Common Objections

[jmatos]

For some of the newbies here, lets talk about common objections that we have faced in this business and how you have/havent overcame them...

I normally respond to an objection with....I appreciate that....LOL

My most common objection in Life & Health Insurance sales has been let me think about it.

My Answer: I appreciate that Mr. & Mrs. ____ but at this point we don't even know that you all are approved. I will go ahead and get the paperwork started, and after you are approved if you decide that your aren't interested at that time you can cancel.

Alright you are next....this should be a great thread
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I am learning to use two phrases pretty effectively...."I appreciate that", and "I will get the paperwork started."

 

[Larry Tew]

That is the basic "medical close". You may get an app, but they still haven't bought anything, and just getting an underwriting approval won't accomplish much unelss you do something to help them see that the policy applied for gives them something they want.

 

[Todd King]

Just remember, companies don't look at "not takens" very favorably.

 

[theinsuranceman]

My most difficult objection: My unemployment ran out last week and I don't have any money.

 

[proadvisors]

1st of all don't listen to guys who say they haven't bought...

Of course they haven't until the check is debited from their account.

Your job is get them to do paramed 1st then they are more committed. I would say 70% of the people who do paramed
will place.

The app shouldn't even be in uw until they do that anyways so
why worry about not takens.

You do want to make sure they see the value in it though
and your not just being pushy.

Pull them in with value.

 

[Larry Tew]

1st of all don't listen to guys who say they haven't bought...

Of course they haven't until the check is debited from their account.

Your job is get them to do paramed 1st then they are more committed. I would say 70% of the people who do paramed
will place.

The app shouldn't even be in uw until they do that anyways so
why worry about not takens.

You do want to make sure they see the value in it though
and your not just being pushy.

Pull them in with value.

In my last stint in management, I had someone who shared your philosophy. After the insurance company started charging him for parameds and inspection reports for cases that didn't place he changed his philosophy.

If someone wants to sell policies like they were Kirby vacuum cleaners I suppose this approach is ok.

 

[Frank Stastny]

The first thing I do when I get an objection is determine exactly what it is that they are saying. I have discovered that many times the prospect may be voicing one objection but there is really something else that may be keeping them from signing the app. Most of them have "pat" things they say that they think will discourage the agent.

That probably isn't real clear. Let me try again.

When selling Med Supps I have learned, by experience, that the vast majority of the objections they say are all centered around one thing. They are concerned that the new company is not going to pay claims as well as the company they currently have. That should be their main concern with all other kinds of insurance they have but not with Med Supps.

Regardless of what they may say, I respond with, "Well, if you are like most people I talk to, their number one concern is getting their claims paid without any hassle and in a timely fashion. They are all concerned with whether or not the new company is going to pay their claims as well as the company they currently have.

I redirect their "objection" to something they really should be concerned with. I then explain the claims process to them and in doing so I dispel the the more valid objection, that I brought up, that they should be concerned with.

 

[Indiana_Adam]

Frank, do you think that would work for P&C. Most folks say they're happy with who they have. They're only happy with them because they haven't had any problems with them or have been with them forever.

 

[jmatos]

Ok guys I dont remember in the last 6 placing a 1 "DRY APP" with any of my companies. My IMO is here, and he can correct me if I am wrong. I still ask for the bank account information when I get to it on the app, and 99% of the time they give it to me, and when I walk out of the house after handling that objection I have everything signed and paramed scheduled if possible. It is a way to handle the objection and move along to the contract...

 

[Frank Stastny]

Frank, do you think that would work for P&C. Most folks say they're happy with who they have. They're only happy with them because they haven't had any problems with them or have been with them forever.

I don't know why it wouldn't but never having sold P&C I'm not sure what are say the number one or two real reasons why they don't want to change. With Med Supps I know claims paying is the number one reason.

I feel the most important part of what I do is redirecting their objection to one that sounds even more important than the one they stated and then having a very logical explanation for showing them that it isn't something they really don't need to be concerned about when taking a policy with me.