When I first started selling life insurance, I really got caught up in trying to figure out what the best policy was for my clients. I’d hear other agents talking all the time about how term was the best or whole was the best, some said universal…
These guys would always try to sell every client the same type of policy. The ones that preferred term would just sell the term policy and never really talk about permanent options.
The agents that preferred permanent would try to sell that first and fall back to the term if needed.
So naturally, I followed suit. In the beginning I decided that term was the best for my clients. The reason I came to that conclusion was simply based on the fact that it was the least expensive.
As the years went on, I started taking the LUTC classes. I began to understand policy structure and how permanent policies can be shaped to create all kinds of different ways the client can benefit that term insurance couldn’t.
I started studying advanced techniques like the Infinite Banking concept and Circle of Wealth.
It made me jump ship from a term only guy to a perm only guy. For a few more years I stuck to this philosophy and really tried to cram all of my clients into one box.
That was until we had a district meeting that I’ll never forget…
As usual, as a group we were reviewing all the agent’s stats from selling life insurance the previous month. A discussion broke out about term vs. permanent.
One of the agents, Larry Noble was this soft spoken guy who had been with the company for about 30 years. He was one of the company leaders for every line of insurance year in and year out.
He spoke up and said something that just hit me like a ton of bricks. Larry said: “the best life insurance policy is the one that’s in force when the client passes”.
It was so simple yet so profound. You see, I had spent so much time focusing on what I thought should be the best policy for the client when I really should have been selling life insurance that stays in force.
I radically changed my approach right after that meeting. And it sent my insurance sales into the stratosphere! All I had to do was make a change in my mindset and it made all the difference in the world.
So if you are firmly encamped in either the term only or permanent only side, I strongly suggest that you re-assess your positioning.
Really take the time to listen for cues in what your clients are saying during your fact finding appointments. Give them three different options when you present choices, highlighting the benefits that cover things they said were important to them.
Then simply ask them to choose what policy they feel is right for them. Only after they have committed to a policy type should you start quote prices.
Get them emotionally involved in the benefits of the policy first so that they aren’t focused on price. Then you can bring in price and it’s not that big of a deal.
If it is, you can use some simple techniques to “find the money” for them. The lowest hanging fruit when it comes to these strategies is looking at their group coverage from work.
Believe it or not, most people are paying a pretty penny for low coverage because these policies are annually renewable and increase every year.
I would commonly have clients that were paying over $50/month out of their paycheck for only one or maybe two times their income in coverage.
Nobody ever objected to opting out of their group coverage at work and repositioning those funds over to an individual policy with me that they owned forever and had control over. Especially when the coverage amount was exponentially more with the new policy than it was on the group coverage.
Now I’m fairly certain that selling life insurance isn’t the biggest problem that you have in your business…
More than likely your biggest problem is getting enough butts in your chairs each and every day so you can close some sales.
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