I found this story in a book entitled "Insurance Principles and Practices".
Riddle: What group of intelligent people often buy a product they don't need from salesmen using high pressure tactics to convince them that they should borrow money to pay for?
The answer: Collegue students. The product: life insurance.
The author made the following general statements, but also recognised that there were exceptions.
Billions of dollars worth of life insurance are purchased each year by students who would be better off buying other policies or none at all.
Three problems are involved:
* question of need
* sales method
* nature of the policy.
Most college students don't need life insurance. The death of a young person with no dependents create relatively little hardship for anyone.
Many agents who sell insurance on campus lack professionalism. The use of high pressure or fear tactics is the rule. It created a bad impression of students about life insurance.
They sell products that do not meet the student's real needs.
Conclusion: The book was written 20 years ago. I do not know if the problem still exist today?
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