What Am I Doing Wrong ?
- Thread starter ckeifer
- Start date
- 1,926
Re: What am i doing wrong????
"Have you insured your largest asset against its loss?" Your largest asset is your ability to earn, what happens if you can't work?
"Have you insured your largest asset against its loss?" Your largest asset is your ability to earn, what happens if you can't work?
- Thread starter
- #3
Re: What am i doing wrong????
Find out what coverage they have and explain why what you are offering is better. Most people with group DI have no clue how bad the benefits are.
Find out what coverage they have and explain why what you are offering is better. Most people with group DI have no clue how bad the benefits are.
- 4,689
People that already have coverage are your best prospects as they already believe in the product you are selling.
As dgoldenz stated, it's on you to show them why your product is superior.
As dgoldenz stated, it's on you to show them why your product is superior.
If they have true group DI they likely can't just opt out to buy yours. Even if they could, the difference in cost will be a hard sell regardless of the difference in product.
They may have short-term to 26 weeks or may have 60% long term beyond that. You may be able to add another 10% unless they're higher paid, and then 60% is going to be close to the max anyway.
Another possibility is that if a piece of their compensation is in commission or bonus, their group DI usually doesn't cover that portion of their income.
So, if your prospect's income is 80% salary and 20% bonus, their long-term coverage is 60% of 80% of their income. This means they aren't covered at 60% but 48%. You have a margin to work with.
Another possible margin is that their group only covers earned income but your non-can will consider the value of benefits and retirement plan contributions that would stop in the event of disability.
Now, for the prospects that are buying voluntary DI like Aflac, there will be a huge difference in the quality of benefits and if you can justify to them the difference in cost, they could be a great prospect assuming they aren't so blue-collar that you can't write them with a good non-can.
They may have short-term to 26 weeks or may have 60% long term beyond that. You may be able to add another 10% unless they're higher paid, and then 60% is going to be close to the max anyway.
Another possibility is that if a piece of their compensation is in commission or bonus, their group DI usually doesn't cover that portion of their income.
So, if your prospect's income is 80% salary and 20% bonus, their long-term coverage is 60% of 80% of their income. This means they aren't covered at 60% but 48%. You have a margin to work with.
Another possible margin is that their group only covers earned income but your non-can will consider the value of benefits and retirement plan contributions that would stop in the event of disability.
Now, for the prospects that are buying voluntary DI like Aflac, there will be a huge difference in the quality of benefits and if you can justify to them the difference in cost, they could be a great prospect assuming they aren't so blue-collar that you can't write them with a good non-can.
- 1,908
That's because you may not have been properly trained in Disability. It is more than just an individual protection against loss of income. There is BOE for the business owner, which they should pursue so that their business expenses aren't taken from their PERSONAL savings. There is also BDO, for if they do go out on DI, it helps the partners in buying them out.
Maybe you should mention BDO and move backwards from that.
- Thread starter
- #8
Thank you all for the feedback so far. I have changed my approach and it has kept me in the door longer. It seems now what I am being asked aside from DI is a revamp of their health policy. I have no issue doing this at all. It seems that I run into the duck a lot (AFLAC) from what I can tell the DI side is like going to the Kentucky derby and watching that horse burst out of the gate. It is strong for the first few strides and then dies off.
I had a friend ask me the other day what I would consider TOTAL insurance coverage.
I mentioned UL for burial, WL for building cash value, DI for that just in case,CI for aging... Did I say to much?
Maybe instead of giving out FREE education I need to just set an appointment with them and go over it all in a whole.
I had a friend ask me the other day what I would consider TOTAL insurance coverage.
I mentioned UL for burial, WL for building cash value, DI for that just in case,CI for aging... Did I say to much?
Maybe instead of giving out FREE education I need to just set an appointment with them and go over it all in a whole.
- Thread starter
- #9
- 10,328
Maybe instead of giving out FREE education I need to just set an appointment with them and go over it all in a whole.
Ding ding ding ding!!!!
Tell them a tiny bit, and then say "lets sit down on ..... day and I can tell you about it a bit more in detail"
It sounds like you are prospecting business owners... is that correct?
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