You may want to know about what separates the top producers of final expense life insurance from the rest of agents in the field. Or you may have been in the process of mastering your own techniques to get to the top. There are several tips that you should consider as you move through the final expense marketplace to give a good deal to your client and to increase your chances of closing the sale.
Only Provide Three Options
Three options is a great sales rule that contributes significantly in life insurance. Giving more than three choices for the consumer can lead to him or her getting confused and deciding to push off to make the decision in the future. The classic “let me think about it” response is most often associated when insurance agents give more than 3 options.
Give Quotes to The Female First
In many cases, when you are quoting a couple for final expense insurance, the female would be the one who comes back with the lower rate. While this is a minor action, it is also an effective one that can help to introduce the options of the sale as it will give a good feeling to the female. You could introduce sticker shock if you introduce the male first.
Explain Benefits First and Then Quotes Immediately
The client’s focus should be primarily about the value the policy provides rather than the price. If you have already illustrated the value of the policy, then it’s a good idea to begin those quotes with the female first. Going over the benefits of the policy in detail might initially seem obvious, but it is, unfortunately, one that is often overlooked in the final expense marketplace.
Many agents assume because of the simplicity of final expense products, that they do not need to go over this in detail. Explain to them that their death benefit never changes and about access to the cash value in emergencies if it is available with that particular policy.
Ask the Client What They Expect the Policy to Cost
Another way of minimizing the client’s focus on the policy cost is to allow the customer to estimate the premium. In most cases, the customer will overshoot the premium 90% of the time. When they realize that the policy is more affordable than they originally thought, you have a much greater chance of closing the sale.
Encourage the Spouse or Person in The Partnership, Who Can Handle the Phone Interview the Best, to Go First
If the company or policy you’ve chosen to sell final expense insurance with requires a phone interview, determine which of the two partners would be likely to be most comfortable with the process and enable them to go through the interview first. This allows the more hesitant partner to become familiar with the process and to feel more confident when it is his or her turn.
This small step can increase the chances that both partners will do well on the phone interview. Phone interviews should be avoided, however, if there is a language barrier. For many people considering a final expense policy, going with a company that requires a phone interview can lead to more frustration than the customers are willing to go through.
Focus on Mastering One Thing at A Time in Sales Until You Have Mastered It
It’s very easy to become overwhelmed when you are trying to make yourself into an expert with final expense life insurance policies. Becoming familiar with all the various types of policies and trying to sell them altogether increases the chances that you will slip up or come across as nervous.
Make sure that you study tips for selling final expense to begin with and then master it, moving on to other types of policies such as term life or Medicare supplement policies. This will allow you to become a master at one thing at a time and to eventually be able to speak confidently about all the various types of insurance.
Following these tips can increase your chances of making your customers feel at ease during your initial conversations about final expense insurance and enhancing the chances that they will ultimately purchase the policy.
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