Problems Closing Term Life

[HomeInsureNY]

Need advice as to why I am not closing.

The past two weeks I've been pitching hard, but not closing. I am cold calling between 4pm and 9pm daily and re-pitching leads 12pm -1pm. I am selling term life, no medical exam. Currently with an MGA, so I have access to instant quotes from companies such as Mutual of Omaha, Prudential, US life etc.

I've been selling PC for 2 years and mortgages before that, so I have the sales experience.

I called cold countless people (lead sources range from online leads, new property sales, and any human with a pulse in the five boroughs).

For example, this week I quoted 16 of which 2 scheduled appointments. One of the appointments never answered the phone to confirm and the other one is scheduled for next week, so who knows.

Is this normal for term life? Should I refuse to give a quote over the phone and ask for the appointment instead? I must have pitched hundreds of people with only 16 to quote and not close.

 

[WinoBlues]

Need advice as to why I am not closing.

The past two weeks I've been pitching hard, but not closing. I am cold calling between 4pm and 9pm daily and re-pitching leads 12pm -1pm. I am selling term life, no medical exam. Currently with an MGA, so I have access to instant quotes from companies such as Mutual of Omaha, Prudential, US life etc.

I've been selling PC for 2 years and mortgages before that, so I have the sales experience.

I called cold countless people (lead sources range from online leads, new property sales, and any human with a pulse in the five boroughs).

For example, this week I quoted 16 of which 2 scheduled appointments. One of the appointments never answered the phone to confirm and the other one is scheduled for next week, so who knows.

Is this normal for term life? Should I refuse to give a quote over the phone and ask for the appointment instead? I must have pitched hundreds of people with only 16 to quote and not close.

If you are going to quote it over the phone close it over the phone. Also have non med options ready. Easier said than done I know. Are you losing them when you go for the appointment? There are a lot of people that want the insurance but do not want to deal with the hassle. Just my 2 cents.

 

[DHK]

You're pitching product, not solving problems. That's why you're not closing business.

Stop pitching product and start looking for the truth with each prospect.

Why are they interested in term life insurance?
What would having this insurance in place mean to them?
How long do they want their insurance to last?

Until you get to know them... you won't be able to help them SOLVE and BUY for their reasons... not just on your price.

Getting Someone to Like You In 3 Minutes - Red Zone Marketing

 

[HomeInsureNY]

If you are going to quote it over the phone close it over the phone. Also have non med options ready. Easier said than done I know. Are you losing them when you go for the appointment? There are a lot of people that want the insurance but do not want to deal with the hassle. Just my 2 cents.

Interesting. Thanks for the advice. Yes, I am losing them once I go in for the appointment. They usually say well I need to look into this, or I need to talk to my spouse, or I will think about it. I rebuttal all of that but once the quote was given they are out the door.

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You're pitching product, not solving problems. That's why you're not closing business.

Stop pitching product and start looking for the truth with each prospect.

Why are they interested in term life insurance?
What would having this insurance in place mean to them?
How long do they want their insurance to last?

Until you get to know them... you won't be able to help them SOLVE and BUY for their reasons... not just on your price.

You might be on to something, perhaps I am not building enough of a rapport. I should qualify them more. I used to know a mortgage broker that insisted on qualifying the prospect with questions and building rapport. Then he would tell them he would call back with a quote. He would call back 10 minutes later, although he could do it right away he built up the suspense. What do you think of that for term?

 

[pcbinsurance]

Calling back is another reason for them not to pick up the phone. This isn't a murder mystery tv show. You will not "build suspense" this way.

One call close to interested parties = sales. I would say your problem is that these "leads" you speak of aren't strong at all. You need fresh, warm leads or buy aged leads that are 6 months old. Chances are they never bought initially and perhaps you can rekindle the interest.

 

[WinoBlues]

Interesting. Thanks for the advice. Yes, I am losing them once I go in for the appointment. They usually say well I need to look into this, or I need to talk to my spouse, or I will think about it. I rebuttal all of that but once the quote was given they are out the door.

