As much as you would like to solve your prospects’ problems, there will be times when they resist your best efforts to assist them.
Your higher calling may be helping others live better lives.
However, your job is closing sales.
To become a top producer, you must deftly manage any resistance you encounter during the sales process.
By honing this skill, you can provide people in your community with valuable insurance products while increasing your income and growing your business.
Consider the following:
Many people think of objections as something you need to overcome.
A better mindset is to think about an objection as feedback.
It means you have not yet addressed or sufficiently answered a question that the prospect has.
When an agent is about to finalize a sale and their prospect balks, he or she will frequently offer one of the following reasons.
“I don’t need it”
Young adults believe they will live forever, so insurance can wait.
Find out if they have a mortgage, student loans or credit card balances.
It is unlikely they realize insurance can pay off those debts.
Older prospects may feel assets such as jewelry and property can serve the purpose of the life insurance you are offering.
Remind them they cannot easily convert these resources into quick cash, if or when an unanticipated situation arises.
“It costs too much”
Studies show over 60 percent of Americans believe life insurance is too expensive.
They also show over 80 percent overestimate the cost of life insurance.
This is an opportunity to educate prospects of all ages.
Focus on protecting those they care about and the freedom from worry insurance can provide.
Young adults are often able to lock in coverage at a lower rate because younger, healthier people pay less for life insurance policies.
“Let me think it over”
Say you are discussing Medicare with a newly eligible couple.
You have explained the alphabet soup that is our federal health care program for seniors.
You know you got through to them.
This couple not only understands the problems the insurance can solve, but also appreciates the value of your recommendations.
When the time comes to sign the application form, though, they say they want time to think about it before making a final decision.
Feel, felt, found
Here is how you can address their hesitation.
After you feel the pushback, acknowledge the reaction:
“I can appreciate that.”
Next, empathize with them: “I felt the same way.”
Finally, restate your purpose:
“What I have found is…” and share experiences where the insurance has helped other clients.
Prompting without pushing
There is a fine line between persuading someone to buy and pressuring them.
The hard-core and relentless sales tactics of the past are out of place today.
Let’s say you have been discussing insurance with a prospect, Jim Jones, at his home for an hour or so.
Jim voices concerns, which you counter with persuasive facts about the product.
You are feeling good at this point because you are closing a deal by helping someone meet a genuine need.
Then you indicate the signature line on the contract – and Jim declines to sign it.
Weighing your options
In situations like this, AmeriLife expects you to exercise your best judgment.
If you believe the possibility of a sale still exists, you can periodically follow up with Jim by phone or email.
Smile, shake his hand and thank him for his time as you leave.
Once in your car, cross Jim Jones off your list if it is obvious he is not interested in further contact.
Then jot down any insights you gained from this experience.
The information may prove useful when you meet with your next prospect – and on future appointments.