Put People before Product
Authored by Justin Reeves There is an old phrase, “People don’t care how much you know until they know how much you care.” It rings true in so much of our personal lives and it absolutely translates to our selling as well. Here are four great reminders for all of us to live by as we approach our prospects and clients: 1) Treat everyone you meet as you would your mother or close family member. 2) Work at connecting with your prospect before you try to make the close. 3) Seek to make a friend. 4) Maintain focus on the client – not the sale or yourself. Take the time to make them feel like they are the most important person in the world. Spend time getting to know them and make notes about what they like and the people that are important to them. Review these notes right before you have your next meeting and ask follow-up questions about them. These principles will serve you well in business and life.
How do I choose? They all look the same!
Authored by Brian Leising Term insurance is a highly competitive market, with most top carriers offering coverage at similar prices. When you see a comparison with several carriers just pennies apart, how do you choose the best one? When prices are virtually the same, here are some other factors to consider based on the preferences of your client:- Extra benefits. Do the carriers offer extra, built-in benefits? Benefits may include disaster relief, chronic and critical illness accelerated benefits, medical second opinions.
- Price breaks. Would the client save money by rounding up 250K, 500K or 1 MIL?
- Online application. Would the client like to avoid paperwork? Choose a carrier that offers an online application.
- Underwriting. Which carrier makes it easier? What chance does you client really have to receive the quoted rate class? How quickly do they issue policies?
- Conversion products. What permanent products does the carrier currently offer? Is every product available for conversion? Do they include no-lapse guarantees?
- Company name. Does the client prefer a name-brand company?
- Financial ratings. Does it matter to the client if the carrier has an A++, A+ or A rating?
- Commissions. Assuming the same cost to the consumer, which carrier will pay you more? How much is the policy fee? Is it commissionable?
Referrals – An Obvious Place to Look
Authored by John Schraut Are you looking for qualified referrals? Every time you complete an application for life insurance or an annuity you get at least one possible referral. That’s right! Your next prospect could be hiding in plain sight in the beneficiary section. A smart producer can take that name, find out the relationship to the insured and use the opportunity to ask for an introduction or referral endorsement, something like, “Do you mind if I give (beneficiary name) a call to introduce myself? Many of my clients have found it helpful if their beneficiaries have my contact information.” This eliminates the standard objection from clients when asked for a referral, “I can’t think of anyone.” They provided the name to you. Producers who follow up to turn that into a referral find that it is an easy way to get at least one referral on every application they complete.
Life insurance and Children
Is purchasing life insurance really necessary for a child? Some financial experts argue that money spent on life insurance for children could be better spent investing in college plans or other investment accounts. Here are three reasons why life insurance makes good financial sense.- Final Expense: In the traumatic event of an early death of a child, a life insurance policy can provide proceeds to cover funeral and burial expenses. For many families, the cost of paying the burial expenses out of pocket could be problematic. The final expense costs can easily exceed $8,000. Not all clients have access to that kind of money to pay for a funeral.
- Medical Expenses: The death benefit can be used to cover medical costs that may exist prior to the child’s death. The top causes of death of children under the age of 18 are accidents and certain specific illnesses – both would incur medical costs.
- Insuring Coverage: Purchasing a life insurance policy for a healthy child is relatively inexpensive. If for some reason the child would develop a serious health condition later in life they may be unable to obtain coverage. Many carriers offer guaranteed insurability riders that allows for buying additional coverage with no underwriting.