Here's an in important reason why so many agents and advisors struggle with closing life insurance sales: People just don't have any "extra" money! (Related: Life Insurance Marketing: It's Not About Piling Up Strangers' Email Addresses) "Well, if I could show you how to get the insurance you need to protect your family, without taking any additional money out of your pocket and sacrificing your life style, would you like to know how?" Are you interested? Would you like to know more? How much easier would it be to close the sale, if you could show your prospects how to get what they need to protect their family, without them spending any additional money or changing their current lifestyle? Think about it: What's the biggest obstacle to you selling life insurance? Isn't it; "I just can't afford the premiums right now?" When 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 100s of closing techniques you've learned, until you get three or more No's? Does applying pressure, or using those closing techniques, generally result in you making the sale? Isn't our job as sales people, to help people to recognize they have a problem and then get them to agree they want to solve the problem? Unfortunately, that's where most agents and advisers stop. If you want to close more sales for life insurance to people who are not billionaires, then you must go a step further. You Must Help Your Prospects Find The Money! In most cases, you can help them 'find the money' by reviewing their current situation (in other words: doing a thorough fact-find) and then helping them to make some smart money management decisions. (re-position their spending). Here are just a few questions to ask to help your prospects find the money.
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 value tax-deferred and generate tax-free income, just like the Roth IRA? Are they putting more money into a 401(k) plan, or the equivalent, than is 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 that could provide both a death benefit and a vehicle for saving for the future?
These are just some of the creative ways you can help your prospect to 'find the money.' Of course, compliance is critical. You must always recommend that your clients consult with their other advisors when considering these kinds of changes. But, by asking questions to get your prospects emotionally involved, so they want to take action, and then using these find-the-money techniques, you'll close more sales. And, you'll close significantly larger sales. Here, by the way, is how I apply this strategy to building my own practice. Here's an example of a call to action I use when helping financial professionals "find the money" in their own practices. FREE Download... How to 'Close 9 Out Of 10' Life Insurance Sales "The Reason So Many Advisors Struggle In This Business, Isn't From A Lack Of Qualified Leads, It Is From Their Inability To Turn Their Leads Into An Appointment, Let Alone A Sale." Download this free report now, because you will be amazed at how quickly you can increase your Life Insurance appointments, sales and commissions, by reading this detailed report.
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