Study On Application Of Life Insurance In Personal Financial Planning

In recent years,along with the rapid growth of China's national economy,the level of personal wealth of residents is also improving.Meanwhile,the concept of personal finance has entered the field of vision and has become popular.Personal financial services have become the focus of financial institutions,such as major banks,securities companies,insurance companies and other financial institutions.At present,the development of financial business of commercial banks is faster and quickest for consumers.Most of the bank outlets are equipped with corresponding financial planners to provide financial services for their customers,and all kinds of financial products are also known to consumers.In contrast,insurance companies have also started a service transition but have not yet set up a brand of financial services approved by consumers.There are also some misunderstandings in the understanding of life insurance products by consumers.The main reason lies in two aspects:In terms of financial management,due to historical reasons,the traditional concept and some man-made factors,leading to the vast number of consumers on the "financial" or think more types of commercial banks issued or sale channels such as the variety of financial products,even talking about life insurance products,but also to consider it as a financial product,and to measure the product quality by the annual rate of return.Many practitioners of financial institutions,including commercial bank financial manager and insurance agent for the understanding of life insurance products also only stay in the rate of return is able to meet the needs of the customers,and not from the financial planning risk management measure for the life insurance whether the product meets the customer requirements for risk prevention.In the financial planning process,in addition to a handful of customers because of the risk of reasons to take the initiative to the vast majority of life insurance,life insurance products do not understand consumers or by financial manager or insurance agent to choose their own propaganda of insurance products,because most consumers risk awareness is relatively low,and thus decide whether life insurance products are usually only by product revenue to determine the rate of.In order to meet the consumers' preference,most insurance agent and bank financial manager in the promotion of life insurance products to customers also tend to investment performance of life insurance products as a selling point,but not from the actual situation of consumers,through the analysis of family risk prevention needs to configure the corresponding life insurance products,so that it is difficult to realize the most basic functions of life insurance products.The above ideas and practices have become the consensus of some financial practitioners and consumers.But in terms of the nature of financial planning business,the above concepts and practices are one-sided,narrow minded and incorrect.This misconception and practice will not only affect the sales of life insurance products,but also affect the development of life insurance industry in the long run.This paper is based on the background of the life insurance application in personal financial planning as the research object,based on the related theories of personal financial planning and insurance as the basis,three in different life cycle of customers based on the case specific analysis of how the financial planning business in the reality of the comprehensive and accurate for different customers the insurance plan and configure the appropriate life insurance products,risk and make full use of life insurance products will be facing customers as much as possible,at the same time,with the customer investment,benefits of financial planning,to meet customers' financial goals.Hope that by exploring the article in the case,can make financial institutions practitioners and consumers can more deeply understand the essence of life insurance products,the insurance sales staff and managers can better grasp of the life insurance planning method,in order to better provide personal financial planning services for all customers,also make life insurance products play a an important role in personal financial planning.