Insurance Agent Forum

[Markingriffin]

Do you ever end up with a client that you just know that you not going to close the sale on?

I had this client named Mike T. and I had spent about an hour on him already. We had figured out that his family would need $350,000 if he didn’t come home tomorrow. He had agreed with this amount. I came up with a good price, which I can’t remember; I think it was about $140.00 a month.

He told me that he knew he needed $350,000 worth of coverage, but he just could not afford it right now.

This guy was not a poor client; he had a brand new bass boat in his front yard and lived in a really nice home. So I thought he just rather spend his money on other things and thought he would just wait until later to buy the insurance that he knew that he needed.

Now I’m going to tell you how I closed the sale.

Whenever you know that you are not going to make the sale it is okay to make the client mad. What do you have to lose at this point? Sometimes by making him mad you can the truth out of him and then overcome his objections.

I thought about attacking him on the fact that I thought he could afford the insurance or asking him if he really loved his family. But I didn’t do this with this client. I remember a trick that my father had taught me.

I told Mike that I wanted to talk about some facts.

Mike the fact is that in 5 mins I’m leaving this house. The fact is that you need $350,000 worth of insurance coverage today and you have agreed to this already. The fact is that it cost $140.00 a month for this coverage.

I’m want to help you make the wisest decision today.

I took a sheet of paper. On one side of the sheet I wrote $350,000 and on the other side I wrote $140.00. I tore the paper in half in front of him.

In 5 mins the fact is that I’m leaving with one of these two sheets of paper. I’m either walking out the door with $350,000 and leaving you with your $140.00 or I’m walking out the door with your $140.00 and leaving you with the $350,000 worth of coverage. These are the facts.

Which is the wisest decision that you could make today? I know you love your family and want to make sure they are protected today in case something ever happens to you. Mike I know $140.00 is a lot of money, but don’t you think your family is worth it and you will sleep better tonight knowing that your family is fully protected.

He went and got his check book and wrote me the check.
Mike you made the wisest decision today, and I thank you.

I got two more referrals from Mike and I left with his check in my pocket and one hell of a sales story to tell.

I have used this a couple of times on clients. Most of the time it works on them.

Mark Rosenthal
markcrosenthal@aol.com
www.realfastservice.com

[Charpress]

I like that.

I am seeing someone next week for a second appointment and I agree that you have nothing to lose in risking making someone mad if the sale is not going to happen anyway.

I will try the torn sheet close on him. Thanks.

[robliano]

Great variation on the take away close, and you can't lose a sale you weren't getting right?

[CHUMPS FROM OXFORD]

"Whenever you know that you are not going to make the sale it is okay to make the client mad."

Interesting.

[Charpress]

Originally Posted by CHUMPS FROM OXFORD

"Whenever you know that you are not going to make the sale it is okay to make the client mad."

Interesting.

"Mad" isn't really the right word and I don't think it was exactly intended.

Anyway, is the client's family better off with the insurance or not? If it takes rocking his boat to make him see the light, then so be it.

[healthagent]

There's a misconception that if you put some pressure on people you're "hard closing" and the deal won't stick.

I was sold life before I became an agent and trust me, just an hour before the agent came over I knew I wasn't gonna buy anything. I simply didn't see the need.

The agent was great - did an analysis by turning to me and saying "you died yesterday" then turned to my wife and said "ok, explain to me what you'd do."

I tried to say something and the agent laughed and stopped me: "Hey, you're dead - you can't talk."

I played along...very interesting in what my wife had to say. She was clueless as to how she'd pay the bills and trust me, he went over all the bills.

After the conversation the agent had with my wife I was a buyer.

[Charpress]

Another good close technique.

I think some wives might (deep down) sort of like thinking about hubby being dead and what they would do. The insurance proceeds make the possibilities all the better.

[ALG]

Mark,

I have enjoyed reading all of your post. You are always willing to share in detail your experience in this Industry. Post like this keep me returning daily to this Forum.

Thank You
Al

[new insurance girl]

Wow! Awesome post & replies. Good info for a newbie!

[fostever]

$350,000 face for $140/ month. Nice job. Was he 50 years old? Sounds like a non-med product which will issue fast. When you see a nice house and toys this may mean he's up to his ears in debt and the balloon payment maybe coming. I see poor people with lot's of expensive toys, but that doesn't make them financially sound. Fanny Mae and Freddie Mac had made a lot of folks feel all warm and fuzzy for a while. Hopefully the client wasn't 30 and healthy where he could have gotten $500,000 in coverage on a 20 year term for $20-$30 per month. You'll have to hope he has no insurance agent friends.

[moonlightandmargaritas]

Originally Posted by fostever

Hopefully the client wasn't 30 and healthy where he could have gotten $500,000 in coverage on a 20 year term for $20-$30 per month. You'll have to hope he has no insurance agent friends.

Yeah, but even though you're doing the right thing for the client, wouldn't the commission be lower?

[fostever]

Originally Posted by moonlightandmargaritas

Yeah, but even though you're doing the right thing for the client, wouldn't the commission be lower?

yes, and you don't have to worry about the para med holding up the underwriting process and you can get paid fast and hope that the next agent doesn't show them coverage that will not just pay off the house but actually protect the family for years down the road. Why not show them a policy that covers 1,500,000 for $140/ month and actually give them their money's worth. Then you get paid the same or better commission and actually do what you claim, "Protect Families." Then when they realize you actually did the right thing for them you become highly respected in the community getting natural referrals and cross selling opportunities.

