Replacing Business

[stumpy]

Hey guys, I'm pretty new to selling final expense and so far have been doing alright.

My goal is not to run around replacing other agents business, I would much rather give coverage to someone who is without. That being said, when I am knocking doors, fairly often I get an objection at the door from the prospect saying "oh I already have coverage." And then the door is closed.

There seem to be a ton of agents on this forum who make a living off or replacing other policies, and I'm interested in how you even get your foot in the door to review the prospect's current policy?

Thanks for any thoughts/tips

 

[HoosierLife]

You: "Great! Most people around here have no coverage at all. I'm glad to see you care enough about your family to have that taken care of. Let me ask you a question? If your current insurance company was willing to lower your monthly payments and send you nice check, would that interest you?"

Prospect: "Yeah, but they wont do that."

You: "You're absolutely right, because they dont have to. But their competitors will."

(Stolen from JD)

 

[pcbinsurance]

Compliment them for having coverage and then explain that's exactly why you're there....and then proceed to tell them that many people who have coverage are either paying too much or do not have what they think they might have.
Then, after hopefully gaining some rapport, they will allow you to review what they already have since they have nothing to lose.
The fact they already have coverage indicates they are a buyer and if you have a better product, you'll succeed with many replacements.

Also, what Hoosier just said is great! I'm stealing that too! Thanks JD.

 

[stumpy]

Thanks guys! That makes total sense! I appreciate the input!

 

[nfl72]

You need to be able to convince them that you know what your talking about and that the likely hood of you being able to help them is pretty darn good.

I am not being smart but if you stumble and stamper and sound like a rookie your chances of gettin in drop drastically.

Your overall sucess in this business can be greatly enhanced if your able to get in, reveiw their policy and then save them money or convince them in some way to let you replace thier existing policy.

Maybe your saving them money, maybe your getting them cash or maybe your getting them more coverage. You need to find something to hang your hat on and if that something is one of their hot spots you just might make some money.

 

[Newby]

You: "Great! Most people around here have no coverage at all. I'm glad to see you care enough about your family to have that taken care of. Let me ask you a question? If your current insurance company was willing to lower your monthly payments and send you nice check, would that interest you?"

Prospect: "Yeah, but they wont do that."

You: "You're absolutely right, because they dont have to. But their competitors will."

(Stolen from JD)

Hey wait a minute! JD Stole that from me. (Stole is kind of a harsh term though.)

But you are using it at the wrong time. I would never say that trying to get in a door. That is what you say after you have already reviewed what they have and they are reluctant to change even if there is much better options available. When they are still thinking it's too good to be true.

At the door step you just have to make them want to talk with you. Could be to show them what you have, to review what they have, to get their free gift, or anything you have that they want to learn about.

Your upline should be able to help you with these things.

 

[jdeasy]

Hey wait a minute! JD Stole that from me. (Stole is kind of a harsh term though.)

But you are using it at the wrong time. I would never say that trying to get in a door. That is what you say after you have already reviewed what they have and they are reluctant to change even if there is much better options available. When they are still thinking it's too good to be true.

At the door step you just have to make them want to talk with you. Could be to show them what you have, to review what they have, to get their free gift, or anything you have that they want to learn about.

Your upline should be able to help you with these things.

Yep, I did get it from you. I believe I have credited you whenever I'm mentioned it.

I also agree that I would not use it to get in the house. Really you couldn't use it then because you don't know if you can lower their rate or if they have any cash value in their current policy.

For the op, prospects that have insurance already are my favorite kind of prospects. They believe in having ins. They are already paying for ins which means they most likely have a bank account.

In today's environment if a person is 65 years of age or so and has no ins it's usually because they are broke, no bank account or dumb. None of those 3 situations make for a good prospect.

 

[RichMcK]

One simple sentence, that is not mentioned here is, "May I come in?" I'm here because you sent this card in, may I come in? What's this about? You requested info about burial, fe or life insurance, may I come in? Move your feet or shoulders, in other words act ...
It's not good to have much of a conversation at the door, getting in is what's important. The small talk will come after you are inside.

 

[pcbinsurance]

I believe the OP was referring to cold knocking doors and not knocking on the doors of folks who mailed a card in.

 

[jdeasy]

One simple sentence, that is not mentioned here is, "May I come in?" I'm here because you sent this card in, may I come in? What's this about? You requested info about burial, fe or life insurance, may I come in? Move your feet or shoulders, in other words act ...
It's not good to have much of a conversation at the door, getting in is what's important. The small talk will come after you are inside.

True but i got the impression that he was cold door knocking. If door knocking from leads then you already have the reason for being there.