Owning what you’re selling

[theinsuranceman]

Sometimes I have clients ask me if I have my insurance with the company I'm recommending. It so happens that I do have a policy with my primary carrier. But I bought it because I like the company and the policy design, not for making a point to my clients. They don't actually offer that policy anymore, and it's a much larger face amount than your typical FE policy. Most of my clients wouldn't be able to afford that policy. So, I'm not showing them my policy.

But if they ask me that question, I just say "yes, I do". It does seem to make them happy. But I've never had a problem placing someone with a different carrier if they ask the same question. Then my answer is, "no, I have mine with a different company, but I'm recommending this company for you because...."

On a side note, sometimes they ask me whether I have Term or Whole Life. That's usually because they've heard some stupidity from a Primerica agent or some such. They've been told that agents sell Whole Life because it gets them a bigger paycheck while hiding that Term is cheaper. I can truthfully answer "I have both, but for different reasons". I might elaborate about some of those reasons to point out the difference between term vs Whole Life, but they are my honest reasons, not just sales talk. Then I just move on to what their particular need is, and sell to that need.

Interesting. I've been selling FE full-time since 1999, and not once has a prospect asked me if I have w/l or term. I may have had 10 people in 19 years ask me if I have a policy with the carrier I'm representing. Must be something in your presentation.

 

[FinalExpenseDojo.com]

Interesting. I've been selling FE full-time since 1999, and not once has a prospect asked me if I have w/l or term. I may have had 10 people in 19 years ask me if I have a policy with the carrier I'm representing. Must be something in your presentation.

I'd guess that the difference is your a captive agent & @shonceman isn't. I have clients ask me all the time during the point in my presentation where I share the difference between a captive & indy agent.

 

[shonceman]

Interesting. I've been selling FE full-time since 1999, and not once has a prospect asked me if I have w/l or term. I may have had 10 people in 19 years ask me if I have a policy with the carrier I'm representing. Must be something in your presentation.

It doesn't come up all that often for me, either. But I've gotten a lot more of those kinds of questions since moving to Texas and working in Dallas than I ever did working in Virginia or North Carolina. I think it's just a cultural difference. They seem to have a few more trust issues here. I also don't get it as much from my senior clients as I do from my younger prospects or family members. Those questions never rattle me or distract me. I think they actually end up working in my favor.

 

[TampaHound]

On a side note, sometimes they ask me whether I have Term or Whole Life. That's usually because they've heard some stupidity from a Primerica agent or some such. They've been told that agents sell Whole Life because it gets them a bigger paycheck while hiding that Term is cheaper. I can truthfully answer "I have both, but for different reasons". I might elaborate about some of those reasons to point out the difference between term vs Whole Life, but they are my honest reasons, not just sales talk. Then I just move on to what their particular need is, and sell to that need.

That to me speaks volumes. I've sold term to people that were looking for whole life and vice versa because I took to time to actually talk with them about their needs. That's one thing that I keep trying to stress at the call center to new agents. Just don't jump into sales mode.

You get more cross sales that way too.

 

[DHK]

I tell people that it doesn't matter what I or any other agent have... because we get paid on our own business. That means that it is a conflict of interest in advice to say "I did it, so you should too".

Either the idea and policy stands on its own, or it doesn't. If they have to be persuaded because "you own it too"... then you're expecting to make more sales on the "trust me" factor rather than "this is exactly why this policy is for you".

The "Trust me" factor... is a dangerous slope, in my opinion. It borders on the affinity fraud kind of tactics like "trust me, I'm a Christian" or similar tactics. "Trust me, I'm doing it too (but I'm not telling you that I get paid for selling it to myself)" is the same thing.

In addition - since this is in the FE forum - if you're in your 30's and you're selling FE, it doesn't necessarily make sense for you to own a FE policy - assuming you're in decent health. You could be owning a whole life or IUL for death benefit as well as for cash value accumulation. What you're doing may be far more appropriate for you than it would be for those you call on.

In the same vein, it may not make sense for you to own an annuity in your 30's, but it makes sense for those you call on.

You make recommendations for those you advise just as much as you do for yourself, not just because you want to sell something on the "trust me" factor.

 

[KRobby]

I may be over analyzing it a bit, but I'd think it would contradict the position statement and theme of the presentation of an indy sales agent shopping the market to find the best value based on what you qualify for, to then coincidentally show you have the same policy you just pitched based on what was supposed to be their unique profile.

 

[PA Bill]

Captive shops can be big on getting new agents to take out policies on themselves in the name of "believing in what your selling" to help you sell. Now do you really think they believe that or are just trying to help themselves sell?

 

[toolbelt]

Captive shops can be big on getting new agents to take out policies on themselves in the name of "believing in what your selling" to help you sell. Now do you really think they believe that or are just trying to help themselves sell?

And when captive shops sell more insurance to their own people than they do to "retail" clients, they could be crossing the definition of a pyramid scheme. Actually the threshold is a mere 30%.

 

[mudhound]

I never really thought about that...but I can see the value in it. That's one of the reasons I like this group. I steal ideas from you all.

me too

 

[HoosierLife]

me too

It's #metoo