Term Life Sales 101?

[rbrewer]

I tell them you don't want your family worring about where their going to live or how they will pay their bill on the worst day of their life, ie they have just lost you. And it is the most loving thing you can do for your family not leave this burden on them.

 

[zmazmzm]

I tell them you don't want your family worring about where their going to live or how they will pay their bill on the worst day of their life, ie they have just lost you. And it is the most loving thing you can do for your family not leave this burden on them.

Well put! That's putting it in a caring way that they can't take the wrong way. I likey!

 

[J-Ro]

Question :
Who is the ideal candidate for term life?
Is there a certain age demographic for term life? Is it eaiser to write than WL?

 

[Franz Kafka]

I think one of the things you have to do is establish some agreement as to why you are there before you make your presentation.

I like to explain the process to my prospects up front...almost give them an agenda for the meeting. Then one of the first things I establish is WHY did they have me come out tonight? WHY are they considering buying insurance?

Once I have the answer to that question, I tell them I have some solutions/options that will solve their problem, all they have to do is pick the one that works best for them, and then we will take an application for coverage tonight.

You also have to make them understand it's okay to say no. You took the time to make a presentation, you deserve an answer. I've gotten up and left appointments before making a presentation if I couldn't establish why I was there or that a decision -- yes or no -- would be made right there and then.

This is the ticket! An excellent advice! I might add - dress meticulously, speak with authority and act as if you just don't give a sh*t.

 

[nka245]

I think one of the things you have to do is establish some agreement as to why you are there before you make your presentation.

I like to explain the process to my prospects up front...almost give them an agenda for the meeting. Then one of the first things I establish is WHY did they have me come out tonight? WHY are they considering buying insurance?

Once I have the answer to that question, I tell them I have some solutions/options that will solve their problem, all they have to do is pick the one that works best for them, and then we will take an application for coverage tonight.

You also have to make them understand it's okay to say no. You took the time to make a presentation, you deserve an answer. I've gotten up and left appointments before making a presentation if I couldn't establish why I was there or that a decision -- yes or no -- would be made right there and then.

Another helpful thing is in your process of setting an appointment, hopefully you are asking some good qualifying questions and one of those is "What is your current monthly premium cost?" (if they are replacing other coverage (like auto, home, health); or "How much can you afford a month?" if you are selling Life insurance.

Example, woman I spoke with yesterday on the phone. I asked her how much she could afford. She said she had no idea.
Me: could you afford $100 a month?
Her: No.
Me: How about 75 dollars a month?
Her: That would be tough without me having a job [husband is firefighter and earns $75K].
Me: Okay, how about $50 a month, couldn't you afford 12 dollars a week?
Her: Yes I think we could afford that.

So now I am going to show her and her husband three plans. One is the proper amount of coverage they should have, it's more than $50 a month. Option two is a little less coverage and falls right in that $50/month range. The third is a low-ball, $15 a month option for minimum coverage ($150K each) at premier rates, if they qualify. Of course all of this is term

Hope this helps.

I completely agree with the establishing a need part of your statement. If you can't establish a need; you;re usually dead in the water.
We all know there is a need for burial but that isn't what drives most people to buy a policy unless you are dealing with final expense.
Term life requires a need. Some type of life changing event that pushed them to look for the insurance in the first place.
I come right out and ask them why they wanted me to come and visit them (or call them as of late. I have been doing phone sales for some months now).

The one single thing that has driven my sales upward more than anything else is telling the customer from the get go that I am NOT there to sell them anything. My job is to present them with options to fulfill their needs and that just as they need to think about the insurance they wish to purchase; the insurance company needs to think about them, too. I tell them that they are not automatically approved with any company, regardless of their health or life situation. There is always an underwriting process. It's best to get that process started and have some type of coverage.
Nobody likes to think that they don't qualify for something and this is one way to really touch the emotional part of the sale.
After that is out of the way it is time to listen to them talk about why they feel they need insurance. I take notes and then as I go through my presentation; I reiterate every point they brought up while we were identifying their needs.
I paint a picture for them with their own words. It's hard for someone to argue with their own opinion.
I completely expect objections and I feel unsettled if I don't get any.
The worst type of sale is the sale that doesn't generate any objections or questions. They usually end up being a dud appointment or a charge back, in my experience.
As far as competing with other agents...
People don't buy for two reasons, either they don't like the price or they don't like the salesperson.
I flat out ask them which one it is. It works. If they don't like you then you can save yourself a hella lot of stress by leaving with dignity. Even if you close the sale eventually; if the customer doesn't like you; they won't be loyal to you.

I could probably write about this for days but alas, I have to go work now, lol.

Good luck!

I came from a different sales background, too. You can do this! If you can sell, you can sell. Don't be intimidated, just become educated

 

[arnguy]

Amen, sister!

 

[Mark]

Good Post Louise

 

[zmazmzm]

I should be able to close more now with this great new information. Thanks all! BTW, if anyone else has anything else, please keep it coming. I think this is a great thread so please don't let it die!