Hi all! I'm a 12 year sales veteran, but new to insurance sales. I thought I was a hot shot (always in the top 1 or 2 everywhere I worked) in home improvement sales, but man is this different!
In home improvement sales, I could build need, show value, show solutions and ALWAYS close on price. (I don't mean I closed 100%, but that the close always came down to the money, which I could work with).
With life insurance, I can't use any monetary incentives, so what prevents them from just calling back and siging up when ever they get around to it (a.k.a. never)?
My question(s) is one that may require a long answer.
1. How do you build the need/desire/elicite emotion?I mean,What questions do you ask or what statements do you make?
2. Once you've done that, and you're at the pricing stage, how do you handle these objections:
A: "You're the first one out/I've got two others scheduled for quotes/I want to compare your rates with others"
B: I need to think about it/I'd never make a decision in 1 day, etc. etc.
C: That's too much/I can't afford that/My income just went down/We just bought a house,car, gutters and we're tapped -OR- If I can't afford "X' amount, then I'm just not going to do anything (this one comes when they've requested a quote for a certain amount and I say that if it's too much then they can get "X" amount, that may be more affordable for them.
D: Insert objections I'm forgetting or haven't heard yet.
I'm new here, and have done some searching around (lurking!), but can't seem to find the answers to all of these questions. I PROMISE that if you take the time to teach me that I will use it! I know that knowledge is not power without application, so I will apply the knowledge you folks bestow on me.
THANKS TO ALL OF YOU IN ADVANCE FOR TAKING THE TIME TO ASSIST A POOR, LONELY SOLE REACHING OUT FOR HELP!
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Anyone? Anyone? 21 views and no replies.
Last edited by zmazmzm : 02-05-2009 at 08:05 AM.
Reason: Posts merged
2. Once you've done that, and you're at the pricing stage, how do you handle these objections:
A: "You're the first one out/I've got two others scheduled for quotes/I want to compare your rates with others"
B: I need to think about it/I'd never make a decision in 1 day, etc. etc.
C: That's too much/I can't afford that/My income just went down/We just bought a house,car, gutters and we're tapped -OR- If I can't afford "X' amount, then I'm just not going to do anything (this one comes when they've requested a quote for a certain amount and I say that if it's too much then they can get "X" amount, that may be more affordable for them.
I think one of the things you have to do is establish some agreement as to why you are there before you make your presentation.
I like to explain the process to my prospects up front...almost give them an agenda for the meeting. Then one of the first things I establish is WHY did they have me come out tonight? WHY are they considering buying insurance?
Once I have the answer to that question, I tell them I have some solutions/options that will solve their problem, all they have to do is pick the one that works best for them, and then we will take an application for coverage tonight.
You also have to make them understand it's okay to say no. You took the time to make a presentation, you deserve an answer. I've gotten up and left appointments before making a presentation if I couldn't establish why I was there or that a decision -- yes or no -- would be made right there and then.
Another helpful thing is in your process of setting an appointment, hopefully you are asking some good qualifying questions and one of those is "What is your current monthly premium cost?" (if they are replacing other coverage (like auto, home, health); or "How much can you afford a month?" if you are selling Life insurance.
Example, woman I spoke with yesterday on the phone. I asked her how much she could afford. She said she had no idea. Me: could you afford $100 a month? Her: No. Me: How about 75 dollars a month? Her: That would be tough without me having a job [husband is firefighter and earns $75K]. Me: Okay, how about $50 a month, couldn't you afford 12 dollars a week? Her: Yes I think we could afford that.
So now I am going to show her and her husband three plans. One is the proper amount of coverage they should have, it's more than $50 a month. Option two is a little less coverage and falls right in that $50/month range. The third is a low-ball, $15 a month option for minimum coverage ($150K each) at premier rates, if they qualify. Of course all of this is term
My question(s) is one that may require a long answer.
1. How do you build the need/desire/elicite emotion?I mean,What questions do you ask or what statements do you make?
2. Once you've done that, and you're at the pricing stage, how do you handle these objections:
A: "You're the first one out/I've got two others scheduled for quotes/I want to compare your rates with others"
B: I need to think about it/I'd never make a decision in 1 day, etc. etc.
C: That's too much/I can't afford that/My income just went down/We just bought a house,car, gutters and we're tapped -OR- If I can't afford "X' amount, then I'm just not going to do anything (this one comes when they've requested a quote for a certain amount and I say that if it's too much then they can get "X" amount, that may be more affordable for them.
D: Insert objections I'm forgetting or haven't heard yet.
Question 2A. First I explain to my client the process of purchasing Life Insurance somthing like " Have you purchased Life insurance coverage recently?" obviously not or I probably wouldn't be here. " I want you to know I am an independent broker and have access to over 1500 life insurance companies. The price you pay is set by the insurance companies and is based on your health, age, gender etc. Using my service does not cost you any extra. I will provide you comparative quotes on all the companies to provide you with the coverage you need and at a price you can afford.
