Prospect Not Wanting to Disclose Income

[Lakewood livin]

I will be going on my first appointment later this week, luckily I don't have to drive far, it's my neighbor. While talking to them recently, and letting them know what I am now doing, they expressed an interest in having their situation reviewed. Not to long after that conversation, a family member of theirs died suddenly at an early age which prompted a call to me wanting to get serious about their needs. The wife called me and told me that her husband is very private regarding his income. In fact she said his parents don't even know what he makes. How would you handle this hurdle?

 

[STIBROKER]

do they want to pay in cash...........

 

[DHK]

"Would you say your income is lower than $___k, about $___k or higher than $___k?"

Insert whatever figure you want, just keep it consistent for all 3.

 

[VolAgent]

Do you want life insurance? Great, who is your employer and how much do you make?

 

[sellinmachine]

Even the self-employed have a boss. In this business the client/prospect is the boss. However so much can be determined by surveying life style and the warm-up interview.

 

[cook920]

First, make sure your E&O is up-to-date!

Second, explain the life insurance buying process, so that he knows up front what will be required, then ask him if he wants to proceed.

Thirdly, Explain that companies have limits according to coverage specific to income. "Sir, how much would you say you made last year?" If he doesn't tell you a specific number, write down what he tells you....... and increase your E&O coverage.

Last, explain that not answering specific questions, specifically, can be a red flag and that you want to make the process as smooth as possible. Get his agreement that if the company wants to know more, that he will oblige.

I understand that it is your first appointment, but it's not worth your hard-earned license...........Keep notes and don't answer questions for him.

I hope that helps.......good luck.

oh..........and check your E&O!

 

[moonlightandmargaritas]

The wife called me and told me that her husband is very private regarding his income. In fact she said his parents don't even know what he makes. How would you handle this hurdle?

Hopefully you take some time to set an "up front contract" which sets the parameters for the meeting and sets expectations and responsibilities. Do it EARLY to avoid wasting time. It might sound like this...

"Jim, you'll probably have some questions for me, and I'll do my best to answer them. In order for me to do the correct job for you, I'm going to have to ask you a lot of questions. Some of them you might be a little uncomfortable with...how you feel about money, your income, assets, etc. Naturally anything we talk about will remain confidential between us and any insurance companies we use. Are you going to be alright with that?"

If you don't get agreement, GO NO FURTHER. You don't have a prospect.

 

[hunting101]

Dont most DI carriers require Tax records for self employed and W-2 for regular employee..........

If it was me and the guy doesnt want to disclose the info pack up your stuff and leave and tell u cant help him without documentation.............

 

[GeminiGroup]

If I were you Lakewood, I'd stay clear of "practicing" on close neighbors or any f/f for that matter...cause when you're new and not confident enough for the 'pushback' that ppl close to you will give, bad things can happen.

Many times those close to you, feel they can 'informally' slide stuff past good ole "_________" (neighbor, cousin, in-law, whatever) the bottom line is....... if something goes sour YOU will be the fall guy/gal.


Protect yourself by:
a) passing on working with f/f till you're confident enough to demand it be done properly.
b) give 'friendly' advice and point them towards the phone book...staying uphill from any blow back
___________________________________

IMO stay clear of 'friends' that NEED special 'request' especially when you "don't have to drive far"...that's means neither does he with more 'special issues' when problems occur.

I feel that most times it's better for newbies to 'learn' to the 'business properly' with strangers because, you learn to conduct yourself properly w/o being able to 'cheat' because of your personal relationships.......

Now once your comfortable, knowledgeable and confident....
dealing with f/f still isn't a picnic but at least you KNOW what your doing and you've learned.......
why it's important to use a 'condom' EVERY TIME.

 

[Larry Tew]

I won't waste a single minute on this type of person. That person has to disclose his income if he wants a mortgage, credit card, car loan, etc. I'm with Vol on this. You're asking an insurance company to insure an asset (his income potential) without divulging the "value" of the asset? I have no patience with this type.