Sense of Urgency

[pcbinsurance]

For all you emotion-based salesmen:

Ask, "If you died last night, what would you want me, (an insurance agent), to say to your family today"?

Ask, "How do you want to be remembered"?

Ask, "Should I send flowers to your funeral or a check for $$$"?

If I feel really froggy, I'll say, "Husbands sometimes don't believe in life insurance but widows always do"

I'm sure most have heard these or variations of these and sometimes they work and sometimes they don't. I won't use these if I have no rapport or if they can't answer the most important question of all:

"WHO DO YOU WANT TO BE THE BENEFICIARY OF YOUR POLICY"?

 

[Bob_The_Insurance_Guy]

Newby's is gold.

I tell a story. The obit thing is great though.

 

[insuranceconceptscindy]

I am a huge fan of The Life Foundation's Life Happens stories. Show them a 5 minute video of what happens to real people that bought insurance (or what happens to kids when they didn't get a policy). Of course, we are all going to live forever and be invincible, but what happens when you're not? The video's and stories will punch them in the heart and make them think hard about waiting.
Oh yeah, it's Life Insurance Awareness Month- send the stories to your "I'll think about it" prospects. Lifehappens.org has everything you need.

 

[Cash]

I want the people telling me they need life insurance. If they tell me they need life insurance then ok lets do it. If they don't then ok see ya.

If the "logical" people have to think about it then oh well.... see ya!

 

[DHK]

First, there are primarily two reasons to buy and own life insurance:

1) You love someone

2) You owe someone (including the IRS &/or business agreements)

If you don't love anyone, or owe anyone... you don't need life insurance.

Second, the biggest objection we have in selling our product... is in the price/value equation and understanding. Remember that the perception is that the person paying for life insurance won't benefit from it while they are alive.

If life insurance was FREE... how much would you want?

Did you know there's a maximum amount of life insurance that companies will issue on your life? It's generally based on a multiple of your income and your age.

If you could have that amount of insurance for free... would you take it?

What would that mean for your family? What else?

We both know that life insurance is NOT free. There's always a cost with it.

The question becomes: "Is this a good deal?" Remember that as human beings, we have to make decisions that make sense, and make us feel good. We want to be BETTER off for buying... than not buying.

A possible solution:

Let's suppose that we get a 20-year term policy and you pay $1,200 per year for 20 years... and you DON'T die. Do you think it's fair that the insurance company gets to keep that $24,000? "No!"

Would it be better if we had a program where you get all your money back at the end of the term if you don't die... and it pays out if you do? "Yes!"

Solution: ROP Term

For permanent products, there are many various strategies that you can incorporate in your presentation. Just show how the policy owner can really benefit from the other features in the policy.

 

[scagnt83]

Stories are the best way to create urgency. But at the end of the day you cant create urgency with a prospect who does not see value in life insurance.

The biggest mistake both new and old agents make is to waste time trying to convince people who dont care that they need life insurance.

Obviously there are people that do know they need it and just procrastinate. But as an agent you must be able to realize when you are just wasting your breath.


But real life stories are the best way to create urgency. Stay in business long enough and you will have plenty of them.

I will give you 3 of mine:

1. A good friend of mine decided to wait until after christmas to do a life & di policy... the first week of January he had a seizure and found out he had brain cancer... he had been talking about getting the policies for over 6 months at that point. Being a friend, a did not want to push him too much to pull the trigger...

2. Just last week I had a client pass away. He was a partner in a business that had taken out some key man/retention policies on a few employees. Earlier this year we met about putting large life policies on the owners for retirement purposes.... they decided to wait until end of year.... it would have been around a 1.5 million dollar WL that his family missed out on ....

3. I just spoke to an annuity client today who has been on the fence about moving some old 401k funds to something more conservative. He was basically ready to pull the trigger 2 months ago but decided to wait until the fall because his personal life was real busy over the summer. The product he wanted had no spread back in July.... a week ago the carrier brought back the spread... so now he misses out on .65% per year in gains because he decided to wait (not life insurance, but just showing that it happens in all lines of business)



On a lighter note; I knew a manager who went with a younger agent to a meeting one night with a couple. The husband decided to "wait a bit so he could think about it". So the agent walked over the the light switch, turned it off, and said "thats what you just did to your wife and kids if you die" .... the husband told them to F off and get out ... lol

 

[jburgmann]

As I see it, there is a line that must be watched. You need to educate them and give them the facts of the situation first. When the facts are related to their personal situation it can get emotional.

That being said, when it gets theatrical or over the top with the analogies and stories I feel you have drifted into a realm of pressure sales that I am not comfortable with.

An educated customer will generally make the right choice as long as your proposal is truly better for them and you have kept their interests above yours.


On a side note for the lover's of the emotional stories. After my father passed, the agent that had sold one of his policies contacted us for a meeting. She wanted us to take the proceeds and roll it into a product that we did not feel comfortable with. I remember her using the line "It is what Dad would have wanted." As if it was her father also. We did not go with the policy. It is interesting to note that this same agent was eventually charged with fraud and sent to prison. I am NOT saying that all agents who use language like this are fraudulent. I am just saying it can be a slippery slope if you are not careful.

 

[WinoBlues]

As I see it, there is a line that must be watched. You need to educate them and give them the facts of the situation first. When the facts are related to their personal situation it can get emotional.

That being said, when it gets theatrical or over the top with the analogies and stories I feel you have drifted into a realm of pressure sales that I am not comfortable with.

An educated customer will generally make the right choice as long as your proposal is truly better for them and you have kept their interests above yours.


On a side note for the lover's of the emotional stories. After my father passed, the agent that had sold one of his policies contacted us for a meeting. She wanted us to take the proceeds and roll it into a product that we did not feel comfortable with. I remember her using the line "It is what Dad would have wanted." As if it was her father also. We did not go with the policy. It is interesting to note that this same agent was eventually charged with fraud and sent to prison. I am NOT saying that all agents who use language like this are fraudulent. I am just saying it can be a slippery slope if you are not careful.

Good first post.

Lee


.........

 

[Norwayguy]

How does a new agent create that sense of urgency with their clients? I have a new agent working under me that has had tons of clients say they want life insurance, they know they need life insurance but just cant get over that hump and sell the life insurance. Everyone says they know they need life insurance, just not right now. Which is great because he will have clients in the future, but not helping him now.

Any ideas???

This time of year makes it easier...I point to all those who were healthy in the twin towers. None of them expected to not make it home. Mr. Client if you did not make it home tonight who would need money.

 

[DiegoInsGuy]

Great post DHK..I don't sell ROP but that reasoning is brilliant..Can be used with Permanent Cash Value policies as well.