Four things top producers do to sell cash value life insurance
By Lew Nason
Insurance Pro Shop
Top producers who use these techniques are able to consistently attract more people, set more appointments, get more referrals and close 9 out of 10 sales calls.
We get hundreds of calls each day from agents who are searching for tips on how to sell life insurance, especially cash value life insurance. They want to know how they can convince people to buy cash value life insurance with all the negative articles and bad publicity about it.
Even when we lay it all out for them, most agents don’t want to hear it. They want to believe there’s a quicker solution that doesn’t involve taking their time to read and study. They want a simple idea that will magically attract hundreds of people to them that already want, can afford and can medically qualify for cash value life insurance. These are the same people that will spend thousands of dollars each year on Internet leads or on a sales system that makes outrageous claims, like promising overnight success while "selling from home in your underwear!" I hope you are not one of those people.
I guess what I’m asking you is, are you ready to learn the real insider secrets to selling cash value life insurance? Then let's begin.
First, learn what’s not working and why. To learn how to be successful selling cash value insurance, you first need to understand what most agents are doing and why it isn’t working.
The vast majority of agents out there are buying Internet leads, mortgage leads, sending out sales letters, cold calling, etc., to identify those people who need life insurance. Once these agents finally set an appointment with a prospect who agrees they need the life insurance protection for their family, business, etc., they’ll jump right in and try to convince the prospect why they should consider buying cash value life insurance.
- They’ll tell the prospect about how much money they’ll save by purchasing cash value life insurance while they are young and the premiums are low.
- They talk about the merits of owning instead of renting their life insurance.
- They’ll explain how they’ll get all of their premiums back, with interest, so they’ll be able to use that money to fund a college education for their children, pay off their home 10 years early or have tax-free money in retirement.
- They’ll try to convince the prospect that they’ll need the insurance in their retirement years and that term insurance won’t be there when they need it most.
The reason both these groups of agents are struggling with selling cash value life insurance is because they are telling the prospect how great the product is and explaining logically why they should buy it. What the top producers know that you don’t is that telling is not selling.
1. Top producers don't just tell, they sell. If you tell the prospect, they may or may not believe you. Remember, in their eyes you are just another salesperson trying to make a sale. If you want to sell to most of the people you meet with, then you have to get your prospects to tell themselves why it’s important, why this works and why they should take action now. And that’s about asking questions, like:
- How much life insurance do you want?
- How did you come up with that amount?
- If you purchase term insurance now, how old will you be when it ends?
- How long do you want to have your life insurance?
- What would happen if you or your wife weren’t here tomorrow?
- How much income would your family lose?
- Could your family keep your home?
- How much income would you like to have at retirement?
- What would you like to do?
- How many years do you think you’ll be retired?
- Do you think Social Security will be there when you retire?
- How much have you been able to save so far?
- How do you feel about that?
- Is what you are spending that money on more important than protecting your family, saving for your child’s education, or saving for your retirement?
Every top producer knows that selling cash value life insurance isn’t about you, your credentials, your products or even the amount of money the client will ultimately have. It’s about helping people to see and truly understand their financial problems. It’s helping them to avoid pain. It’s getting them emotionally involved in the sales process and answering their biggest question: “What’s in it for me and my family?”
Top producers who use these techniques are able to consistently attract more people, set more appointments, get more referrals, close 9 out of 10 sales calls and earn $250,000, $500,000 and more per year selling cash value life insurance, in spite of this struggling economy and bad publicity about cash value life insurance.