Do You Add ADB

[suranceman]

When I mention ADR I've nearly never had someone say..."Oh, I wouldn't want/need that."

Probably not.

But...

Did you tell them that accident death at their age (not to mention the average lifestyle of the typical FE client) is nearly impossible from a statistical perspective?

No you didn't. If you start doing that, you'll see more people decline it as they should.

 

[Baseball7]

I'm trying to build value, and urgency when I present a product no negitive aspects needed. When you sell GI do you say "man your totally not covered for TWO full years!" Or take a more positive view?

 

[suranceman]

I'm trying to build value, and urgency when I present a product no negitive aspects needed. When you sell GI do you say "man your totally not covered for TWO full years!" Or take a more positive view?

Your analogy does not fit. It doesn't fit because a GI policy in spite of it's waiting period still have tremendous value. The ADR has literally no value. The value is only in the form of extra commission to you. The client gets no value.

Let's say your mother asks you this question: "Do you think it's worth it to spend the extra money on accident death coverage? Do you think I'll ever collect on it?"

How would you answer her?

You and I both know that you would tell her to not waste her money because it's virtually impossible that she will ever die from an accident.

Sell your clients on why its a waste. If they still take it after that, then write it. That's an honest approach. Your way is not.

 

[PA Bill]

I'm trying to build value, and urgency when I present a product no negitive aspects needed. When you sell GI do you say "man your totally not covered for TWO full years!" Or take a more positive view?

Well, I hope you don't "forget" to tell them GI carries a wait.

 

[BoJax]

Your analogy does not fit. It doesn't fit because a GI policy in spite of it's waiting period still have tremendous value. The ADR has literally no value. The value is only in the form of extra commission to you. The client gets no value.

Let's say your mother asks you this question: "Do you think it's worth it to spend the extra money on accident death coverage? Do you think I'll ever collect on it?"

How would you answer her?

You and I both know that you would tell her to not waste her money because it's virtually impossible that she will ever die from an accident.

Sell your clients on why its a waste. If they still take it after that, then write it. That's an honest approach. Your way is not.

No i would tell her to get it. Youre talking about a few dollars a month. The likelihood of it cashing out is slim, but if it does it can be life changing for some people. If you've never known anyone that died in am accident, i get wht you are against it. You're not wrong for thinking it's stupid, but we aren't wrong for seeing it's value either.

Not to start a debate here, but your question of "do you tell the customer that it mist likely won't pay" is no different than asking if you explain in detail the 2 year conestablity period and the statistics of how many claims are paid during that time.

 

[suranceman]

No i would tell her to get it. Youre talking about a few dollars a month. The likelihood of it cashing out is slim, but if it does it can be life changing for some people. If you've never known anyone that died in am accident, i get wht you are against it. You're not wrong for thinking it's stupid, but we aren't wrong for seeing it's value either.

Not to start a debate here, but your question of "do you tell the customer that it mist likely won't pay" is no different than asking if you explain in detail the 2 year conestablity period and the statistics of how many claims are paid during that time.

Anyone betting on something that has less than a .5% chance of happening is mathematically challenged.

I'm honest and I tell folks how unbelievably rare it is. If they take it after that information, that's on them.

I do tell my clients about the contestability period. Nobody knows what percentage of contested claims are paid. Nevertheless, I have only had one contestable claim denied. The rest were paid.

 

[Baseball7]

surence man you've never been hit by a transit bus, or had a family member gunned down have you?

 

[VolAgent]

surence man you've never been hit by a transit bus, or had a family member gunned down have you?

Do funerals for people hit by a bus or shot cost more than funerals for people who died of a heart attack or cancer?

 

[Baseball7]

No, but having an addee benefit then is a VALUE add. Don't sell it if you don't believe in it, but I will when it's an option.

 

[suranceman]

surence man you've never been hit by a transit bus, or had a family member gunned down have you?

You've never won the lotto have you?

Just keep on playing. The horrendous odds mean nothing. All that matters is the slight slight slight slight slight chance that it might pay off.

You'll never admit it, but we all know you do it purely for the commission.