Chase Utley
New Member
- 7
Hi, not sure what the solution to this problem I'm having is but it keeps happening so it must be something that I am doing.
Over the last week I have submitted $4,707 in final expense business and all 5 policies have fallen off the books via the client calling me the next day and wanting to cancel their policies.
I'll give a quick run down of my sales cycle and give a quick backstory of all the policies so maybe someone with more experience with me can tell me what I'm doing wrong.
I'm a F2F agent, when I'm in the house I bs for 3-5 minutes and then explain to them what an independent broker means, I then tell them that I am there because they filled something out requesting more information. I proceed to ask them what the main concern is and continue with that conversation until they get the point of facing reality, someone is going to have to pay for their funeral. I then ask what their doing about it, find out why they haven't done anything about it and ask what they want their life insurance to do along with a flew of other questions. This part of the presentation usually takes anywhere from 10-20 minutes but I always make sure to hit on pain points and get them to really think what is going to happen to them after they pass. Then I ask med questions, if they have a bank account and then budget questions. I then show them 3 options in their budget range give a recommendation and ask which one they want to try to get qualified for. I always either try to get an instant draft, put it on whatever Wednesday or the 3rd or the 1st and after we submit it and they get approved I ask if they have any questions. Then I explain how the policy packets will come in the mail and I advise them to read thru them and then call me if they have any questions. I then ask again if they understand everything and ask if they have any questions before I head to my next appointment.
Of the 5 policies 4 were a combination of two couples and one was by himself. They were all to cover funeral/burial and I made sure they could afford the premiums.
One couple was on ssi, (His AIG GIWL $48/mo Hers TransAm $82/mo) and I had explained to them that by having the owner on the policy be a relative they could keep the insurance and have the death benefit to pay the funeral when they need the funds, the day of the sale they liked it, the next day they did not like it, were convinced their ssi would shut off and canceled their policies.
Second couple (His $100/mo TransAm Hers: $70/mo AIG GIWL) had a trust and explained to me that they wanted to use the trust to live off of as long as possible and wanted to use the life insurance to pay for the funeral, they also explained that the trust was owned by the husband and the wife didn't have access to it so she would be screwed if he passed. I am not sure how that works but they simply told me they didn't want to dish out the money every month and cancel their policies.
The last one ($92/mo AIG SIWL) called me the next day told me his family had a trust with assets and his burial would be taken care of.
Not sure if I'm getting unlucky or need to figure out how to sell annuities or if something is wrong with my sales cycle. I've only been selling final expense about a year and would love some help from people who know more than I do. Just trying to get my business to stick and any advice would be greatly appreciated!
Over the last week I have submitted $4,707 in final expense business and all 5 policies have fallen off the books via the client calling me the next day and wanting to cancel their policies.
I'll give a quick run down of my sales cycle and give a quick backstory of all the policies so maybe someone with more experience with me can tell me what I'm doing wrong.
I'm a F2F agent, when I'm in the house I bs for 3-5 minutes and then explain to them what an independent broker means, I then tell them that I am there because they filled something out requesting more information. I proceed to ask them what the main concern is and continue with that conversation until they get the point of facing reality, someone is going to have to pay for their funeral. I then ask what their doing about it, find out why they haven't done anything about it and ask what they want their life insurance to do along with a flew of other questions. This part of the presentation usually takes anywhere from 10-20 minutes but I always make sure to hit on pain points and get them to really think what is going to happen to them after they pass. Then I ask med questions, if they have a bank account and then budget questions. I then show them 3 options in their budget range give a recommendation and ask which one they want to try to get qualified for. I always either try to get an instant draft, put it on whatever Wednesday or the 3rd or the 1st and after we submit it and they get approved I ask if they have any questions. Then I explain how the policy packets will come in the mail and I advise them to read thru them and then call me if they have any questions. I then ask again if they understand everything and ask if they have any questions before I head to my next appointment.
Of the 5 policies 4 were a combination of two couples and one was by himself. They were all to cover funeral/burial and I made sure they could afford the premiums.
One couple was on ssi, (His AIG GIWL $48/mo Hers TransAm $82/mo) and I had explained to them that by having the owner on the policy be a relative they could keep the insurance and have the death benefit to pay the funeral when they need the funds, the day of the sale they liked it, the next day they did not like it, were convinced their ssi would shut off and canceled their policies.
Second couple (His $100/mo TransAm Hers: $70/mo AIG GIWL) had a trust and explained to me that they wanted to use the trust to live off of as long as possible and wanted to use the life insurance to pay for the funeral, they also explained that the trust was owned by the husband and the wife didn't have access to it so she would be screwed if he passed. I am not sure how that works but they simply told me they didn't want to dish out the money every month and cancel their policies.
The last one ($92/mo AIG SIWL) called me the next day told me his family had a trust with assets and his burial would be taken care of.
Not sure if I'm getting unlucky or need to figure out how to sell annuities or if something is wrong with my sales cycle. I've only been selling final expense about a year and would love some help from people who know more than I do. Just trying to get my business to stick and any advice would be greatly appreciated!
