Recently, I attended a meeting with Glen Harris, a world class leader, one of my mentors and an overall excellent human being. He started his presentation with a quote: “A recent Harvard study has concluded that 100 percent of all humans will definitely die.”
Obviously his study was mythical and his point was humorous. But it posed an important question for advisors: How is it that our prospects and clients understand the need to buy car insurance and home insurance, but so often don’t seem to understand the need to buy life insurance? As life insurance salespeople, you would think the deck would be stacked in our favor. Both car and home insurance policies may never have a claim. With life insurance, we know beyond a shadow of a doubt that we’re going to have a claim at some point in time.
There is a clear disconnect here between need and action. It is something that we as agents can rectify.
May I ask you to please work through this quick four-step exercise with me? (It will lead you to MORE sales.)
Step 1: Write down the names of three clients that you have successfully implemented a life insurance program for in the last year. Take your time.
Step 2: Now, think specifically about the conversation that you had with these three people. What did you say exactly that piqued their interest? Think hard, then write that down.
Step 3: Ask yourself what motivated these three prospects to buy. This motivation, along with what you said to gain their interest, is what’s going to be needed to motivate the next family or business client to implement a program with you.
I find that you can actually place more life insurance by not talking about life insurance. Talk instead about the benefits that a quality life plan will provide. Always answer the question: “What’s in it for them?”
Step 4: Now be honest with yourself. Did you thoughtfully ask these three happy clients to be introduced to their friends, neighbors, co-workers and relatives? If I were with you now, could you show me these referred leads?
This simple four-step system solves your two biggest challenges: always needing an inventory of good referrals to contact and always needing to cover the right information that leads a prospective buyer to buy.
In closing, here are a few thoughts and questions to seriously consider:
- Why do you own life insurance?
- Do you currently own the proper life insurance program? For starters, do you own 10 times your annual income?
- If you don’t own an adequate life insurance program, is it any wonder or surprise that you may lack the strong conviction to provide that coverage to others?
- When was the last time you sat down with yourself and another practitioner to figure out if you actually had the right amount of coverage?
It is my intention to share with you monthly tips, strategies and tools that will aid you or any of your associates to sell more, work less and have fun in the world’s most important industry.
Until next time, stay committed to being significant in the lives of those you serve.
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