Clients Pulling Out There Calculators

[Speck]

Smart move. But aren't the ages and underwriting way more restrictive than FE?

MUCH more, LOL. Try doing a COPD case or insulin-dependent diabetes with one of those no-exam term policies!

 

[goillini52]

I actually had one ask me just that scenario a few days ago. Said he would end up putting more money than the policy would pay out. I figured it out for him and told him he would have to live longer than 8 years for that to happen. He said he would probably just go to the funeral home and do the $2,600 cremation package they offered him. I then showed him a couple of single premium policies offered by Settlers where he would only pay $1,800 or so for a $2,600 benefit. His wife was even better, only needing to pay $1,300 or so for a $2,600 benefit. Of course he wanted to think about it so I left him my card and headed to the next appointment. Don't let these senior financial geniuses who've waited until the grim reaper is on the doorstep to take care of their business shame you. By offering them a single pay premium, they're guaranteeing themselves to never pay as much as the payout.

Good answer. If they can't pay cash for it, then they can make payments on it. If you make payments, you have to pay a higher price for it...just like everything else.

 

[HoosierLife]

FE agents have this happen once a month or two...maybe. If this happens to you all the time, Newby is probably right, your income filters are too high.

 

[SPUR CITY]

When you have this kind of an objection the 10-pay just makes the point where they pay more than the face amount happen sooner. That works against us. In pre-need sales where all policies are 10-pay or less, this objection is very common. Because there is a definite length of time they pay the premium so most people with any sense will calculate the total of payments. One of the most attractive things about FE compared to preneed is the payments are spread over your lifetime which makes them lower PLUS people don't know how long they will live so they don't know how many payments they will make. Since it's more abstract, they usually don't pull the calculator out.

NEWBY, let us dissect my statement with a real-life example.


Lets take your favorite carrier SETTLERS for this example:


Male age 50 N/S for 10K (lets do a 10 pay)


Premium would be $47/month for a 10 pay

$47 x 12 months = $564 per year

$564 x 10 years = $5,640 paid in after 10 years

Client would ONLY pay about HALF with my suggestion.

 

[Gooner]

NEWBY, let us dissect my statement with a real-life example.

Lets take your favorite carrier SETTLERS for this example:

Male age 50 N/S for 10K (lets do a 10 pay)

Premium would be $47/month for a 10 pay

$47 x 12 months = $564 per year

$564 x 10 years = $5,640 paid in after 10 years

Client would ONLY pay about HALF with my suggestion.

bump the age to 70 and see what you get...spoiler alert....you're both right

 

[Newby]

NEWBY, let us dissect my statement with a real-life example. Lets take your favorite carrier SETTLERS for this example: Male age 50 N/S for 10K (lets do a 10 pay) Premium would be $47/month for a 10 pay $47 x 12 months = $564 per year $564 x 10 years = $5,640 paid in after 10 years Client would ONLY pay about HALF with my suggestion.

Yes, I agree that if we get that objection on young non smokers that are healthy enough for Settlers gold. It's a small window of opportunity but you're right.

 

[jdeasy]

I'm into my 13th year of selling life insurance and I've had that happen maybe twice.

Someone getting that a lot is probably thinking like that and projecting it.

 

[Agentguy5]

Hi,

Whenever I go to sell a FE policy the client takes the premium and calculates how long it will take paid premiums to match the face amount.

This tells me that you are working in a very difficult area and need to get out of there.

I would highly suggest you work with someone that can help you find an easier Demographic to sell to.

On the rare occasion that they pull that **** on me, I gently put my hand on the calculator and say "when are you going to die?". When they come up with an excuse, I say "in other words, you are making up excuses to get rid of me!

I then Point out that they just met me, I put the blame on me, and then let them know that I know they love their family and are not interested in leaving them "stuck" with having to deal with the mess they are going to leave them.

They simply don't trust me!

Then it's time to build rappor!

 

[theinsuranceman]

MUCH more, LOL. Try doing a COPD case or insulin-dependent diabetes with one of those no-exam term policies!

COPD is a knock out question.
Insulin dependent is no problem.

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Smart move. But aren't the ages and underwriting way more restrictive than FE?

Available for ages 20-65, face amount $10k-$50k, MIB only if face amt. over $20k.

Has a ht/wt chart, can be no tobacco use last 12 months, look back period for things such as heart, cancer, etc. is 5 years.

Someone with insulin, HBP, and high cholesterol could get one of these plans. Very popular with prospects in their 50's who seem to think w/l is too expensive.

Most people in their 50's usually always qualify for one of these plans.

If you think this would benefit your group call me.

 

[hockeyday]

Hi,

Whenever I go to sell a FE policy the client takes the premium and calculates how long it will take paid premiums to match the face amount. They then realize that if they live any longer they will be paying more into the policy than they would be receiving out.

This has been my biggest challenge with selling FE. The clients response after figuring out the math is oh im gonna live longer than that, this is not a good deal, etc. It just becomes a very hard sale, and never turns into one for me. How do you all deal with this? Helpful advice appreciated.

What was their "why" why were you there, ? If they pulled that one out I would ask how that was going so far and pack up!