How to Hook Your Prospect and Common Questions to Ask Them

[dgoldenz]

I don't know if anything like this has been posted here before or not, but these are usually the series of questions we go through with a prospect looking for life insurance. It helps get them involved in the conversation (instead of just telling them what the price is), lets them tell you their goals, and helps open up the dialogue. You always hear people saying how much internet leads suck and that all lead vendors are horrible. What that really means is that the leads are decent, but many agents have no idea how to relate to the prospect, get them involved, and lay out the options for them in an easy to understand manner. ROI on life insurance leads can easily be 10:1 if you know what you're doing. Usually, when we call a prospect the conversation starts out like this:

Me: Hi, I'm calling for Mr./Mrs. ________
Prospect: This is he/she
Me: This is Joe Agent and I wanted to follow up on your request for the life insurance benefits. Do you have a few minutes for me to ask you some questions and see how we may be able to help?
Prospect: Sure
Me: As a little background information before we start, I am an independent agent licensed with over 45 carriers and it is my job to work on your behalf in finding the carrier best suited for your needs based on the coverage you are looking for and your medical profile. Every carrier has different underwriting guidelines and it is important to know that you are getting the best available rate - we will shop your case with all of the carriers to find you the best available program. There is never any charge to you for our services, and the cost is the same whether you purchase your coverage directly through the carrier or through us as your agent. As your agent, we can walk you through the application process, help with difficult underwriting matters, answer any questions you may have, and assist you in issues that may arise in the future (such as a beneficiary change, etc).
Prospect: Wow, that sounds great. I didn't know that.


and then you can go into your questions, which I have attached as follows in Word format, but have also copied/pasted here (yes, I know this is long, but it doesn't take that long to go through the questions with a client, maybe 15-30 minutes, but the longer you're on the phone the better off you'll be):



1. What is your date of birth, height/weight, etc (demographic info - make sure to confirm as many times it's entered incorrectly on the inquiry form)?

2.Are you taking any prescription medication?


3.Are you being treated for any medical conditions?

4.Do you have any family history of cancer or heart disease before age 60 (immediate family only)?


5.Have you used any tobacco products in the last 5 years? Cigars, cigarettes, or other products? Some carriers will give non-smoker rates for cigar users.

6.Do you have any history of moving violations (speeding, reckless driving, etc) or DUI?


7.Any history of drug use (marijuana or hard drugs such as cocaine/LSD/heroin/etc)?

8.Do you participate in any hazardous activities (sky diving, scuba diving, flying aircrafts, etc)?

9.What is the purpose for the insurance? Family protection, estate planning, buy/sell agreement, key person benefits?

10.Do you have any coverage currently in force? If so, are you planning to keep the coverage you already have, or would you like to replace it? If potentially replacing, offer to show them quotes for what they asked for and for the total amount including what's already in force to re-write. Many people have group life insurance and don't understand the banded rates, or may have an expiring term policy, crashing UL policy, etc.

11.How much coverage are you looking for? How did you arrive at that amount? Would this be enough coverage if something were to happen to you tomorrow (to maintain current lifestyle, pay off debts, send kids to college, keep a stream of income for spouse, etc)?


12.How long do you want to keep the coverage? If purchasing term insurance, what do you plan to do if you outlive the term selected?

13.Do you think you will need coverage past the age of retirement? If not, how do you plan to pay for major expenses such as long term care? How would you replace the assets spent down unexpectedly – either for the cost of the care itself or the lost time from work spent by a loved one helping with care, or both (throw in other examples as you see fit)?

14.How much do you expect the coverage to cost per year? How much have you budgeted to spend on the insurance?



15.Are you looking for any coverage for a spouse? If not, would you be able to take care of all the household duties without the spouse there, or would you need to hire someone to help? If hiring someone, how do you plan to pay for them?

16.Once you make a decision, when would be a good time for us to walk you through the application?




Hopefully that helps.

 

[djs]

Very helpful, thanks!

Dan

 

[R. Paul Aguirre]

Yes very good. Here is a paramed checklist i have put together for our agents, these are merely suggestions of course.

 

[Franz Kafka]

Yes very good. Here is a paramed checklist i have put together for our agents, these are merely suggestions of course.

That looks great. One thing I've learned from an experience - if the applicant's taking a paramed around noon, have her fast in the morning (except water). I used to say "light breakfast" but an applicant had a grapefruit in the morning and his liver number got all shot for noon paramed.

 

[dgoldenz]

We always tell clients to do a fasting blood test and have the exam done at 8 a.m.......too many times the paramed company wants to delay things and lab numbers get screwed up.

