Thanks buddy! I always try to capture the premium unless they tell me that they need to lower their bill. In both scenarios they wanted to lower their bill so I showed them all the options and let them pick. But that's great feedback! I appreciate it! Always capture premium unless the client explicitly states they NEED to lower their bill.
So many do pick the middle number - but we get to be the ones who decide what number will be the middle. When I am replacing, the "middle" number is going to be the amount they are currently paying +/- a few cents. The "low" number will be the price for keeping the same benefit with lower premium. The "high" is simply a nice round benefit number.
If they are paying 55/month for $7K now, I would show them the following three choices:
$15K = $68/month
$12K = $55/month
$7K = $43/month
Now, whichever way they indicate they prefer, I support them in that decision, because I want to leave with something that will likely stay on the books. If someone sees the value of paying just $13/month more and securing a benefit more than twice what they were getting before (and with carriers like American Income Life, that is very easy to do), and they indicate that they feel that is a good value, then that is what I support. If instead they say they'd really like that lower payment, I will support that decision.
Chris had mentioned going low for persistency. I get that. However, I also think that selling someone too little benefit can be just as much a potential persistency issue as selling too much. If you leave them with a cheaper payment for the same $7K, but you missed that the reason they sent the card in was because they felt $7k wasn't enough, you are at risk to losing out to the next guy who comes in 3 months from now and replaces your cheap $7K policy with reasonably priced $15K benefit. I'd rather give them the choices, and see what their first instinct is, and then support that choice.
That is something I took from the car business. Some folks are truly payment buyers, while others come in acting as though they are payment buyers, but what they really want is heated vibrating leather seats and a rear seat jacuzzie/adult entertainment system
