Question: Starting a new life insurance sales meeting is always a challenge – scary even. What should I say to start to get the best result?
You’re right. Starting off a new insurance sales call can cause so much anxiety that we almost don’t want to have them. I know that’s paradoxical, but I see it all the time. When you don’t have a great opening for your approach, many advisors are afraid to have them. So, they don’t.
But I have an answer for you that has been helping advisors open great meetings with prospects, set the stage for a better meeting, and even get better results, faster. Who doesn’t want to have more of those?
When you speak with top advisors about their sales approaches, you’ll discover that they routinely have a set way into a meeting. Same thing, every time. Lather, rinse, repeat. After that, the meeting is a “give and take” process depending on what the prospect wants to do, but there is a way to start to make meetings better.
Here is a proven way to start every life insurance prospect meeting and improve your confidence and results. These are 4 simple statements – a question and 3 pieces of information. They are so easy that you don’t have to be worried about being wrong and looking foolish. You are just setting the stage. Here they are:
- “Prospect, obviously you had a reason for agreeing to meet with me today, would you mind telling me what it is?” This simple, sensible question puts your prospect at the centre of your process. What matters most to them, matters most to you. Everyone wants to be the centre of attention. And whatever they say is their reason, is a perfect way to start. Even if they say that they just said okay just so you would stop calling them, you can work with that. “So, Prospect, you’re saying that I had better be great today if I ever want to see you again? (smile) Fair enough.” But sometimes they will have a useful reason… Someone they know had a health problem. They bought a house. Borrowed money. Had a child. Got married or divorced. That gives you the chance to solve that problem first, and you are off. But, if there is no special reason, what do you say?
- “Thank you, Prospect. To get us started, may I make a few comments? Great. First, no one needs life insurance. Not you and not me. There are no mandates anywhere that require you to buy life insurance to protect your family or business, build a foundational, tax-sheltered asset for your benefit. So, while by law you need car insurance to drive a car, you don’t need life insurance to protect your kids from a financial disaster if you were fatally injured in that car. You only buy life insurance because you want it. You want to protect your family’s lifestyle and your personal and business legacy.” This is a very disarming statement from an insurance agent. Now they want to know why they would want to buy it but it’s up to them.
- “Next, no one buys life insurance because of the probability of needing it. In fact, if the probability of your needing it was high, it’s quite likely that no insurance company would sell you the amount you would want at a price that made any sense. Instead, we buy life insurance because of the consequences of dying prematurely and not having the tax-free, quick capital on hand to do the estate job we want for our family or business.” This concept and the previous one address the “I don’t need life insurance” objection. The fact is, that we can only buy it when we don’t need it and we only buy if we want to. Best to get that idea out early.
- “Finally, Prospect, it’s important to know that you can’t buy life insurance, you can only apply for it. It’s why the paperwork we complete is an ‘application’ and not an ‘invoice’. Further, the numbers the company shows on an insurance illustration are not a price quote, they are only an estimate of what you might pay. They have the final decision on price and if you can buy.” This statement deals with the deal breaking objection “Let me think about it.” Thinking suggests buying. But we are not buying; we are applying. Apply and then we can think. This idea saves many cases. Then… “Does that make sense, Prospect? Okay, great. May I ask you a few questions…?”
With these 4 simple statements out of the way, you can get into your approach questions with confidence and see what “beneficiary value” they want for themselves and their family or business. Anxiety is gone and business is being done.
This column by renowned advisor coach Jim Ruta was first published in the July 2024 edition of Insurance Journal magazine.
For more information on the tools to use to build your brand, check out www.advisorcraft.com/solis
Jim Ruta’s mission is simple – to preserve, promote and propel the financial advisor business. A former insurance advisor and executive manager of a 250-advisor agency, Jim is a highly regarded coach, author, podcaster and keynote speaker. He has spoken 4 times at the MDRT Annual Meeting including the Main Platform. Jim Ruta is an Executive Coach and Keynote speaker specializing in life insurance advisors and leaders. He works with top advisors around the world and re-energizes audiences with his deep insight and passion.
If you have a question for Jim, you may send an email to [email protected]
