Starting Out with FE

[Newby]

I have been focusing on MAPA for the past year or so and now I am planning to market FE again. As I consider the difference between these two types of sales, FE is much more emotional. Life insurance is "sold", not bought. So there is a lot more skill involved in selling life insurance than other products. As much as you may want to help people, there are some approaches that are more effective than others and in order to help people of the importance of final expense insurance, agent needs to be able to convince buyers of such. It can take a lot of practice to develop the needed skills to do this and make a living selling FE.

I don't find that to be entirely true.

What you will find is that your Medicare clients are already sold on FE. They are buying it from mail order companies such as Globe, AARP, Colonial Penn, etc. they may be buying it at their bank or credit union or maybe their car insurance guy.

Many FE sales don't come from convincing someone they need life insurance. They come from showing them how to not buy it incorrectly. They often buy term life or graded whole life simply because they don't understand. Or they might be just paying way too much or applying for a policy they will never qualify for and as a result think they are uninsurable.

Selling FE mainly is about educating them not getting them emotional.

There is just as much emotion when you show someone they can buy their Plan F for $150 and they have been paying $195 but they fear change.

 

[jdeasy]

^^I agree with newby on that. I don't use any of the "emotional" type selling that we are supposed to be taught.

I don't even make a presentation to people that can't define why they sent in the card. If there is not a need/want then I'm not putting it into them.

My presentation is educational. I tell them about term, UL and whole life and what's the difference. I tell them I won't sell them anything but whole life for FE/burial and I tell them why.

I can't say I've never done the emotioanl stuff because I have. I also found that once the emotion wears off so does the want/need.

I wany my clients to make an informed choice, not an emotional one.

 

[gordon112]

LH and SL agents are taught to sell emotion since this is the only thing they have to rely on.

Having the highest rates while not being able to replace policies gives you only one chance to sell there products.

That means you have to basically sell your soul off and pretend its the best solution for them.

I know the game they play, which is to sell emotion.....its the only card they have so they can rush somebody into a sale with there emotions over riding there rational thoughts.

Creepy if you ask me.

However, it is good to point out how important it is to have coverage, it just needs to be used appropriately.

 

[rousemark]

LH and SL agents are taught to sell emotion since this is the only thing they have to rely on.

Having the highest rates while not being able to replace policies gives you only one chance to sell there products.

That means you have to basically sell your soul off and pretend its the best solution for them.

I know the game they play, which is to sell emotion.....its the only card they have so they can rush somebody into a sale with there emotions over riding there rational thoughts.

Creepy if you ask me.

However, it is good to point out how important it is to have coverage, it just needs to be used appropriately.

Life insurance has always been an emotional sale.. The two biggest motivations in people's lives are love and greed. Life insurance can appeal to both emotions and without them very little life insurance would be sold. However, that is not to say that a person should not be well informed about their purchase.

 

[gordon112]

Life insurance has always been an emotional sale.. The two biggest motivations in people's lives are love and greed. Life insurance can appeal to both emotions and without them very little life insurance would be sold. However, that is not to say that a person should not be well informed about their purchase.

Yes it has been, and that is why LH and SL make it work. LH has been very sucessful at this aspect and know how to train people to use that philosophy because it is proven.

Unfortunately, they are taking advantage of the situation with a product that is well under par with the rest.

 

[NCLS.us]

PHR stands for Pacific Home Rescue. They started as a mortgage protection agency and are now focused on final expense.

Thank you, sir! The acronyms can be hard to keep up with...

 

[MattNewbie]

Great stuff! LEarning so much here.

 

[rousemark]

Great stuff! LEarning so much here.

Shhhh. don't let anybody know.. If it happens too often Sam will be forced to shut down the forum.

 

[davidp711]

I don't find that to be entirely true.

What you will find is that your Medicare clients are already sold on FE. They are buying it from mail order companies such as Globe, AARP, Colonial Penn, etc. they may be buying it at their bank or credit union or maybe their car insurance guy.

Many FE sales don't come from convincing someone they need life insurance. They come from showing them how to not buy it incorrectly. They often buy term life or graded whole life simply because they don't understand. Or they might be just paying way too much or applying for a policy they will never qualify for and as a result think they are uninsurable.

Selling FE mainly is about educating them not getting them emotional.

There is just as much emotion when you show someone they can buy their Plan F for $150 and they have been paying $195 but they fear change.

I completely agree with you, I never try the emotional route in sales. People seem to appreciate being educated about a product than someone trying to get them emotionally involved. But people react differently to different approaches, but I have found educating is more effective.

 

[rousemark]

I completely agree with you, I never try the emotional route in sales. People seem to appreciate being educated about a product than someone trying to get them emotionally involved. But people react differently to different approaches, but I have found educating is more effective.

And what motivates them to buy or to even talk to you? In other words, why do they want to buy insurance or do you not try to learn the answer to that question?