Responding to Life Insurance Objections Part 3

As a recap from the past few months – remember, listen with the intention to understand, express empathy, ask questions and tell stories to draw the customer in and get them to see things in a new light.

Last month we visited the “Let me think about it, I have to talk to my spouse first and I cannot afford it” objections.  We demonstrated how you can move through that objection and meet the customer’s needs.  Let’s list a few more common objections we also hear and then show you how our discussion would sound.

As you practice how to respond with this process you will find your team will all get better at responding to those objections, let’s now look at a few more:

“I don’t believe in Life Insurance”

You say, “Why not?” (get to the root cause) or “I completely understand, I have had a lot of customers that have told me something like this, however let me ask you, do you believe in cash? I do! (take it from there with a few more questions) –  It’s cash that keeps family in our homes and its cash that will pay the bills each month right?

When you pass away to do you want your family to have more or less cash than they have on hand today?  Also – Do you want the government to take some of that cash in taxes or to let your family keep it? I think the government already gets enough, they don’t need more once I’m gone, am I right?

If everything you told me is true, you are going to need to win the lottery, have a rich Uncle or have Life insurance in place to make sure they have cash. They need a plan before the problem happens, let me help you ensure they have cash when they need it most!

“I can’t afford it”

I understand. I use to think the same thing, but let me ask you, do you know how much it costs?  It’s actually very affordable. Let me show you…..” OR  “If I could show you how you could get if for free or next to nothing would that help you? (help them see with discounts and or adjustments in coverage you can help them find the money to get a policy started).

Another approach could be, “Let me ask on a scale from 1 to 10 how important would you say your family is? Are you spending money on things right now that are more important than your family?” OR “What if I could show you how you could buy coverage and if you didn’t want it later you could get all your money back, would that be helpful?

“I want to cancel my Life Insurance”

Okay, why is that?” (remember to get to the root cause and deal with the objection, never cancel life insurance over the phone, it is too important. If someone wants to cancel over the phone tell them they actually have to come in and sign for these policies. Talk to them and remind them why they purchased the policy in the first place. (You told me “XYZ…” is that still important to you?….Paint the picture of what will happen if they do not have this protection in place.  Are you spending money on things more important than your family?”

**REMEMBER to practice these objections with your team and help them with the proper questions so they are engaged with their customers and will have the confidence to keep going as these objections surface.

Next month we will talk about – Part 4 – Life Insurance objections. This includes combating Dave Ramsey’s “Buy Term and Invest the Difference” or “I’m not leaving money for the ‘next guy.’”

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