Assumption Closing

Feb 14, 2018

  1. bboman23
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    bboman23 www.finalexpenseservices.com

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    This is a topic that is pretty hard to explain in text, but I will try my best. Many new agents struggle because they are nervous, inexperienced, etc. and they just become order takers. "10,000 could cost you this amount, does that work for you?" You are setting yourself up for failure if you do this. I want to cover a few key things that new agents should focus on.

    The first thing is try to start your prices around $50 and give at least 3 options (I know several people show 5 options, and that is fine also!) Even if they are 50 years old and said they wanted $10,000, do not show it initially if it is a lot less than $50 per month. You are now a salesman, so use your ability on explaining to them why you are showing them $15,000 instead of $10,000. "Mary, funerals TODAY are $10,000, but since you are 50, we have to plan for how much they will be when you pass away." ***If they are adamant about having $10,000, then you can drop down to that amount.

    I recommend showing $50ish, $80ish, $120ish if it is a single person. If quoting a couple, you can show higher.

    Now, before you give them the quotes, make sure to pull out the company brochure and go over the company with them. Tell them all about the company, show them the level/graded/modified options and congratulate them on POSSIBLY being able to quality for LEVEL. "See if you had waited until something in your health changed, you would have to go with one of these other options!"

    Once you explain the company, hand them the Pitch Sheet (Quotes). While they are looking at it, ASSUME they are going to pick one and start asking questions...

    "While you look at that, I am going to get a little information. Do you want the policy mailed to this address or do you use a P.O. Box?"

    "Who will we be writing the check out to when you pass away several years from now?"

    "What is your date of birth?"

    ***Once you ask three questions and get answers, it is time to get the commitment from them!***

    "Now Mary, which one of those plans is going to fit the most comfortably into your budget?"

    Whichever one they pick (if it is the cheapest or the most expensive) "That is the most popular plan! Many people go with that plan as well!"

    Then you continue on with your application.

    This will stop a new agent from writing several very small applications. I see agents from time to time that are closing their 25% of the leads, but they are failing because their average app size is $20-$30. Most people that can afford $50 would pick something smaller if it was an option on the sheet. You can always back down if you are sitting with someone that money is REALLY an issue. But once you show it, a person that was going to pick $50 will now pick the cheap one and you cost yourself money and also cost their beneficiary money.

    You will also get some larger apps just by having them as an option on the page. If you only show them $10,000 because they said something about wanting $10,000, you have no option of getting a larger sale. Many people just hear 10k, so that is the number they spit out without any rhyme or reason. It is your job to present a solution to their problem.

    Doing it this way will also make it harder for them to say NO. Agents often ask YES/NO questions that can cause them to be out of business quickly. You want to eliminate YES/NO from your presentation. It will take practice to get used to it for some people. Start in your everyday life. If you are going to eat with your family, do not ask if they want to eat at McDonalds, give them options. "Do you want to eat at McDonalds, Taco Bell or Arby's?"

    Hopefully this helps a new agent out there! Let me know if you have any suggestions or questions!
     
    MsJ, Cps10, OttoGraf and 11 others like this.
  2. JimmyCrappedCorn
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    JimmyCrappedCorn Expert

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    Interesting read however there is no place for that line in a good life insurance sales call. Now if its a bad sales call and they are giving you trouble from the get go and you are a little bored and you want to be a real stinker then lay it on them.
     
  3. KRobby
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    KRobby Guru

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    Asking which loved one(s) gets the big tax free benefit is laying it on them? Actually it's a great question to wrap up a money close.
     
  4. Rirwin
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    Rirwin Super Genius

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    Great post Ben. Unfortunately, it seems most agents really are order takers.

    We are in sales and sales requires us to be persuasive with our customer.
     
  5. Rirwin
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    Rirwin Super Genius

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    Please enlighten us with your 35 years of experience...
     
  6. NSRH
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    NSRH Guru

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    Great post, personally I like the check amount close better than the premium close, but still a really good, much needed, reminder for all.
     
    DayTimer likes this.
  7. HoosierLife
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    HoosierLife Final Expense Mentor

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    Good stuff Ben!
     
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  8. Matthew King
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    Matthew King Guru

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    Enjoyed the read Ben!
     
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  9. shonceman
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    shonceman Guru

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    If you don't like that question, ask something else. He's just giving examples of possible questions to ask to move toward commitment.

    Good post Ben.
     
    MsJ likes this.
  10. DayTimer
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    DayTimer Super Genius

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    The forum has been pretty much improved the last few weeks. I think this guy is just trying to bring it back down to his level. In my opinion, this guy should just be allowed to post as he sees fit and otherwise be ignored. There is no reason to reply to an obvious troll. Replying to the troll gives him control, and take it from Kimberly "Sweet Brown" Wilkins ...

     
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