2B. I need to think about it " John I can totally agree with you on this it is a decision that is very important to your family. Let me explain the porcess of getting coverage. I would need to ask you a few questions today and then the carrier is going to send out a paramed to get your blood/urine they may request your doctors records etc this process will take a minimum of 4-6 weeks and then they will come back and give us a firm offer on your premium. I do not need any money today you only need to make your final decision once the carrier has approved you, I can not even guarantee you coverage today.
2C. They need x amount of coverage and request 20 or 30 year term but say they can't afford what it costs....I personally believe that I should be covering the need so instead of dropping the coverage amount I would probably say something like "You John Client you mentioned that your family would need (whatever) 400K to be able to stay in your home without your wife having to work to jobs or whatever they told me...Why don't we look at leaving the coverage at 400K and look at decreasing the level term period to 15 years (Quote the price) would that fit in your budget? If not you can then quote 10 year but if it fits in there budget you move on to this. The good thing about the companies I represent is that these policies are both guaranteed renewable to a certain age and explain how the premium would rise after the 15 years and they are also convertable to a permenant policy. So John we can always look at requalifiing for a 20 year policy in a year or so as your budget improves and if you health changes we have the coverage amount you need and have multiple ways of extending the coverage ****note most carriers do pay less commission on 5/10/15 year policies then they do on 20/30 year policies.
Last edited by Norwayguy : 02-05-2009 at 01:40 PM.
We do a lot of selling over the phone so the technique is a little different, but you have to really hone your skills. In our webinar series, we teach the answers to some of your questions.
1. It starts with a quality lead. Then probe as to what they were concerned about when they sent in the response. Then pound on that issue throughout the process.
2. We know the common objections and address them in our intro before they come up. Ask for agreement after the intro then refer to it if the objection comes up again.
Tip: Tell them your job is to provide a solution to their concern at a price that will fit their budget.
------------------------------------
Ed Gentry
Insurance Marketing Systems ed@ndinsmail.com
866-232-3370 www.AgentWorkFromHome.com
Let us show you how to work from home. No Fee
We do a lot of selling over the phone so the technique is a little different, but you have to really hone your skills. In our webinar series, we teach the answers to some of your questions.
1. It starts with a quality lead. Then probe as to what they were concerned about when they sent in the response. Then pound on that issue throughout the process.
2. We know the common objections and address them in our intro before they come up. Ask for agreement after the intro then refer to it if the objection comes up again.
Tip: Tell them your job is to provide a solution to their concern at a price that will fit their budget.
This is starting to sound not too much diff than what i'me used to:1. Create Need: Ask them why/keep bringing it up
2. Get commitment: If I could, would you? 3. Hold them accountable for what they said
Awesome! I geuss sales is sales is sales! Thanks you guys!
This is starting to sound not too much diff than what i'me used to:1. Create Need: Ask them why/keep bringing it up
2. Get commitment: If I could, would you? 3. Hold them accountable for what they said
Awesome! I geuss sales is sales is sales! Thanks you guys!
Because - either they want it or they don't. There are too many people out there that WANT it . . .
Tell the guy - "look Dan - do you want to pay a little each month to provide yourself a little peace of mind when you go to bed each night AND be able to leave your family TAX FREE CASH when you're gone - OR - do you think that it's ok to leave your grieving family with your problem?"
"Now - we have a program that costs a little more each month - but if I can get you approved you will be covered within a few days - OR - we have a program that requires a medical exam and it may take a month or so to get you covered - which is better for you?"
"Either way - if you outlive the policy - you'll get all your premiums paid back to you - it's a no brainer!"
Now - if they become a PITA - either suck it up and deal with it OR move on to the next case.
Remember - In Sales - "Some Will - Some Won't - Next . . ."
Tom
------------------------------------ " If you must Hate - Hate the Game and not the Players "
Do you want your last thought to be of your wife having to crawl into bed with another hairy leg man; and your children calling another man "Daddy." The choice is yours......LOL
Because - either they want it or they don't. There are too many people out there that WANT it . . .
Tell the guy - "look Dan - do you want to pay a little each month to provide yourself a little peace of mind when you go to bed each night AND be able to leave your family TAX FREE CASH when you're gone - OR - do you think that it's ok to leave your grieving family with your problem?"
"Now - we have a program that costs a little more each month - but if I can get you approved you will be covered within a few days - OR - we have a program that requires a medical exam and it may take a month or so to get you covered - which is better for you?"
"Either way - if you outlive the policy - you'll get all your premiums paid back to you - it's a no brainer!"
Now - if they become a PITA - either suck it up and deal with it OR move on to the next case.
Remember - In Sales - "Some Will - Some Won't - Next . . ."
Do you want your last thought to be of your wife having to crawl into bed with another hairy leg man; and your children calling another man "Daddy." The choice is yours......LOL
Goodness grasiosness! Man that sure would be ballsy! LOL!
