Recently on LinkedIn, a successful agent
I know answered a newer agent's question on how to grow her business. I was
impressed with his response to the inquiry:
“It’s not about the number of policies written
(although it doesn’t hurt). It’s about listening and finding out what the need
is. Go in with a blank paper with no agenda to sell any particular product and
just listen. Once the need is determined and service is provided, you will
start getting referrals. Have a great approach, listen for the need, provide
solutions, and close.”
An advisor should focus on listening to
what the client is saying, rather than what the advisor is
going to say. Effective questioning and listening can drastically change
the trajectory of the meeting.
Asking follow-up questions can uncover the right
information to solve their need. Here are five examples of
life insurance objections clients commonly express and, based on
these oppositions, some important details you should learn about the
client.
Objection 1: "I don’t need a separate policy; it’s taken care of at
work"
To uncover whether there is a true need, ask:
- How
many times is the salary covered?
- Is the insurance portable if
the employee leaves their current job?
- Have you completed a needs
analysis to uncover the true need?
Often, the coverage an employer provides is 1
to 5 times the annual salary, without factoring in bonus or commission. If your
client needs 10 to 20 times their salary, group benefits won’t get them there.
Objection 2: "People with health concerns cannot
qualify for life insurance"
Ask questions to uncover the details of a
client’s health concerns. It can go a long way towards finding out
whether or not the client is truly insurable. Many carriers are able to sell
policies to people with a wide range of medical problems. Good questions are
key to knowing if that's possible.
Objection 3: "Only the working spouse needs life
insurance"
Find out what the client would need to pay for
if their spouse died. People don’t realize that as a stay-at-home mother or
father, you contribute to your family with the valuable services that you
provide. A non-working spouse can get 50-100% of the coverage of the working
spouse.
Objection 4: "I’m young and since I won’t be dying
any time soon, I can wait to buy life insurance"
Determine his or her feelings on the cost of
waiting. Life insurance policies are based on the age of the
insured. Even a one year wait raises the premium for the life of the policy.
Yes, he/she may be 35 now and in excellent health, but do they still expect to
have the same health status at age 65? There are so many policies in the marketplace that protect against dying
too soon, living too long, and getting sick along the way.
Objection 5: "Your family can only benefit from your
life insurance policy after you die"
Ask the client probing questions to find
out what they are hoping to accomplish: are they looking for tax-free
retirement income, LTC protection, or flexibility in addition to a death
benefit? Permanent life insurance has the ability to offer living benefits
including the ability to access the policy’s cash value through tax-free loans.
There is also the option to help with LTC if the client needs to access in the
future.
The art of asking the right questions and
truly listening will serve you well. Along with objections, there are also
IUL myths that people believe in. Download our 3 Big IUL Myths guide
to learn about these major myths and how to address them.
CYNTHIA
CALLIS - NATIONAL SALES CONSULTANT
Cynthia Callis has been an award-winning
insurance wholesaler for 15 years. She has worked all across the country
partnering with agents and financial advisors to find workable, revenue
producing solutions that best meet their clients’ insurance needs. She blends a
consultative sales approach and disciplined business knowledge with a deep
grasp of insurance solutions. She has earned the trust of her agents and is
viewed as a valued business collaborator.
https://blog.dmi.com/here-are-five-common-iul-objections?utm_source=hs_email&utm_medium=email&utm_content=72826808&_hsenc=p2ANqtz-_jlpPz20WDZMM83uxX6lL0mzgP5ugw6RXimaJtke-fw_Qi5cYBdostF7tc53INJ8Ib-y80jZgNh5UmogUw6DFau3TOIg&_hsmi=72826808
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