Overcoming Objections While Selling Life Insurance

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Here is a 4 minute video that I thought might be of interest to agents on the forum about Overcoming Objections While Selling Life Insurance that covers

1. We can’t afford it
2. I need to think about it
3. I have group insurance at work

Stellar Prospects - Overcoming Life Insurance Objections

What's your view of what he says to overcome these objections? Good? Bad? Also what do you say when you run into these objections yourself?
 
Enjoyable, classic lines, but too slick (perhaps because he was on stage rather than in front of an actual client). I think that with any attempt to close the sale, the broker must remain mindful of the fact that the client is it charge of his own finances. Life insurance really is bought - it is not sold, contrary to how we have been trained. That reality can keep you from coming on too strong or appearing as your conventional “insurance hustler.”
 
1. Can't afford it.

Answer: This is WHY you need this... if you can't afford a small policy, imagine $10,000 to $15,000 out of pocket when he/she dies.... weigh the pro's and cons.

2. I need to think about it.

Answer: You can't think about it because you have not been approved yet. See we have to send the application in first to see if you're approved THEN you can think about it, reference the answer above and paint a picture for their family and let them decide... it's a simple decision if they love their loved ones.

3. I have group insurance through work.

Great! However like we spoke earlier, you can lose your job at anytime, it won't pay off the house, send the kids to college, provide a monthly income for your husband/wife and you have no control over that policy, your boss and employer does....


Those are smoke screens.
 
1. Can't afford it. Answer: This is WHY you need this... if you can't afford a small policy, imagine $10,000 to $15,000 out of pocket when he/she dies.... weigh the pro's and cons. 2. I need to think about it. Answer: You can't think about it because you have not been approved yet. See we have to send the application in first to see if you're approved THEN you can think about it, reference the answer above and paint a picture for their family and let them decide... it's a simple decision if they love their loved ones. 3. I have group insurance through work. Great! However like we spoke earlier, you can lose your job at anytime, it won't pay off the house, send the kids to college, provide a monthly income for your husband/wife and you have no control over that policy, your boss and employer does.... Those are smoke screens.

Your number 3 is acceptable, your first 2 are turrible. I would never use them. Bad advice
 
Your number 3 is acceptable, your first 2 are turrible. I would never use them. Bad advice

Number 3 isn't much better. He is still telling. I haven't met the person yet who likes being told they will lose their job or their boss will screw them over. They may think it, but they don't want to be told it.

Rather like siblings or close friends. You may think the person is an SOB, but heaven help the outsider who calls them one.
 
Number 3 isn't much better. He is still telling. I haven't met the person yet who likes being told they will lose their job or their boss will screw them over. They may think it, but they don't want to be told it. Rather like siblings or close friends. You may think the person is an SOB, but heaven help the outsider who calls them one.

Lol, I was being generous.
 
compsciboi said:
You can't think about it because you have not been approved yet. See we have to send the application in first to see if you're approved THEN you can think about it, reference the answer above and paint a picture for their family and let them decide... it's a simple decision if they love their loved ones.

There are three reasons why a client should not submit an app prematurely:

1. The goal of the sale is an approval at the rate quoted. This is what consumers expect. To accomplish this, the candidate must be pre-underwritten so that the company, product, and price of choice can be determined before a formal application is submitted.
2. The applicant’s MIB record is a vital component in underwriting. Adverse hits on this record could create complications. Unnecessary adverse hits should be avoided.
3. If you quote the prospect a rate at which you are confident he will be approved, and you also demonstrate respect for his personal records such as his MIB, then he will be much more inclined to do business with you.
 
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I think the issue with selling life insurance is that it is an unrealized need in that people always think they can get it later. The issue is that you are never going to be younger and more healthier than you are today so it is time to take advantage of this oppourtunity. Story telling is always a good idea to get your point accross.
 

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