death, including a Regular Pay VUL in it’s infancy years.

The only barrier to entry in using a Single Pay VUL is its price point – you’ll be needing a much higher initial investment compared to a Mutual Fund wherein you could start with just P5,000.

Here is my recommendation. If you have the funds and are thinking to invest in a managed fund, then go for a Single Premium VUL. Period. (Well, unless perhaps you are already FULLY INSURED)

**You can request for a Single Premium VUL Quotation here for FREE!

Financial Literacy: Where Should You Start Your Journey?

Here’s the truth – we often realise the need to educate ourselves about money at different ages of our lives.

Some people realise it early in their lives, some at the middle of the road, and some due to the pressure of upcoming retirement.

With these diversities, how would we even know where to start our journey to financial literacy?

I. First, we have to understand what MONEY is.

It’s a tool, a commodity, that we use to exchange for products or services.

Money by itself is neither GOOD nor EVIL. Thus, the saying “Money is the root of evil” is a complete fallacy.

How we use it and what do we do with it is the one with morality. We either use it for good intentions or for the wrong reasons.

Firearms are used by soldiers to protect a nation. It’s also used by terrorist to spread terror. Firearms are neither good, nor bad by itself.

We use knives as a tool in cooking, to feed people. Some use it as a weapon on crimes. Knives are neither good, nor bad.

Money is a tool. Nothing more, nothing less.

II. The Goal is to have a plan.

We can look at money as grease to a machinery, and our lives as the systems to those machines.

The main goal is to keep the grease flowing (easing friction), to have sufficient grease flowing from one system to the next (Investing), while ensuring possible leaks are covered (Insurance).

In short, the goal is to look into our own lives and prepare for what’s ahead (Plan A), while looking outside and to those lives connected and dependent to us just in case life turns out different from what we have expected (Plan B).

There is no one-size-fit-all Financial Plan. That’s why it’s very important to assess ourselves – the things that we have, the things that we might have in the future, and the things that we may lose when we don’t reach the future.

III. We’ll eventually learn and look for instruments that we can use to address different areas of our lives.

Financial literacy is not just about investments, nor just about insurance, nor savings.

It’s a combination of all of these instruments in consideration to several factors of our lives – age, personality, dependents, financial resources, and more.

It’s about how to handle money as a tool, and make it work towards the attainment of what we want to happen in our lives – ensuring that they will happen, with or without us.

If you are just starting this journey, it’s true that there is still a long way ahead, with a lot of things to learn. And it will never end.

But as we go along this journey, we’ll eventually realise that it’s not really about the money. It’s really about getting it out of the way so we can focus on the things (people and relationships) that really matter.

Why Life Insurance is an Indispensable Part of Financial Planning

We all (most of us) know the mechanics of how life insurance works. You buy it, when you die, you get money.

Simple, isn’t it?

But what’s not a common knowledge is the vast uses of Life Insurance as a great tool of not only planning our own finances, but also, in protecting whatever we had gained over our lifetime.

Let’s talk about them.

Why Insurance is an Indespensible tool

1) Taking responsibility of one’s own life.

I’ve read blogs discouraging single yuppies in getting life insurance, which I think (on my personal opinion) is quite careless and irresponsible.

For one, we should stop the idea that somebody will carry the burden during an untimely death. This thought will keep this country poor.

As much as we can, let’s take responsibility on our needs when we are alive, and try not to pass the burden when we die.

How much does a yuppy who supports nobody need to stack in his life insurance? One good reference point is this article of Pesos and Sense about the cost of dying in the Philippines.

2) Ensuring that life will continue for those left behind.

Head of the family, parents supporting a family, and persons where other people (young or old) depends on. These people needs more life insurance than just by taking responsibility of their own life.

This is mostly referred to as Income Replacement.

Income, what?!?

Alright, here’s the main concept. The moment a breadwinner of the family faces death, it’s not only a loss of the physical body, it’s also a loss of income generated by that individual.