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You might be on to something, perhaps I am not building enough of a rapport. I should qualify them more. I used to know a mortgage broker that insisted on qualifying the prospect with questions and building rapport. Then he would tell them he would call back with a quote. He would call back 10 minutes later, although he could do it right away he built up the suspense. What do you think of that for term?

Sometimes you have to make them clients first with term before you try to convince them they need something else. Remember, you are just some phone salesman that just called them.

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Interesting. Thanks for the advice. Yes, I am losing them once I go in for the appointment. They usually say well I need to look into this, or I need to talk to my spouse, or I will think about it. I rebuttal all of that but once the quote was given they are out the door.

----------



You might be on to something, perhaps I am not building enough of a rapport. I should qualify them more. I used to know a mortgage broker that insisted on qualifying the prospect with questions and building rapport. Then he would tell them he would call back with a quote. He would call back 10 minutes later, although he could do it right away he built up the suspense. What do you think of that for term?

Sometimes you have to make them clients first with term before you try to convince them they need something else. Personally I suck at being a salesman. Remember, you are just some phone salesman that just called them.

 

[Tahoe Ray]

Need advice as to why I am not closing.

The past two weeks I've been pitching hard, but not closing. I am cold calling between 4pm and 9pm daily and re-pitching leads 12pm -1pm. I am selling term life, no medical exam. Currently with an MGA, so I have access to instant quotes from companies such as Mutual of Omaha, Prudential, US life etc.

I've been selling PC for 2 years and mortgages before that, so I have the sales experience.

I called cold countless people (lead sources range from online leads, new property sales, and any human with a pulse in the five boroughs).

For example, this week I quoted 16 of which 2 scheduled appointments. One of the appointments never answered the phone to confirm and the other one is scheduled for next week, so who knows.

Is this normal for term life? Should I refuse to give a quote over the phone and ask for the appointment instead? I must have pitched hundreds of people with only 16 to quote and not close.

If you're calling NYC what carriers are you offering besides what you posted? MoO express is crazy expensive and Pru and US Life don't have non med to my knowledge...guessing ANICO and Minnesota life?

Principal will do up to 1m if they're preferred. I would definitely consider looking into them.

I would guess that you're not offering enough coverage to be meaningful. 250k doesn't go very far where you're prospecting.

 

[HomeInsureNY]

If you're calling NYC what carriers are you offering besides what you posted? MoO express is crazy expensive and Pru and US Life don't have non med to my knowledge...guessing ANICO and Minnesota life?

Principal will do up to 1m if they're preferred. I would definitely consider looking into them.

I would guess that you're not offering enough coverage to be meaningful. 250k doesn't go very far where you're prospecting.

Principal, Banner William Penn, Ameritas, TransAmerica, Anico.

I try to go with Principal for most of the quotes because they have the quickest and one of the only simplified issues in NY. I mention no medical when I give them the Principal quote to help them decide on the carrier to choose and Principal is usually the first quote I mention. I assume a paramed won't be an issue if I don't focus on the non med part and just say its available.

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Calling back is another reason for them not to pick up the phone. This isn't a murder mystery tv show. You will not "build suspense" this way.

One call close to interested parties = sales. I would say your problem is that these "leads" you speak of aren't strong at all. You need fresh, warm leads or buy aged leads that are 6 months old. Chances are they never bought initially and perhaps you can rekindle the interest.

I am suspicious of my lead quality also. Do you say that because I should've closed based not the info I provided?

I will try this "suspense strategy" tomorrow and see how it works. I will try it for a few hours and feel it out. I will keep you posted.

 

[pcbinsurance]

"I will try this "suspense strategy" tomorrow and see how it works. I will try it for a few hours and feel it out. I will keep you posted. "
****************
The suspense is killing me!

 

[Tahoe Ray]

Principal, Banner William Penn, Ameritas, TransAmerica, Anico.

I try to go with Principal for most of the quotes because they have the quickest and one of the only simplified issues in NY. I mention no medical when I give them the Principal quote to help them decide on the carrier to choose and Principal is usually the first quote I mention. I assume a paramed won't be an issue if I don't focus on the non med part and just say its available.

Good carriers for NY and what you're doing. I would just follow Wino's advice. Close over the phone...if you get them on the phone and they want a quote (16 of them by your admission), why not move forward immediately?