 

[SportsNut]

Me: Hi, I'm calling for Mr./Mrs. ________
Prospect: This is he/she
Me: This is Joe Agent and I wanted to follow up on your request for the life insurance benefits. Do you have a few minutes for me to ask you some questions and see how we may be able to help?
Prospect: Sure
Me: As a little background information before we start, I am an independent agent licensed with over 45 carriers and it is my job to work on your behalf in finding the carrier best suited for your needs based on the coverage you are looking for and your medical profile. Every carrier has different underwriting guidelines and it is important to know that you are getting the best available rate - we will shop your case with all of the carriers to find you the best available program. There is never any charge to you for our services, and the cost is the same whether you purchase your coverage directly through the carrier or through us as your agent. As your agent, we can walk you through the application process, help with difficult underwriting matters, answer any questions you may have, and assist you in issues that may arise in the future (such as a beneficiary change, etc).
Prospect: Wow, that sounds great. I didn't know that.


and then you can go into your questions, which I have attached as follows in Word format, but have also copied/pasted here (yes, I know this is long, but it doesn't take that long to go through the questions with a client, maybe 15-30 minutes, but the longer you're on the phone the better off you'll be):

I agree with the concept... however, the above (bold) paragraph that goes on and on... will lose most ppl.... This may work for you, but it won't work for most agents....

What is recommended is to know exactly what you write in your post, backwards and forwards... and then engage the client as soon as can be done with QUESTIONS... about them.... (he who asks the questions controls the convo...) BUT, the agent need not drone on about who they are, and what they do... because here is what the client hears duing that portion of your presentation.... I think.

"Background info.... I am an independent agent licensed with BLAH, BLAH, BLAH........................................................................................................................................................................................................ BLAH........................................................................................................................................................................................................ BLAH...................
(Husband whispers to wife in ear.... Who is that...? I don't know)............................ BLAH.....

Client: Oh, that is nice....

Now if after you state that you are calling about their interest in a life ins quote... immediately get them talking about them.... and when they stop, then ask another question... NOt idle questions, but those designed to extract info as well as express interest in themselves...

Goldenz... No doubt you can pull off what you do on the phone, I just don't think any inexperienced agent could do sp by droning on about what they do...

... I have tried all kinds of approaches, but the best way to maintain interest of your prospect is to talk about their favorite subject... THEM. (not you, or what you know or can do). There is plenty of time for that down the line if you get that far.

You have great ideas, and I use most of them, just in a different order or way to present them.

 

[dgoldenz]

I agree with the concept... however, the above (bold) paragraph that goes on and on... will lose most ppl.... This may work for you, but it won't work for most agents....

What is recommended is to know exactly what you write in your post, backwards and forwards... and then engage the client as soon as can be done with QUESTIONS... about them.... (he who asks the questions controls the convo...) BUT, the agent need not drone on about who they are, and what they do... because here is what the client hears duing that portion of your presentation.... I think.

"Background info.... I am an independent agent licensed with BLAH, BLAH, BLAH........................................................................................................................................................................................................ BLAH........................................................................................................................................................................................................ BLAH...................
(Husband whispers to wife in ear.... Who is that...? I don't know)............................ BLAH.....

Client: Oh, that is nice....

Now if after you state that you are calling about their interest in a life ins quote... immediately get them talking about them.... and when they stop, then ask another question... NOt idle questions, but those designed to extract info as well as express interest in themselves...

Goldenz... No doubt you can pull off what you do on the phone, I just don't think any inexperienced agent could do sp by droning on about what they do...

... I have tried all kinds of approaches, but the best way to maintain interest of your prospect is to talk about their favorite subject... THEM. (not you, or what you know or can do). There is plenty of time for that down the line if you get that far.

You have great ideas, and I use most of them, just in a different order or way to present them.

I can definitely see what you are saying where a new agent could get caught up in droning on.....that whole paragraph literally takes about 15 seconds to say on the phone, so it's not just dragging on as long as it doesn't sound like you're reading it from a script. Sometimes I'll mix it up and ask questions first, then mention that part later, it's all about reading the attitude of the client's voice. Most of the stuff said will also need to be tailored to your own approach. E.g. If you only sell for 3 companies, you can't really use that paragraph because you're not exhausting a lot of resources in looking for the best deal for them....but you get the main idea.

 

[Ami]

I don't know if anything like this has been posted here before or not, but these are usually the series of questions we go through with a prospect looking for life insurance. It helps get them involved in the conversation (instead of just telling them what the price is), lets them tell you their goals, and helps open up the dialogue. You always hear people saying how much internet leads suck and that all lead vendors are horrible. What that really means is that the leads are decent, but many agents have no idea how to relate to the prospect, get them involved, and lay out the options for them in an easy to understand manner. ROI on life insurance leads can easily be 10:1 if you know what you're doing. Usually, when we call a prospect the conversation starts out like this:

Me: Hi, I'm calling for Mr./Mrs. ________
Prospect: This is he/she
Me: This is Joe Agent and I wanted to follow up on your request for the life insurance benefits. Do you have a few minutes for me to ask you some questions and see how we may be able to help?
[/end quote]

...so far, OK

Prospect: Sure
Me: As a little background information before we start, I am an independent agent licensed with over 45 carriers and it is my job to work on your behalf in finding the carrier best suited for your needs based on the coverage you are looking for and your medical profile. Every carrier has different underwriting guidelines and it is important to know that you are getting the best available rate - we will shop your case with all of the carriers to find you the best available program. There is never any charge to you for our services, and the cost is the same whether you purchase your coverage directly through the carrier or through us as your agent. As your agent, we can walk you through the application process, help with difficult underwriting matters, answer any questions you may have, and assist you in issues that may arise in the future (such as a beneficiary change, etc).
Prospect: Wow, that sounds great. I didn't know that.