It’s computed by several means. One way is to divide the annual income provided by the breadwinner by an acceptable investment rate of return.

Let’s say the breadwinner is giving P500,000.00 to the family, and an acceptable investment rate of return is 5%.

That will be P500,000.00 divided by 5%, which will result to P10,000,000.00.

That will be the ideal insurance coverage for income replacement, which, once received by the beneficiaries, will be invested in an investment that would yield the acceptable investment rate of return (5%).

At the end of the day, what’s important is that when we say we love our family, death should not end that love.

3) Ensuring debts will not be inherited.

Ever wonder why life insurance is required when getting a Housing Loan?

Yes, creditors use Life Insurance as a sort of a collateral to ensure that debts will be paid, dead or alive.

This is referred to as Mortgage Redemption Insurance (MRI).

4) Keeping your asset, well, yours (or to your heirs)

I’ve heard an interesting statement from somewhere, just can’t remember where.

It says, “If you are purchasing an asset, especially real estate, you should stack up an additional life insurance coverage equivalent to 20% of the Market Value of that asset. Remember that everytime you purchase an asset, you are giving a burden to your heirs/family, 20% of the market value as an estate tax when you die.”

That brings up the topic of estate taxes, which should be seriously considered when an individual is slowly building up his wealth.

Life insurance ensures that cash will be readily available to beneficiaries to pay for the corresponding estate taxes.

Any case, who would want that the fruit of their lifetime hardwork falls only to the hands of the government, auctioned in a very steep discount, just to pay for the taxes?

No one.

5) Leaving a legacy

Perhaps not the best use for Life Insurance, but nevertheless, some people use life insurance as a way to leave instant wealth to their family.

Well, for a fraction of a cost, life insurance proceeds could leave millions to the heirs.

Conclusion

Life insurance is indeed an indispensable tool in our financial planning, and should not be taken lightly. It is very useful in various stages of our lives.

To learn about different life insurance options, it’s best to talk to an insurance/financial advisor. You may request a FREE quote here, our network of Financial Advisors will be keeping in touch with you.

The Conclusion of the BTID and VUL Debate

… I hope.

I was revisiting an old article from my other blog at MutualFundPH.com regarding the arguments I have made about this never ending debate of comparing VUL and BTID.

The fact that the director of the Registered Financial Planners (RFP), Mr. Randell Tiongson, has shared this article and noted it as an interesting gave me confidence that the argument has some merits on it.

And some of my colleagues has been using the same as well. Thank you 🙂

The topic resurfaced [to me] because of the conversations I had with a client yesterday, and the new articles that are coming out from different bloggers lately.

The client is aware of this BTID & VUL debate and was clearly able to make a stand based on the information he got from the web – that he’ll shun away VUL.

We really got hook into the conversation and noticed that we’ve been talking for about 4 hours. He ended up asking proposals for Term Insurance and VUL as well.

Driving towards my next appointment, my mind is running on a few realisation. This is what I wanted to share in this article.

1) Different strokes with different folks

We are different people, obviously.

We have the different diets, we have different hobbies, different forms of exercise, different things we enjoy and life, and so on and so forth…

But nobody wants to be different, in one way or another. That’s why we people tend to group ourselves based on several similarities we might have. And then have a collective opinion [somehow] on some topics…

Something wrong with that? Nothing. That’s human nature.

Some would prefer boxing over karate, some would go for football rather than basketball, and some would invest in forex and get bored in the stock market.

Even stock market investors argue on which is better, fundamentals or technicals.

The same way, some people will choose BTID over VUL, or vice versa…

This leads to my realisation no. 2.

2) We are not meant to be 100% Investment-Savvy Population

We enjoy the market – the ups and downs, the highs and lows. And surely we KNOW what to do during those times (have to separate knowledge and action in this sentence).

But not everyone of us will choose to devote their time on managing their money and learning about investments. Some of us will choose to devote their time on their profession, their vocations, or their calling in life.

