Some people make things happen. Some people watch things happen. Some people don’t know anything is happening. When you’re selling life insurance, you need to be a person who makes things happen. Given half a chance, your prospect will procrastinate forever regarding insurance. Most needs that people have for insurance did not suddenly materialize when you came into the picture. In other words, they have already been procrastinating for years. Procrastination is natural, but it doesn’t get the job done. Your job is to transfer the risk from your prospect, his family, and his business to the insurance company, as soon as possible.
There will never ever be a better time for your prospect to buy insurance than now. By waiting, he saves nothing and risks everything. He may die. His health may change. His age will change, which means the cost will increase and the benefits will decrease.
Establishing a sense of urgency starts in your own mind. Your prospect benefits sooner by meeting with you this week rather than in six months. The purpose of the first meeting should be to obtain enough facts and feelings to pinpoint problems which life insurance can solve for your prospect.
My goal was always to be back in front of the prospect with my recommendations within ten working days of the fact-finding interview. I would make the appointment for the presentation at the end of the fact-finding interview. This forced me to prepare my presentation in order to meet this deadline. Many agents call the prospect several weeks after having done the fact-finding interview to schedule the presentation. This sets the stage for procrastination on the part of the prospect.
In the presentation, make it easy for your prospect to do something by giving him options…term, permanent, and a combination. The real sale is selling yourself that the insurance is the right thing to do for your prospect. Don’t get bogged down in the details of trust arrangements and split-dollar agreements. The important thing is to get the insurance in force. I never recommended insurance that the prospect could not afford, and I was always able to show him the premium source, which was often a capital transfer. If the prospect wanted term insurance, that was okay. Get him insured. Convert the term to permanent later.
Once the prospect understood the magnitude of the problem and the simplicity of the solution, I would use the medical close. “Are you going to be in town for the next few weeks? Why don’t I have the doctor’s office give you a call in order to arrange a medical exam, which of course will be at our expense, so that we can get stared on the paperwork to see if you can qualify for the insurance?” Then, without waiting for an answer, I would say, “All I need is your okay on a few pieces of paper.” I would then indicate where he should sign the application and would get any additional information needed to complete the application.
Then I would say, “All I need is a check.” Many times, the prospect would want to think it over. I would indicate that the underwriting process would take about two months and that he could be thinking it over during that time and then get his money back if he decided against doing it. I can recall only one instance where someone decided against taking the insurance after having given me a check.
A sense of urgency on your part is totally consistent with your prospects’ best interest. Most people will respect your persistence when they understand that you are doing it for them, and not just for yourself. Assume consent. Take action. Make things happen. Get the job done.
