How to Close a Tight Wad?

[jdeasy]

Are you suggesting I throw on my cape and live up to my name?

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dont know where you got the idea that HE suggest a hybrid? I did. For the reasoning that it offered the total coverage he wanted, with a premium within his ballpark. Which is not his ballpark obviously as he would've bought already

My mentor as NYL once said to me if life insurance were free, everybody would want it. But when a buyer has to part with their hard earned money, it's my job to show the value. Either I failed, or he - like a few have said - was not truly interested. In life insurance, anyhow.

Where did get it? From you, you posted, "He asked about WL".

Of course if life insurance were free we wouldn't have to sell it. Did your desk jockey at NYL also mention that water is wet?

The guy either wants the insurance or he doesn't. If he wants it he will figure how to pay for it.

Seems he doesn't want it. I would move on to an interested person.

 

[rousemark]

There has long been a term for this type of prospect... China Egg... They look good in your prospect nest... give you a feeling of accomplishment.. but they ain't never gonna hatch.

 

[goillini52]

You already know what he wants Super Woman, and it ain't insurance.


Time to move on and stop wasting time on this dog.

 

[VolAgent]

Even the very best can not close 100% of the time for the 2nd appointment. We can get to 90 to 95% at best. There are sometimes people dont buy for whatever reasons. If you are getting this type of objection all the time then it is most likely with you. If you are getting this type of objection once a year, you have to learn to let it go. You are more likely to get these at the beginning of your career, if you later just work with referals, you wont run into them as much.

Boiler Room movie has a quote. A sale is made every phone call, either you sell the prospect the junk stock, or they sell you why they don't need/want your junk stuff you are selling. Either way, a sale is made each time. So in this case, despite his medical situation, he has so far sold you, he does not need/value life insurance.

Since you are new, it is harder to pull a medical close for a permanent insurance sale than a term sale. At the beginning, try the medical close on term sales only. Once you have at least 10 term medical closes, you will develop your style and it will get easier.

I absolutely hate that quote. Just because they gave me excuses not to buy doesn't mean for a second I bought their excuses. It implies that if I didn't believe them, there would be a sale. Which simply is not true.

Oh sure, you can sit there and battle and battle trying to overcome excuses. But this is the thing about insurance, they need to pay for it for the next twelve months otherwise I really didn't get paid. It isn't a car where once they sign the loan paperwork, its theirs. Knowing that, I quickly move on from the person who has excuse after excuse. They are a waste of my time.

 

[SuperWoman]

This man is a new friend, so we will stay in touch. After reading everyone's input I do believe what several of you have said - he just used it as a way of pursuing me. All's fair in love and insurance

Last night he sent me an invitation to his annual superbowl party. I will attend, meet people and enjoy beer and burrito's. Never know, I may meet a prospect.

 

[DHK]

You never know!



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I absolutely hate that quote. Just because they gave me excuses not to buy doesn't mean for a second I bought their excuses. It implies that if I didn't believe them, there would be a sale. Which simply is not true.

Oh sure, you can sit there and battle and battle trying to overcome excuses. But this is the thing about insurance, they need to pay for it for the next twelve months otherwise I really didn't get paid. It isn't a car where once they sign the loan paperwork, its theirs. Knowing that, I quickly move on from the person who has excuse after excuse. They are a waste of my time.

Agreed! If they don't want to buy more than I need the sale... then it's a waste of time and energy. You end up 'wrestling' or 'jousting' with the prospect. Sure, I could do it... but why bother? You'll fight to get the deal signed, then you'll fight to get it underwritten, then you'll fight to keep it on the books. I don't like babysitting, so I don't do it.

You have a choice: motivate people to do what you want them to do, or find motivated people who want what you offer.

I'd rather work with motivated people.

 

[LostDollar]

So for conversation openers you should be prepared with how much life insurance a professional football player carries. And then when they are suffering from "sticker shock", you can come in with Well you probably don't need that much yourself. When's a good time for me to meet with you to discuss what you do need?

Or if professional football teams carry life insurance on the cheerleaders that ought to catch someone's attention as an odd factoid.

You have a free seminar opportunity that someone else is paying for!

 

[VolAgent]

So for conversation openers you should be prepared with how much life insurance a professional football player carries. And then when they are suffering from "sticker shock", you can come in with Well you probably don't need that much yourself. When's a good time for me to meet with you to discuss what you do need?

Or if professional football teams carry life insurance on the cheerleaders that ought to catch someone's attention as an odd factoid.

You have a free seminar opportunity that someone else is paying for!

That is a great way to never be invited back again. If they ask, tell them you do life insurance. If they want to ask more, answer at a high level and invite them to speak at a more appropriate time. Chasing business at a personal, social function is a great way NOT to write business.

 

[LostDollar]

I'll have to file that away for reference.

I don't have any friends or social life, so that's unknown territory for me.

 

[SuperWoman]

I've been in the business for two years now and in that time I've never had anyone who wanted to talk serious at a social gathering. I wouldn't do it because there's too much to ask and answer and it's just not professional.

Oh, and I was definitely taught to move on when there is no motivation.