by lifeagent911 » Sun Dec 28, 2008 11:17 pm
I'm going to tell you a story. I bet this has happened to you, and I'm going to give you an idea that may help you help a client.
I drove about 1 hour from my office to see a prospect. He was a 70 years old male. He had responded back to a piece of direct mailing, and I had set up a meeting with him. Over the phone, I went ahead and asked him a few health questions, and he said he really wants to get some coverage fast. It sounded like it was going to be easy. I get there and start talking with him. I didn't have to talk him into the fact that he needed to buy any life insurance, because he knew that he needed some. We quickly determine that he needs about $50,000 of life insurance. He was worried about sticking the funeral expense upon his son, after he died, and he had a few other areas that needed protecting. Next, I started looking through all of my companies and found him a really cheap price. He looked at the price and told me that was really cheap and a good deal. Here comes the problem. He begins to tell me that he lives on a fixed income, and he could not spend anymore then about $15.00 a month. Of course, I start thinking like any agent in the world. “Man, I just lost the sale, and this guy can't afford it.” At this point, I was ready to give up. But, my father's insurance training kicks into my head. I hear him telling me that I need to stop and find a way to help my client and not to give up so fast. There has to be a way that I can help this client get the coverage that we both know that he needs.
Here was the idea that I came up with. I started asking him about his son, which he was going to leave all the money to from the insurance. The light bulb came on inside of my brain. I needed to talk to the son about helping to pay some or the entire premium amount. The son realized that he would be the one that would be responsible for his father's estate and funeral. The son would clear a little extra money after the funeral. He asked me how much it was going to cost, and then he asked me if we could increase the face amount. Wow!!! I didn't even see that one coming from a mile away.
Next time you run into a client that just can't afford the coverage that they need, think about reaching out to their family members. Most of the time, they are the ones that will get stuck with the bills, and they can even end up asking for more coverage.
I drove about 1 hour from my office to see a prospect. He was a 70 years old male. He had responded back to a piece of direct mailing, and I had set up a meeting with him. Over the phone, I went ahead and asked him a few health questions, and he said he really wants to get some coverage fast. It sounded like it was going to be easy. I get there and start talking with him. I didn't have to talk him into the fact that he needed to buy any life insurance, because he knew that he needed some. We quickly determine that he needs about $50,000 of life insurance. He was worried about sticking the funeral expense upon his son, after he died, and he had a few other areas that needed protecting. Next, I started looking through all of my companies and found him a really cheap price. He looked at the price and told me that was really cheap and a good deal. Here comes the problem. He begins to tell me that he lives on a fixed income, and he could not spend anymore then about $15.00 a month. Of course, I start thinking like any agent in the world. “Man, I just lost the sale, and this guy can't afford it.” At this point, I was ready to give up. But, my father's insurance training kicks into my head. I hear him telling me that I need to stop and find a way to help my client and not to give up so fast. There has to be a way that I can help this client get the coverage that we both know that he needs.
Here was the idea that I came up with. I started asking him about his son, which he was going to leave all the money to from the insurance. The light bulb came on inside of my brain. I needed to talk to the son about helping to pay some or the entire premium amount. The son realized that he would be the one that would be responsible for his father's estate and funeral. The son would clear a little extra money after the funeral. He asked me how much it was going to cost, and then he asked me if we could increase the face amount. Wow!!! I didn't even see that one coming from a mile away.
Next time you run into a client that just can't afford the coverage that they need, think about reaching out to their family members. Most of the time, they are the ones that will get stuck with the bills, and they can even end up asking for more coverage.
Posted: Mon Dec 29, 2008 07:34 am Post Subject:
The son realized that he would be the one that would be responsible for his father's estate and funeral.
So in your case this had worked fine with you.
Here, we see that people are prepared to bear it a bit where they find good returns for the future. I believe, that's the most important part of selling..'you'd always need to identify the interest-area of your prospect'.
Posted: Mon Dec 29, 2008 11:15 am Post Subject:
Interesting story... the only problem is, it's just that... a story.
Men don't much care what happens after they are dead. Their apathetic ignorance keeps probate practice lawyers flush with cash after death when it's too late.
If someone was to give me the choice between 10,000 leads with men vs 100 leads with women for Life Insurance or Estate Planning I'd take the 100 women leads.... e v e r y t i m e.
Personally, I'd move on...by the time you involve the son...have a second meeting or more you've effectively cut your pay in half or maybe by 2/3rds. Then if the old man doesn't make it through underwriting the wasted second and third appointment time could have been used to see two new clients.
My,...