Some would prefer taking the time for the betterment of their career, of their personal lives, of their purpose in life…

Some are too busy protecting the country with crimes, some are busy drafting new laws (I don’t know why I included this here), and some are too busy saving lives in the hospital.

At one certain point, we should learn how to stop imposing our personal expectations on the lives of other people (note to self, guilty as charged).

This is the reason why some invest in Forex, some on Stocks, some on mutual funds/UITF, some on VULs, some on their own businesses, some on Networking, and some on their careers as employees.

3) Personal Finance is not 100% logic.

Brian Tracey will often say in his videos, “We are 100% emotional. When we say we are making logical decisions, it just means that we are putting more emotions on that decision compared to any other decisions.”

When I was still a blogger who often find resource materials solely on texts, videos and audios researched on the internet, I must admit that I don’t have the best idea about VUL. I’m a logical person as I’ll always say.

But on the field, talking to hundreds of people individually, I’ve realise that reality is a vast ocean of differences and outlook. That one size will never fit everyone.

That forex is not the best, nor stock market, nor mutual funds, nor real estate, nor VUL and BTID.

They are all good (just in the middle). Best on the right circumstance, and worst on the wrong situation.

People will often make decisions based on emotions – emotions that are often connected on how people behave.

Conclusion and Final Thought

… I should end because I might bore you to death.

Here’s my point.

There will be no end in this debate, like fundamental analysis and technical analysis. But, you can always use them both.

To investors (myself included), we should try to keep an open mind on all options. Whether that be based on instrument – forex, stocks, or managed funds – or implementation strategies, like VUL or BTID.

Opening our mind does not necessarily mean that we have to accept the other person’s argument. It just mean that we are allowing that idea to come in our mind freely so we can process them based on our personal circumstances.

To Financial Advisors (myself included), we should continue expanding our knowledge so that our clients could gain confidence on whatever recommendation we might have to give.

I am inclined to believe that the best personal finance strategy should integrate well with our personality and behaviour. At the end of the day, our behaviour will last longer than in any interest we might have today.

Here’s Why Financial Advisors Should Market Online

The traditional approach of prospecting (in general in most industries) starts with the Natural Market, then crawls to the referrals. Some do it on cold markets.

These prospects have one thing in common. For all of them, we don’t know if they are already on the mindset of taking initiative to their finances or not.

Convincing them drags the Sales Process.

What if there’s a way to find those people who are actively taking initiative to their protection and investing needs, and all they need is a bit of guidance?

That’s how I built my Financial Advisory business. I never ran out of prospects to call and meet, but I ran out of time to do appointments.

Building An Unlimited Source of Prospects Through Internet Marketing

…and not just any prospect but an unlimited source of prospects who are looking for investments and insurance.

Online Marketing

These are marketing initiatives done online through several platforms like websites, social media, emails, sms, videos, podcasts, and more.

Advantages of Prospecting Through Internet Marketing

1. Reliability. A successful internet marketing campaign provides a reliable source of prospects. I never really bothered asking for referrals, unless my clients excitedly give their friends names to me because they have established their trust on me (which is another topic to talk about).

2. Profitability. Needless to say, investments on internet marketing, if done correctly, pays very well. Remember, the prospects you have gathered are already interested, which means there’s a higher probability of closing them.

3. Sustainability. One of the most crucial part of business is to establish sustainability – the ability to maintain profitability for a long period of time.

4. Never chase a client ever again. One of the most frustrating part of having a very limited prospect base is that Financial Advisors will end up chasing a client to close, which compromise the self-esteem of the advisor. The worst part here is the more you chase your client, the more they’ll run away.

5. You’re at a psychological advantage. Since your prospects are the one reaching out to you, you’ll be able to set appointments with ease.

With the unlimited source of prospects, you can proudly say “Mission before Commission”.

There are lots of great benefits if you learn to market yourself online, and make yourself an authority of a particular niche.

All you have to do is to invest time, effort, and money to setup everything.