Riders Help Answer The Question ‘Whats In It For Me?’
“Whats in it for me?” You may never actually hear this statement directly from prospective customers when selling life insurance. But you can bet that most, if not all, prospects have the thought.
Its human nature. People inevitably and invariably are going to take actions that are in their own best interests, and avoid those they believe are not.
Think about it. Say youve negotiated the best price for a new car and are ready to sign on the dotted line. Then you discover that, because of trying to maintain market share, the car manufacturer will lose $5,000 on the car if you go ahead with the deal. Does that potential loss for the dealer prevent you from buying? Do you feel sympathy and offer to pay more? Of course not.
Now, think about selling life insurance. This means selling a product most people dont believe they want, and many dont even believe they need. (When is the last time an insurable person called you out of the blue, asking if youd sell them a life policy?) The buyer is thinking, whats in it for me?
That, as noted above, is human nature. Its also human nature to procrastinate. Combining those things with trying to get customers to face their own mortality can almost make a sale seem like an insurmountable hurdle.
What can you do to help make the sale a little easier and, perhaps more importantly, provide some additional, tangible, and even predictable real value to your customer?
The answer lies in combining death benefit protection with a combination of living benefit-type riders that can provide a valuable benefit to the insured, while still living.
Such riders enable you to satisfy the prospects very real need to get something of value–to have a substantial answer to the “Whats in it for me?” question. You do this while also providing your client with the much-needed death benefit protection–the need for which he or she may not fully acknowledge.