Awareness is the First Step to Protection

The month of September is also known as the ‘Life Insurance Awareness Month’. SANASA Life Insurance is committed to ensuring that individuals as well as their families are provided protection by obtaining a policy. But how many are truly aware of the benefits a life insurance brings? 

To signify the importance and relevance of this month, here’s an interview carried out with 3 of SANASA Life Insurance’s Heads of Departments to answer some of these questions that demonstrate how life insurance can uplift and secure one’s future.

Q What are the primary financial risks facing a family, and how can a life insurance policy act as a safeguard?

Mr. Suranga Mahesh, AGM Sales: Life insurance serves as a crucial financial safety net, designed to protect a family from the financial hardship that can follow due to an unexpected loss of the bread winner in the family. 

In the event of such a devastating occurrence, a life insurance policy provides a lump sum payout or a steady income stream to the family members. This financial support can be instrumental in helping a family to regain and maintain their standard of living, also cover essential expenses.

The payout from a life insurance policy can be used for a variety of critical purposes, including, settling outstanding debts such as loans, funding children’s education, and covering day-to-day living costs. 

By securing a policy, this ensures that a family’s financial stability and future aspirations, whether it’s a child’s dream of attending university, or the long-term financial security of a home are not compromised. Ultimately, this provides a great sense of peace of mind, knowing that their future is secured, regardless of what tomorrow may bring.

Q Is there a way to calculate if the current life insurance coverage is enough to maintain a family’s lifestyle in the event of an unfortunate incident?

Mrs. Chandra De Silva, Head of Life Operation: Many people purchase a life insurance policy without completely understanding and/or ensuring if the coverage is sufficient. The purpose of a life insurance policy is to serve as a comprehensive financial fall back or safety net, and the correct monetary value of the coverage should be calculated so that it can substantially replace the income and meet the family’s financial needs adequately.

A proper calculation should account for a family’s monthly living expenses and consider, children’s education costs, outstanding debts such as mortgages or personal loans, even future commitments. 

If the coverage is insufficient, a family may be left to face significant financial hardship, especially following a time of grief. That is why it is important to regularly review an insurance plan and update it as responsibilities and life circumstances change. By doing so, clients can rest easy knowing that the policy they hold will be enough to maintain the expenses of a household when needed. 

Q Why is providing continuous training essential for insurance advisors to improve customer service and strengthen client relationships?

Mr. Shaliya Silva - AGM Human Resource Development: As in any customer centric business, continuous training for insurance advisors is considered essential in order to deliver superior customer service and build lasting relationships. 

The insurance industry is a dynamic landscape, with a constantly evolving range of products, regulations, and customer expectations. Without consistent, and professional training, advisors may struggle to effectively explain policy benefits, address customer concerns, or guide clients toward the most viable solutions.

This ongoing investment in Insurance Advisor expertise brings multiple benefits. It ensures that advisors maintain up-to-date product knowledge, allowing them to: 

• Provide accurate information on new policies, benefits to clients, and industry regulations. 
• Another benefit they acquire is, enhanced communication skills. This empowers them to clarify complex insurance terms, making it easier for customers to understand and appreciate the value of their policy. 
• A well-trained and knowledgeable advisor instills stronger customer trust, which is the foundation of a long-term relationship. 
• In addition, training Insurance Advisors in problem-solving and claims processes enables them to offer quick, empathetic, and effective solutions, thereby reinforcing customer satisfaction.

Ultimately, investing in advisor training is not simply a means of improving sales. It is a strategic commitment to creating a customer-first culture. Satisfied customers are more likely to remain loyal, renew their policies, and recommend the company to others, thereby ensuring sustainable business growth.