Posted: Mon Dec 29, 2008 10:52 pm Post Subject: insurance
The OP's story REALLY makes me wonder. WHY?: well ( putting my '2 cents' in, too). 'Man I just lost this sale."....................if you KNOW that you "lost the sale", then why continue to the family member? Were you 'doing this' for the 70 year old man,..or yourself?
Posted: Tue Dec 30, 2008 05:33 am Post Subject:
If someone was to give me the choice between 10,000 leads with men vs 100 leads with women for Life Insurance or Estate Planning I'd take the 100 women leads.... e v e r y t i m e.
Any specific reason for it Gary? I'm really curious to know.
By the way, SD, I think no insurance agent thinks only in terms of helping the community. Come on, its their job and they need to secure their bread through it. Time and money goes hand-in-hand for the agents. For the insurance agents every single life is a prospect. And whenever they speak to you they try to get the business from you. They simply can't afford to think in terms of your wellbeing all the time. That is the reason the OP went ahead and speak to the son of the client.
Posted: Tue Dec 30, 2008 10:04 am Post Subject:
Any specific reason for it Gary? I'm really curious to know.
I thought I stated the reason:
Men don't much care what happens after they are dead. Their apathetic ignorance keeps probate practice lawyers flush with cash after death when it's too late.
Apathetic means; not interested or concerned; indifferent or unresponsive.
Ignorance means; lack of knowledge, learning or information.
In "other words" most men don't know and don't care.
Women may not know,... but they care,... and they're NOT apathetic.
Oh and the probate practice lawyers flush with cash...where do I get that information?
Right from Florida Statute 733.6171.
(3) Compensation for ordinary services of attorneys in formal estate administration is presumed to be reasonable if based on the compensable value of the estate, which is the inventory value of the probate estate assets and the income earned by the estate during the administration as provided in the following schedule:
(a) One thousand five hundred dollars for estates having a value of $40,000 or less.
(b) An additional $750 for estates having a value of more than $40,000 and not exceeding $70,000.
(c) An additional $750 for estates having a value of more than $70,000 and not exceeding $100,000.
(d) For estates having a value in excess of $100,000, at the rate of 3 percent on the next $900,000.
Probate practice attorneys use apathetic ignorance coupled with fraud by omission to their advantage.
Did the attorney who drafted your Last Will & Testament mention how your adult children would be paying him/her 3% of the total value of your Estate when the second spouse dies?
Posted: Tue Dec 30, 2008 02:13 pm Post Subject:
I learned a long time ago, if you do what is best for the client, then it will pay off in the long run. I don't sell insurance. I sell myself and my name. I work a lot on referrals and using my name where I live. If you do good things, then people will hear about you.
I have done this methods a ton of times. Maybe the family members are different in my state. To give you an example. I did this myself. My father in law, can't afford life insurance, so I'm paying for it. I'm going to be stuck with the funeral anyways, and this saves me a lot of money. If I had not been an insurance agent, and the agent called me and told this idea, I would have done the same thing. Let's not forget that this also helps the family members.
If you don't like the idea, then don't use it. I'm just giving you something to think about. I'm able to help a lot more of my clients that would not get the coverage they need by doing this or at least trying it. Yes, it does take more time to do this, but it is my day job.
Posted: Wed Dec 31, 2008 03:29 am Post Subject: insurance
WOW!! GARY!!...............my thoughts exactly. 8) I DO understand that 'getting the quotas' is the 'bread and butter' of the agent. However.................if someone can't afford it, them leave them alone. Don't start 'prying' by getting family members involved.
Posted: Wed Dec 31, 2008 03:38 am Post Subject:
I had to help pay for my own brothers funeral. He didn't have insurance. He was young and didn't need life insurance, so he thought. Truth is, he could not afford it, if he did want it. I wish that an agent would have called one of us and told us he could not afford it, but wanted it. We would have helped him.
I help a lot of my personal family members with their life insurance premiums. I pay for my father in laws insurance policy. Because I know that I would have to one day pay for his funeral and he can't afford the coverage.
IF you could see the families I help, you would not call it prying. I only wish more agents would " pry". It's my job to help clients and to make them think about death and their family members when they are gone.
If any clients ask me to do it for them, then I will do it. It's part of my job.
But the again, you have never been an insurance agent or get to see the clients we help. It's easy to look at this, from an outsiders view and make judgements.
I'm always trying to tell my doctor how to do his job. From the patiences view that is. I don't always understand why he does what he does.
Posted: Wed Dec 31, 2008 03:49 am Post Subject: insurance
That's YOUR family, though. If I had Insurance agents pry into MY family like that, I wouldn't be very nice about the whole thing...trust me on that one!
Posted: Wed Dec 31, 2008 04:05 am Post Subject:
Trust me, I do get some family members like that. But I still have to try to help my client.
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