When I meet a new client or a new friend, I will present the concept of protection to him or her easily and simply by using a sheet of paper and a pen, drawing four quadrants on the sheet and explaining the concept. The presentation is used for explaining the concept, building a relationship, doing fact-finding, creating the needs, proposing solutions and closing the deal. [visual]

The top left-hand quadrant is “Life Protection” and the top right-hand quadrant is “Accident Protection.” The bottom right-hand quadrant is “Medical Protection” and the bottom left-hand quadrant is “Critical Illness Protection.” In the middle is “Asset Management and Accumulation.” These five parts make up the financial planning needs for every individual.

Life protection is what we need to leave as a legacy for our family. We have to check what kind of responsibilities we have to take care of, which family members we have to look after and how much should remain after one is deceased. We may need to check the amount of money we have to leave for parents, kids, spouse, kids’ education fund, liabilities, etc.

Accident protection covers accidental death, total disability, partial disability, income protection and medical reimbursement. We have to check how much one individual may need when there is an accident, which could lead to a total disability for one’s entire life.

Medical protection covers the medical expenses when there is an illness and for daily cash assistance.

The last one is critical illness protection. When we have sufficient medical protection, critical illness protection will cover living expenses during an illness. Otherwise, most of the sum insured will be directed to cover the medical expenses. Therefore, we have to calculate the sum insured by how many years of coverage for living expenses is needed for one individual.

After explaining the protections in the four quadrants, we will do the policy review on each part. The purpose is to let the clients know what they need, what they have at the moment and what the balance is.

In the middle is asset management and accumulation. It is for achieving the short-term, middle-term and long-term financial targets in one’s life. We have to know more about the client’s life and what he or she is looking for; then we can better manage the planning.

Having done the whole presentation and the fact-finding during the explanation of each part and a review on existing policies/plans, we have to reaffirm their needs and gaps. After that, we can offer solutions and handle their objections if there are any. The final step is to close the deal.

Usually, the objections are minor when we give a clear explanation and presentation of the concept. It only takes about 45 minutes to one hour to complete the whole thing.

Wu Shuk Ping Joyce is an 11-year MDRT member with one Court of the Table qualification and one Top of the Table honor. She was given the Distinguished Salesperson Award by the Hong Kong Monetary Authority in 2015 and has achieved the Active Club since 2007.