
Beating The Recession...
How To Sell Life
Insurance...
In
This Struggling Economy
...Revisited!
Last year we wrote an article about...
How To Sell Life
Insurance... In Spite Of Our Struggling Economy!
We’re happy to say that it was the most read and commented on
article of ‘all time’
for
ProducersWeb.com.
Now, because contrary to what our elected government officials would
like us to believe, the overall US economy is not seeing much, if
any significant improvement. And because we’re getting more and
more calls from struggling agents, advisors and planners asking for
help selling cash value life insurance, we
believe
the ideas and tips in that previous article are worth revisiting.
U.S.
unemployment rate jumps to 26-year high of 9.7%!
Nonfarm payrolls
fall 216,000 in August 2009 - 20th consecutive monthly decline!
While there is still a lot of bad news about the US economy, as the
above headline clearly shows, the good news is that 90% of the US
population is still employed. Many of those people are now
searching for real help with their finances. They now see the
reality of their situation, and are ready to listen to an advisor
who can help them to reduce and eliminate their debt. They now
recognize the importance of, and want to start putting money away
for their future. And, they are now looking for safety and
guarantees.
This consumer mindset change offers an exceptional opportunity for
those few agents, advisors and planners who are ready and willing to
learn how to really help people, instead of pushing products, price
and/or investment returns!
Unfortunately, most of the agents, advisors and planners who call us
are still searching for a magic cure. They want a quick and simple
idea that will magically put them in front of hundreds of prospects
that already want, can afford and can medically qualify for cash
value life insurance. They are unwilling to take the time to read
and study any system. They want overnight results.
These are the same people that have (or 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
life insurance from home in your underwear!’
Are you one of those
people?
Or, are you ready to
learn the real ‘insider secrets’ to selling cash value life
insurance?
Discover... What’s Not Working And Why
If you want to learn
how to be successful selling cash value life insurance, then you
first need to understand what most agents are doing, and why it's
not working.
The vast majority of
agents out there are buying Internet leads, mortgage leads, sending
our sales letters, term flyers, cold calling, etc., to identify and
attract those people who need life insurance. Once these agents
find a prospect that needs the protection for their family,
business, etc., they’ll jump right in and try to convince the
prospect why they should buy 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’ll talk about the merits of owning instead of renting their
life insurance. They’ll explain to the prospect 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 5 -10 years early, or have more money in retirement.
And, how their money will grow tax deferred and how they can access
their money tax free, without any IRS penalties. They’ll also try
to convince the prospect that they’ll need life insurance in their
retirement years, and that term insurance won’t be there when they
need it most!
All of the things they
are telling their prospects are very true and logical reasons to own
cash value life insurance. However, in the majority of the cases
the agent, advisor or planner is indeed very lucky if they are able
to walk out with a term insurance sale, let alone a sale for cash
value life insurance. Why?
Then, there are those
agents that will spend $5,000 or more on an advanced cash value life
insurance selling system, like the Missed Fortune, Infinite Banking,
LEAP, Pension Max or one of the various college funding or equity
management systems. Their objective is to find and attract people
who want to hear more about these exciting new sales concepts, to
set an appointment.
They’ll run adds in the
newspaper offering a free dinner seminar. They’ll send out their
books, booklets and free reports. Once they set an appointment with
someone who wants to know more, they’ll explain how great the
concept is and how much better off they'll be financially.
The concepts they are
presenting are terrific, and they work. And, yet most agents are
lucky if they are closing 10% - 20% of the people they are meeting
with. Why?
The reason both these
groups of agents are struggling with selling life insurance is they
are telling the prospect how great the product is and logically why
they should buy it.
What the Top Produces
know that you don’t is…
“Telling Is Not Selling!”
If you tell your
prospect they need life insurance, they may or may not believe you.
Remember, like it or not, in their eyes you are just another
salesperson trying to make a sale. If you want to sell more of the
people your meet with, then you have to get your prospects to
‘tell themselves’ why it’s important and why they should take
action, now. And, that’s about asking questions. Questions like…
How much life insurance
do you currently have? How did you come up with that amount? If
something happened to you how long would that money last? Then,
what would your family do? Etc.
How long do you want to
have your life insurance? If you purchase term insurance now, how
old will you be when it ends? How much will you have spent for the
life insurance during those years? Etc.
What the Top Produces
also know that you don’t is…
“People Buy Based On Emotion,
And Then Justify Their Decision Based On Logic!”
If you want people to
buy from you, then you must get them emotionally involved!
People buy for many
reasons, but they all boil down to avoiding pain or gaining
pleasure, which are emotions. To get people emotionally involved,
you much ask questions to get them to talk about their problems.
The more they talk about their problems, the more they’ll feel the
pain and consequences of doing nothing. The more they feel the
pain, the more they’ll want to solve their problems. You must ask
questions like…
If you or your wife
weren’t here tomorrow, what would happen? How much income would
your family lose? Could your family keep your home? How do you
feel about that? Etc.
Are you planning to pay
for your children’s college education? What college would you like
them to attend? How much do you think it will cost each year? How
much have you saved so far? How do you feel about that? Etc.
How much income would
you like to have at retirement? What would you like to do? Where
would you like to go? 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? Etc.
What the Top Produces
also know that you don’t is…
“You Must Help People To
Find The Money!”
Would you agree
that none of us has any extra money? We all are spending everything
we earn. So, no matter how good your product, program or idea is;
if your prospect has to sacrifice something in their life, then they
are probably not going to do it! However, there are very few people
who are not spending money unnecessarily, or in the wrong places, in
some areas of their lives. Your job, if you want to make a sale, is
to help them find that money and then help them to establish their
financial priorities.
Is what you are
spending that money on more important than… protecting your
family? …Saving for your child’s education? …Saving for your
retirement?
Lastly, what the Top
Produces also know that you don’t is…
“You Must Keep The Closing Presentation Simple and Logical!”
Remember, people buy
based on emotions, and then they justify their decision based on
logic! If you confuse the prospect
at all; give them too much technical information; ask them to make
too many decisions; or try to solve all of their problems at once;
you’ll have trouble closing the sale. If you use a 25 to 50-page
report, you’ll generally lose more sales than you’ll close. It’s
makes the decision to take action, too complicated and too
confusing. People want to know what the bottom line is. If you
want to sell more cash value life insurance, then use a simple
two-page summary to hi-light the end results of the program you are
recommending, compared to what they’ve been currently doing.
Every Top Producer knows that selling
life insurance, especially cash value life insurance, isn’t about
you, your credentials, your products, or even the amount of money
they’ll ultimately have. It’s about helping people to see and truly
understand their financial problems. It’s helping them to avoid
pain (or gain pleasure). It’s getting them emotionally involved in
the sales process and answering their biggest question… “What In
It For Me… and My Family?”
It’s why the Top Producers are able to
consistently attract more people, set more appointments, get more
referrals, and close ‘9 out of 10’ sales calls. It’s why they are
consistently earning $250,000, $500,000 and more per year selling
cash value life insurance, in spite of this struggling economy!
Lew and Jeremy Nason
'The 9 Out Of 10 Guys'
Marketing and Sales Coaches

Message to
Financial Advisors…
What have you done in the last sixty
days to increase your sales? Is there any question that during
the year, you're going to spend thousands of dollars in time, money
and effort bringing in new clients to your business? Then wouldn't
it make sense to do it the most cost effective, money-making ways?
Why not learn the marketing, prospecting, appointment setting and
sales strategies that most of the leading agents, advisors and
planners on the planet use? Jeremy and Lew Nason