Double your life insurance sales in the next 30 days
By Lew Nason
Insurance Pro Shop
If you want to double your life insurance sales in the next 30 days, then start asking questions to help people to see and understand the financial problems they are facing, so they want to solve those problems.
What if you could say to your clients and prospects, “If I could show you how to get all the life insurance you need to protect your family without you taking additional money out of your pocket and sacrificing your current lifestyle, would it be worth sitting down and talking about it?”
Would they be interested? Would they like to know more?
How much easier would it be to set an appointment with your prospects and clients if you could show them how to get what they needed without them spending additional money or changing their current lifestyle?
Think about it. What’s the biggest obstacle to selling cash value life insurance? Is it, “I just can’t afford the premiums right now?”
When your prospects give you the “I can’t afford it” objection, do you now apply pressure to try and persuade them it’s worth the sacrifice? Do you try three or four of the 101 closing techniques you’ve mastered until you get three or more no's?
Does applying pressure or using these 101 closing techniques generally result in you making the sale?
If you want to double your life insurance sales in the next 30 days, then start asking questions to help people to see and understand the financial problems they are facing, so they want to solve those problems. Then you must go a step further and help your prospects to find the money.
In most cases, you can help them find the money by reviewing their current situation (doing a thorough fact find) and then help them to make some smart money management decisions. Here are just a few ideas on how you can help your prospects:
- Can they reduce the premiums on their existing insurance policies?
- Do they have low deductibles on their health, auto or homeowners insurance?
- Can they increase their deductibles to free up some money? Consider, if they had $10,000 sitting in their savings, couldn’t they afford to go to a higher deductible on their insurance policies? What’s the best way to get the $10,000 into their savings?
- Do they have an opportunity to receive a discount on their auto, homeowners and liability policies, by putting them with the same company?
- Do they qualify for health insurance through their employer at a reduced cost?
- Do they have a critical illness policy, disability insurance policy or long term care insurance policy with long-term benefits?
Example: Having a to age 65 benefit period on their DI policy is fine, but if it prevents them from getting the life insurance they need to protect their family, is the long-term benefit on these policies really necessary? What is the higher priority?
- Do they have expensive, low priority riders on the above policies? Could you free up money by removing these riders?
- Do they have cash value polices that can be paid-up with dividends?
- Can you recommend a lower priced, quality company for their current insurance?
Be very careful about replacing policies. Make sure it's truly in your prospects best interests.
- Are they funding a retirement plan?
- Are they putting money into a Roth IRA?
If they need more life insurance to protect their family, couldn't they use a cash value policy for their retirement savings, instead of a Roth IRA? Doesn't cash value life insurance build tax-deferred and generate tax-free income just like the Roth IRA?
- Are they putting more money into a 401(k), than isn't matched by their company? Or, are they are using a traditional IRA, SEP, etc.?
Again, if they need more life insurance to protect their family, couldn't they instead use some of the money they are putting away for retirement to fund a cash value policy?
- Can you help them to reduce or eliminate their debt?
- Do they have multiple credit cards and charge accounts with large balances and high interest rates?
Could they consolidate all that debt onto one credit card with a lower interest rate and reduce their total payments?
- Do they have cash value in their life insurance policy they could use to pay off their debts or a car loan?
Aren't they better off borrowing from themselves and paying themselves back, instead of paying someone else the interest? They can become their own bank as in the infinite banking system. (Note: they must pay themselves back with interest. In some cases, you can borrow from a 401(k) to pay off debt and then pay it back over five years.)
- Do they have untapped equity in their home that they can use to reduce or eliminate their debts? Or could they refinance their mortgage for a lower monthly payment to free up income?
Mortgage interest is tax deductible. So, they save on income taxes while reducing or eliminating their debt. That’s the idea behind the missed fortune concept.
By using these found money management techniques you can double or triple your sales income in the next 30 days.
Plus, you'll help your clients and prospects to optimize their tax free savings. You'll put them on the road leading to true financial security. Now, how valuable have you made yourself to them?
By the way, have you looked at your own financial situation? Can you use any of these found money management strategies to make your financial situation better?