Show Me Your Policy!

[lifeagent007]

Hey guys, I have read through a few topics on this already but non have completely answered this for me personally... I ask to see there policy after a warm up with the client and most of the time they "do no where it is" or "don't have it" or "Well its buried somewhere deep"

So my question is how to tell when a client is putting up a smokescreen? And if so how do I get past that and get them to show me the policy?

This is my second week selling FE and have been having success so far averaging 1 or 2 sales a day (500 average ap per sale) But I feel I would be able to help my clients more if I knew exactly what they had. Also I have learned from my previous sales jobs that buyers are lairs! And most of these people either do not know what they have or think they do but still do not know...

So once again any tips would be of great use!

Thank You,

LifeAgent007

 

[jacobtn]

don't worry about getting the policy, sometimes the kids have it, sometimes its in a bank safety deposit box but more times than not they have no clue where its at. remember this is the final expense market they were dealing in here.

sometimes I forget even to ask if they have it I just asked which company it is. Call them up and get all the information from the company plus cash and reduced pay that values are going to be more accurate directly from the company because usually between policy years.

save every insurance carriers phone number in your phone everytime you call them that way you never have to try to find it in the house.

Also, Sometimes if they show you the policy they don't even have the current they might show you one that is old and lapsed so it's best to call the company anyway. hopefully they know who that is I had to call the bank before to find out if the insurance is with because they know who it was and didn't have a policy or anything. not sure how they expect family to collect on these policies if they don't even know they have themselves haha

 

[AnonymousOne]

don't worry about getting the policy, sometimes the kids have it, sometimes its in a bank safety deposit box but more times than not they have no clue where its at. remember this is the final expense market they were dealing in here.

sometimes I forget even to ask if they have it I just asked which company it is. Call them up and get all the information from the company plus cash and reduced pay that values are going to be more accurate directly from the company because usually between policy years.

save every insurance carriers phone number in your phone everytime you call them that way you never have to try to find it in the house.

Also, Sometimes if they show you the policy they don't even have the current they might show you one that is old and lapsed so it's best to call the company anyway. hopefully they know who that is I had to call the bank before to find out if the insurance is with because they know who it was and didn't have a policy or anything. not sure how they expect family to collect on these policies if they don't even know they have themselves haha

Took the words out of my mouth.
Use this for annuities the same as life insurance, the minute the say they have something and know the company, I immediately call the company and get some background hold music. There is nothing worse than giving your entire pitch, competing against the ghost policy and hitting a wall and having to call the company to sit on hold for 18 minutes asking about their kids....also it conveys that you have certainly done this before.

 

[xrac]

When they have a policy with blank how do you proceed. Do you just say "let's call the company and verify that or let's call the company and see what they tell us?" How do you lead into this? Do people ever object?

 

[bboman23]

When you call the company, what's the best way to get the info. You tell the operator what your doing and then put client on the phone? Or just get the client to call and tell them what to ask?

 

[HoosierLife]

When you call the company, what's the best way to get the info. You tell the operator what your doing and then put client on the phone? Or just get the client to call and tell them what to ask?

I always call. I tell the client, as I'm calling, "They will most likely want to talk to you first."

Then when I'm on with ins co, I say that we are doing policy review for mrs jones. At that time, they will most likely ask to talk to the client to get permission for me to talk to them. They do this all the time and then I get phone back and get all the info...especially what they would need to do to cash surrender te policy, the face amount, premium and CV.

 

[AnonymousOne]

It usually only takes one or two questions asked to the client to which they do not know the answers and they want to call to get those answers as well.
Sometimes I will say, with these companies most of the time if you don't ask the exactly right question....they don't give you the answer. What's the fee? None what's the admin fee? .15%
I dial up the company tell the client I will introduce myself and they will verify your info, ask your permission for them to speak to me and I take the phone back.
Never have the client call, it's a pain.

 

[seeknulfind]

jacobtn brings up a good point -- ask your prospect what would the family do if something should happen today? A policy isn't much good if nobody knows to file a claim. If nothing else you would do your prospect a favor by straightening this problem out. This provides an excellent reason for the prospect to let you get the information they need.

Andy

 

[lifeagent007]

Wow some great answers guys! I really think this is going to help me as I just had a lady that rescheduled on me because she didnt know if she had term or wl. The phonecall wpuld have cleared that up quick.

Any chance someone who has these company phone numbers already saved in there phone could share them here? That would be of huge help

 

[AnonymousOne]

You can type "company name" customer service number into google almost as fast as finding it in your contacts. Do this for each of the companies you are familiar with and you will probably only add another 5 that are your biggest competition in your area. I do recommend having them in your contacts because it looks good in front of client.