Looking for Feedback on a Sales Script

[somarco]

price comparison between what they are paying and Plan N -

Everyone does things differently, but I check prices against their CURRENT plan before going any further. If there is little or no savings, I tell them "If you like your plan and want to keep it, I will move on. " Then I ask "Did your agent ever mention plan G (or N if they have G now)? You know there can be significant savings vs your current plan. Why do you suppose your agent failed to mention a way to save money?"

By now I have established credibility when I told them they can't improve on their current plan, but have also created doubt in their mind about their current agent.

If I have their interest my next question is "Are you in good health?". Then we go from there.

 

[William Clevenger]

Travis, I take exception to your conclusions and also to the integrity of my approach with my clients. I have researched this very carefully in the past and as a result of your comments, went back and ran the following quote:

72 year old female Zip 74133, Oklahoma

• Plan F: $148.26 /mo Cigna Health And Life Insurance Company
• Plan G: $120.38 /mo Cigna Health And Life Insurance Company
• Plan N: $85.83 /mo Omaha Insurance Company(gee, that looks pretty good!)

There is no speculation in any of those numbers. And I purposely chose outstanding carriers.

Rate increases for Mutual of Omaha's actively marketed Products (January notice 2019)

• Plan F: 10.4% increase - cost goes from $148.26 to $163.68
• Plan G: 8.7% increase - cost goes from $120.38 to $130.85
• Plan N: 2.2% increase - cost goes from $85.83 to $87.72 (tough to beat a 2.2% rate increase)

Doctor visit copay for Plan N is $20. To lose money, a Plan F subscriber would have to go to the doctor 3x a month… A Plan G subscriber, almost 2x a month. Further, none of these calculations take into account that Plan F is becoming virtually a closed group and Plan G will begin to accept guaranteed issue clients - both of these circumstances ensure even higher rate increases for these products in the future... and while that is speculation, those conclusions look reasonable.

Certainly there are times when Plan N is not the right choice and when that is the case, the quote that I run at the very beginning will identify that fact - I assure you that then, my recommendations are consistent with the highest levels of integrity.

 

[Travis Price]

Travis, I take exception to your conclusions and also to the integrity of my approach with my clients. I have researched this very carefully in the past and as a result of your comments, went back and ran the following quote:

So, I appreciate you're taking exception to my comments. I read your approach twice, in full. That was my interpretation of what you wrote. I'm sorry that you take exception.

However, I'd also say that what happens in OK doesn't happen everywhere else, and it's not always the absolute middle of the road. Even when it is, the cheapest plan isn't always the best.

60002, IL
73 No Tobacco
F Prosperity 154.74
G Lumico 128.50
N Shenandoah 103.50 (which I'd struggle with placing since they just came out of some financial difficulties)
N GPM 109.96 (next lowest)

So, Plan F to Plan N is 45 dollars; okay, if they really want to go to N.. fine.

Plan G to N is 18? I'd probably wait.

49686, the same demo
F Prosperity 135.21
G TransAmerica 112.70
N Central States 94.92

15 dollars for G to N.

My point, really, is if it was 15-18 dollars right now.. would you still sell them plan N? I wouldn't.

There's no mention in your mock situation of really delving into their situation. It was very numbers based. That wouldn't be my jam.

Again, if that's you're style and you're successful, more power to you. No insult meant, just an observation based on the info I had. I'll play the assuming card and say I was wrong if it stops you taking exception.

 

[somarco]

I struggle with offering N as a solution. Definitely something I will have to get over. My market is 67-78. Most of these people have been on F or G for awhile. Explaining G is super easy.

N is going to be more difficult and require a bit more education.

Just a suggestion . . .

If they have G, price that plan against your best carrier, or the rock bottom rate, whichever is comfortable for you.

Then JUMP to HDF. Very easy to explain but few will actually buy. If they do jump on it, write the application and move on.

Most of the time when the discussion shifts to HDF I throw out N as another option. Typically about $50/mo more premium vs HDF but a lot less risk exposure. In almost every situation they buy N.

This approach isn't as risky as you may think. But if they end up buying HDF you have a client you would not have otherwise.