I have to pay for this for the rest of my life?

[Newby]

^^^this^^^ All of the other replies to your question are mental masturbation, while they seem insightful...they aren't real world applicable. As JD said, something is going on in your presentation if you're getting a lot of this. I've gotten it a couple of times...it was there way of telling me they didn't want the coverage.(yes, I drilled down and told them they weren't going to hurt my feelings)

I don't have JD's level of FE success or skill. So I do run into this objection at least a few times per year. I sell many of them. Sometimes they are just trying to justify that they are not getting ripped off or doing something stupid. It's sort of a "would you do this if you were me?" Type of objection.

There are a LOT of different ways to sell this product. My way works great for me. And my way of handling this objection has resulted in a sale for me many times.

Probably the reason so many agents say I've helped them is because I'm not so good that My presentation eliminates every objection. I get objections. So I've had to think of real world ways to sell through them. I may may just be the missing link between "clueless" and "superstar". I'm not sure where I fit. But I know I've made a lot of money selling insurance over the last 20-years. So something's working.

 

[rousemark]

I just tell them.." I hope I am flushing all my insurance money down the commode.. I don't want to use any of it.. Bit it is comforting to know that if I or my family need it, it is there". Works on some.. but not all.

 

[Gooner]

I don't have JD's level of FE success or skill. So I do run into this objection at least a few times per year. I sell many of them. Sometimes they are just trying to justify that they are not getting ripped off or doing something stupid. It's sort of a "would you do this if you were me?" Type of objection. There are a LOT of different ways to sell this product. My way works great for me. And my way of handling this objection has resulted in a sale for me many times. Probably the reason so many agents say I've helped them is because I'm not so good that My presentation eliminates every objection. I get objections. So I've had to think of real world ways to sell through them. I may may just be the missing link between "clueless" and "superstar". I'm not sure where I fit. But I know I've made a lot of money selling insurance over the last 20-years. So something's working.

No one is denying you've made money selling insurance, I guess you felt the need to throw that in there for some reason. However, by your own admission FE is 25% of your business and you do not run typical Fe mailers on a regular basis.

I'd be very curious to see how many FE agents actually put into practice a lot of the 'advice' you give. I've heard it said many times, "if you had to make a living selling Fe you'd be broke".

Most agents following your advice in this are setting themselves up for a chargeback, but hey what do I know...I'm just lowly producer.

 

[shonceman]

It could be, as several have suggested, a problem with your presentation. But it very likely could be that prospect's culture. The people I work with aren't likely to be analyticals working the numbers. Usually it's because in their past (or maybe their present) they've owned a "paid up" policy from another company. (One of the big debit companies pushes "paid up" policies pretty hard, especially for younger insureds.) These clients aren't so concerned about the potential overall cost. They just don't like the idea of committing to a payment that they'll never see the end of. If this comes up in a sales interview, I may offer a 20pay ("paid up") plan. Or I may explain the Reduced Paid Up feature that allows them to stop making payments in the future but retain partial coverage. If it comes up after the sale, I'm definitely going to talk about RPU. When I deliver policies, I always go over the guaranteed values page with them. This is mainly to resell the benefits of the policy and encourage persistency. But it also helps to prevent this and other similar objections from coming up in the future.

 

[Jerard]

I sometimes show a copy of the Non-Forfeiture page of a generic contract. I'll say..."Mr. Buttsnuggle, see here where if you were to pay for this only 15 years then the cash in the policy would carry it for another 18 years and 235 days? That's some hard workin' money in there.....". And then explain the paid up option, too.

EDIT @shonceman: GMTA

 

[Gooner]

I don't have JD's level of FE success or skill. So I do run into this objection at least a few times per year. I sell many of them. Sometimes they are just trying to justify that they are not getting ripped off or doing something stupid. It's sort of a "would you do this if you were me?" Type of objection. There are a LOT of different ways to sell this product. My way works great for me. And my way of handling this objection has resulted in a sale for me many times. Probably the reason so many agents say I've helped them is because I'm not so good that My presentation eliminates every objection. I get objections. So I've had to think of real world ways to sell through them. I may may just be the missing link between "clueless" and "superstar". I'm not sure where I fit. But I know I've made a lot of money selling insurance over the last 20-years. So something's working.

FTR...all I did was agree with JD. Funny how you want to come after me(I wonder why) and not your Golden Goose??

 

[jdeasy]

FTR...all I did was agree with JD. Funny how you want to come after me(I wonder why) and not your Golden Goose??

You agreed with me but you did so abrasively.

Back on topic,

I would say I don't get these types because I weed them out from the start. I've said many times that I do not present to uninterested people.

I find out why they sent in the card and why they have me in their home. If they can't tell me what their want/need is then we are done. I'm out of that house in 5 to 10 minutes tops.

Now, if I went ahead with someone that couldn't define their want/need then maybe I would run into that objection some?

And maybe I could even turn that objection into a sale? I doubt it because I'm not good of a salesman. Nor am I good with sales talk.

I am not good with over coming objections. Never have been. Probably never will be.

That's why I do more fact finding up front and why my whole presentation is designed to remove objections before they come up.

But, again, the market I serve from FE mailers are just not the analytical types that have a concern about how many years they will pay for it. They have procrastinated all their lives already. They are on the back end of their years anyway. And they know it.

 

[goillini52]

I sometimes show a copy of the Non-Forfeiture page of a generic contract. I'll say..."Mr. Buttsnuggle, see here where if you were to pay for this only 15 years then the cash in the policy would carry it for another 18 years and 235 days? That's some hard workin' money in there.....". And then explain the paid up option, too.

EDIT @shonceman: GMTA

Mr. Buttsnuggle :bump:...haha, that's a good one!

 

[KidsGotHeart]

There are a million answers to this objection and which direction I go depends on their personality and intelligence.

If they are a real logical thinker (these are often the ones doing the math. ) figure out their break even point. If in nine years they will have paid premiums to equal the face amount I say- if you die in the next nine years this death benefit cost you less than you paid for it. That takes you to age ___. Only after age ___ does it ever actually cost you anything. And that cost is the fair trade off of being fully covered from today forward. So if you live too long and pay $800 more than you get in death benefit, the entire cost for covering this for your family is actually $800. That's cheap insurance if you ack me. You've paid much more than that for car insurance through the years.

.

I'm a logical/analytical thinker and I found myself nodding along to this, good stuff. I would think the FE crowd you work is above what OP is working.

To OP, JD probably hit the nail on the head, when he said they are not interested. The only other thing I can think of is the premium is not comfortable for them. Most people don't fuss about things they can easily afford.

 

[daisyq]

Everybody, this is really good stuff. I really appreciate the feedback.