Last edited by zmazmzm : 02-13-2009 at 09:43 AM.
Reason: Posts merged
I tell them you don't want your family worring about where their going to live or how they will pay their bill on the worst day of their life, ie they have just lost you. And it is the most loving thing you can do for your family not leave this burden on them.
I tell them you don't want your family worring about where their going to live or how they will pay their bill on the worst day of their life, ie they have just lost you. And it is the most loving thing you can do for your family not leave this burden on them.
Well put! That's putting it in a caring way that they can't take the wrong way. I likey!
I think one of the things you have to do is establish some agreement as to why you are there before you make your presentation.
I like to explain the process to my prospects up front...almost give them an agenda for the meeting. Then one of the first things I establish is WHY did they have me come out tonight? WHY are they considering buying insurance?
Once I have the answer to that question, I tell them I have some solutions/options that will solve their problem, all they have to do is pick the one that works best for them, and then we will take an application for coverage tonight.
You also have to make them understand it's okay to say no. You took the time to make a presentation, you deserve an answer. I've gotten up and left appointments before making a presentation if I couldn't establish why I was there or that a decision -- yes or no -- would be made right there and then.
This is the ticket! An excellent advice! I might add - dress meticulously, speak with authority and act as if you just don't give a sh*t.
I think one of the things you have to do is establish some agreement as to why you are there before you make your presentation.
I like to explain the process to my prospects up front...almost give them an agenda for the meeting. Then one of the first things I establish is WHY did they have me come out tonight? WHY are they considering buying insurance?
Once I have the answer to that question, I tell them I have some solutions/options that will solve their problem, all they have to do is pick the one that works best for them, and then we will take an application for coverage tonight.
You also have to make them understand it's okay to say no. You took the time to make a presentation, you deserve an answer. I've gotten up and left appointments before making a presentation if I couldn't establish why I was there or that a decision -- yes or no -- would be made right there and then.
Another helpful thing is in your process of setting an appointment, hopefully you are asking some good qualifying questions and one of those is "What is your current monthly premium cost?" (if they are replacing other coverage (like auto, home, health); or "How much can you afford a month?" if you are selling Life insurance.
Example, woman I spoke with yesterday on the phone. I asked her how much she could afford. She said she had no idea. Me: could you afford $100 a month? Her: No. Me: How about 75 dollars a month? Her: That would be tough without me having a job [husband is firefighter and earns $75K]. Me: Okay, how about $50 a month, couldn't you afford 12 dollars a week? Her: Yes I think we could afford that.
So now I am going to show her and her husband three plans. One is the proper amount of coverage they should have, it's more than $50 a month. Option two is a little less coverage and falls right in that $50/month range. The third is a low-ball, $15 a month option for minimum coverage ($150K each) at premier rates, if they qualify. Of course all of this is term
Hope this helps.
I completely agree with the establishing a need part of your statement. If you can't establish a need; you;re usually dead in the water.
We all know there is a need for burial but that isn't what drives most people to buy a policy unless you are dealing with final expense.
Term life requires a need. Some type of life changing event that pushed them to look for the insurance in the first place.
I come right out and ask them why they wanted me to come and visit them (or call them as of late. I have been doing phone sales for some months now).
The one single thing that has driven my sales upward more than anything else is telling the customer from the get go that I am NOT there to sell them anything. My job is to present them with options to fulfill their needs and that just as they need to think about the insurance they wish to purchase; the insurance company needs to think about them, too. I tell them that they are not automatically approved with any company, regardless of their health or life situation. There is always an underwriting process. It's best to get that process started and have some type of coverage.
Nobody likes to think that they don't qualify for something and this is one way to really touch the emotional part of the sale.
After that is out of the way it is time to listen to them talk about why they feel they need insurance. I take notes and then as I go through my presentation; I reiterate every point they brought up while we were identifying their needs.
I paint a picture for them with their own words. It's hard for someone to argue with their own opinion.
I completely expect objections and I feel unsettled if I don't get any.
The worst type of sale is the sale that doesn't generate any objections or questions. They usually end up being a dud appointment or a charge back, in my experience.
As far as competing with other agents...
People don't buy for two reasons, either they don't like the price or they don't like the salesperson.
I flat out ask them which one it is. It works. If they don't like you then you can save yourself a hella lot of stress by leaving with dignity. Even if you close the sale eventually; if the customer doesn't like you; they won't be loyal to you.
I could probably write about this for days but alas, I have to go work now, lol.
Good luck!
I came from a different sales background, too. You can do this! If you can sell, you can sell. Don't be intimidated, just become educated
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Louise Jackson-Marquez
Jackson Financial
direct: 214-927-6546
I should be able to close more now with this great new information. Thanks all! BTW, if anyone else has anything else, please keep it coming. I think this is a great thread so please don't let it die!
Term Life Sales 101?
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