Insurance Plans for Personality Types

I recently listened to several friends discuss different insurance plans and why they did or did not need the coverage. While both of them had points for their decisions I realized that their decisions were biased and stemmed from their beliefs and attitudes towards personal finance. This made me realize that insurance decisions are no different from someone walking into the grocery store and choosing to buy the frozen chicken over the fresh chicken. We have a process of analyzing things in our mind and financial risk/reward is the main thing we consider with insurance plans.
"Wait so you are saying that the insurance plans we purchase are based on our personality type or respect for money?"

After some research and analysis of the consumer's purchase decision process, we have decided that this process applies to insurance plans as well. Problem recognition, information search, evaluation of alternatives, purchase decision and the post purchase behavior are all parts of the buying process.

Purchasing Insurance - Decisions

Among the employees in the Medicare Insurance Finders division we think that the BUYING VALUE phase is probably the mot dependent upon personality. For instance, an individual with the saver mentality will typically purchase life insurance to cover the income they bring to the table if something where to happen to them. Consumers of the spender mentality, who some refer to as the "Free Spirit" are less likely to purchase life insurance because nothing will ever happen to them.

This may seem backwards! The spender saves and the saver spends. However, the Buying Value is what causes the saver to want to spend their money on something that helps bring value through protecting and providing for the family. While the spender sees this as something that is not instant gratification and something that is not needed in the moment.

Insurance Plans - Senior Personality Types

Personality types come to life in the senior market occasionally when comparing Medicare Supplement and Medicare Advantage plans. In brief, a Medicare Supplement usually picks up everything and provides 100% security; however, a Medicare Advantage Plan only pays a portion of the expenses and leaves a little more risk on the table.

We can not tell you how many times a husband who is a little more liberal and a wife who is a little more conservative will come into our office and debate over which plan is financially responsible for them to choose. The wife will point out that they need to choose the medicare Supplement because it is financially stable. The husband says they need to choose the Medicare Advantage Plans so they save $100 per month. The wife then responds back that one trip to the hospital will cost them two years of a Medicare Supplement plan.

This is another example of the personality types. Visit our website for more information on the different insurance plans we have available for you.