[GreenSky]

Before anyone is critcal of the cost, do you have any idea of age or underwriting? What if the guy was a 45 yr. old smoker at standard rates? That's higher than $135 a month.

Are you concerned that the price might be high, or that Mark actually used a close you didn't think of to protect this guy's family?

Banner Life. 40 yr old smoker. Standard rates. $134.79 mo.
Cincinnati Life, same info. $124.26

My guess (knowing Mark) is that if the guy was 30 yrs. old and preferred plus, the price wouldn't have been $135!

Rick

[robliano]

This is the best life insurance sales tip I heard in a long time, by far!!

Originally Posted by healthagent

The agent was great - did an analysis by turning to me and saying "you died yesterday" then turned to my wife and said "ok, explain to me what you'd do."

[GreenSky]

Originally Posted by robliano

This is the best life insurance sales tip I heard in a long time, by far!!

If you integrate it into your training, you need to send John a cut of the fee you charge.

Rick

[Markingriffin]

Originally Posted by fostever

$350,000 face for $140/ month. Nice job. Was he 50 years old? Sounds like a non-med product which will issue fast. When you see a nice house and toys this may mean he's up to his ears in debt and the balloon payment maybe coming. I see poor people with lot's of expensive toys, but that doesn't make them financially sound. Fanny Mae and Freddie Mac had made a lot of folks feel all warm and fuzzy for a while. Hopefully the client wasn't 30 and healthy where he could have gotten $500,000 in coverage on a 20 year term for $20-$30 per month. You'll have to hope he has no insurance agent friends.

He had agreed with this amount. I came up with a good price, which I can’t remember; I think it was about $140.00 a month.

Did you happen to read this part of my post?

LOL. You guys are very funny and ready to jump on a guy at a moments notice. I wrote this idea early this morning. I can't remember the exact numbers on each of the many clients that I have written in the past. I did put on the post that I could not remember the exact price. But I guess you didnt' catch this or read it. I was trying to get my point across, not the figures. I didn't think the figures matter on this sales idea. It could have been 100,000 or a 10 million, and the price could have been 20 or 1000 dollars. The idea would have not changed. So I tried to get close to the figures. I can remember a lot of things about the sale, which I think is better then most agents.

I assure you that I wrote the guy the best price possible at the time. You won't believe this, but I don't write products based on commissions. I'm commited to give my clients the best price that I can find for what is best for them.

To be honest with you, I've done this closing a ton of times. I can't remember ages of every clients and the amounts they pay.

I can remember thinking, that it was a lot of money, but this guy needed the insurance and he could afford it.

I have a lot more sales ideas coming. It takes me 20 mins to write them down and then I have to go over them with a fine comb and pick, to make sure there is nothing you guys can attack me on, with my post. If I didn't have to worry about this, I could post ton more ideas.

A side note, is that I'm the worst speller in the world, and most of the time, I have to get my wife, who is an English Major, to check my work.

I could write an entire post on client's priorities. Truth be told a lot of clients that say they can't afford it, really can afford it. They just need to change their priorities.

I have ran into clients that pay $150.00 a month for directv and cant afford to pay $30.00 a month to protect their families. Maybe they really can't afford both. But downgrade the tv to a lesser plan and add the insurance.

Also before anyone says anything, can you remember the exact price and amounts of a sale you made a long time ago? What I can remember is that I always give my clients the best that I can find. That is why I work for more then just one company to insure they get the best product and prices. No one company can always be the best.

Did you really think that the person that I sold was young and that I sold him something that would have normally cost 20 bucks, and I sold it to him for $140.00?

Also, what makes you think that I sold him term insurance? But to be honest with you, it does not matter what plan I sold him, or the amounts or his age. The point was how I closed the sale and how others can copy what I done to help them make a sale.


Mark Rosenthal

[blaze1x]

When I was a captive agent, briefly, the head guy sounded a lot like you. You got the sense that he would never go hungry because he just knew hot to get it done. I left that captive agency because I couldn't swallow the health product I was selling (Assurant in Florida), but I wish I had gutted it out a little bit longer--or my agency sold more than one product.

[Franz Kafka]

Mark,

Keep posting all you want. They ARE appreciated.

[fostever]

Mr. Rosenthal, Your website seems to promote all non med companies. So you gave him the best non med price at the time. You could have also sat them down and told the wife to look at her husband and tell him she loves him because he told you over the phone how important it was that he get this protection for her. Yeah that guy right there you picked a winner, now sign here.
Sure I get the closer and it sounds interesting. I guess I was judging based on the fact that you are in the mortgage protection arena, where you have to sell that way with non meds too get it done fast so they don't change their mind during underwriting. I'm such an idiot and I feel sooo embarrassed because you're the man.

[HomeService]

OK. first of all, I think you knew you were getting the sale. So, you went about getting the sale that you knew you were going to get... by attemting to make him mad, but that attempt failed. Instead, you made him realize he loved his family more than he loved $140. That is a good closing technique. Not a "trick". I thought I was going to click on here and see some magic trick! ha ha