I'd suggest cutting out "insurance lingo" such as "carriers". "Insurance companies", IMO, is better in the above than "carriers". Also, stick to the facts. If under the law you are the representative of the insurance company in the transaction, I'd suggest that you don't state the opposite, as in "There is never any charge to you for our services, and the cost is the same whether you purchase your coverage directly through the carrier or through us as your agent."

"we will shop your case with all of the carriers": I don't think that there is any agent out there who can make this statement truthfully. There are hundreds of insurance companies and fraternal benefit societies who offer life insurance for sale and the most that I've seen in any of the quotation programs falls short of even approaching 50% of "all of the carriers"

and then you can go into your questions, which I have attached as follows in Word format, but have also copied/pasted here (yes, I know this is long, but it doesn't take that long to go through the questions with a client, maybe 15-30 minutes, but the longer you're on the phone the better off you'll be):



1. What is your date of birth, height/weight, etc (demographic info - make sure to confirm as many times it's entered incorrectly on the inquiry form)?

2.Are you taking any prescription medication?


3.Are you being treated for any medical conditions?

4.Do you have any family history of cancer or heart disease before age 60 (immediate family only)?


5.Have you used any tobacco products in the last 5 years? Cigars, cigarettes, or other products? Some carriers will give non-smoker rates for cigar users.

]

... and some will give "non-smoker" rates for other tobacco/nicotine exposures such as 'chew', "prescribed nicotine"/"addiction withdrawal aids" and the like

6.Do you have any history of moving violations (speeding, reckless driving, etc) or DUI?


7.Any history of drug use (marijuana or hard drugs such as cocaine/LSD/heroin/etc)?

8.Do you participate in any hazardous activities (sky diving, scuba diving, flying aircrafts, etc)?

9.What is the purpose for the insurance? Family protection, estate planning, buy/sell agreement, key person benefits?

10.Do you have any coverage currently in force? If so, are you planning to keep the coverage you already have, or would you like to replace it? If potentially replacing, offer to show them quotes for what they asked for and for the total amount including what's already in force to re-write. Many people have group life insurance and don't understand the banded rates, or may have an expiring term policy, crashing UL policy, etc.

11.How much coverage are you looking for? How did you arrive at that amount? Would this be enough coverage if something were to happen to you tomorrow (to maintain current lifestyle, pay off debts, send kids to college, keep a stream of income for spouse, etc)?

..."something were to happen...tomorrow". Really? The probability of "something" happening to each person each day is 100%. Why not come clean and say it like it is, such as "if you were to die tomorrow"?

12.How long do you want to keep the coverage? If purchasing term insurance, what do you plan to do if you outlive the term selected?

13.Do you think you will need coverage past the age of retirement? If not, how do you plan to pay for major expenses such as long term care? How would you replace the assets spent down unexpectedly – either for the cost of the care itself or the lost time from work spent by a loved one helping with care, or both (throw in other examples as you see fit)?

14.How much do you expect the coverage to cost per year? How much have you budgeted to spend on the insurance?



15.Are you looking for any coverage for a spouse? If not, would you be able to take care of all the household duties without the spouse there, or would you need to hire someone to help? If hiring someone, how do you plan to pay for them?

This question, #15, deserves re-evaluation. I wouldn't say "a spouse" unless I was talking with an Arab oil sheikh, but that's minor. The more problematic part involves the often improper/inaccurate assumption that the spouse is no more than a housekeeper.

For example, my older daughter is a highly successful attorney with a highly respected law firm and her husband is a financial analyst with one of the well known and respected international rating agencies. Their earnings are nicely in the 6-figures and are nearly equal. I know with certainty that if either my daughter or her husband were asked Q15 as per dgoldenz's text, they would not be interested in continuing the conversation.

16.Once you make a decision, when would be a good time for us to walk you through the application?

IMO, this question is better asked with some date/time suggestions, such as "I have next Tuesday at 11:45 am to 2:10pm available at this time, or next Thursday 6:00 p.m to 9:00 pm available. We will need about an hour. Should we meet next Tuesday or next Thursday?"

 

[dgoldenz]

Uh....wow, ok. Way to break it down on a word-for-word basis. I'll respond to the above then....

1. I didn't think "carriers" was insurance lingo. I don't believe I've come across anyone who didn't know what that was referring to.

2. Yes, I am a representative of the insurance company, but I do not work for any single company or push one over the others for any specific reason unless it is in the best interest of the client. Therefore, I am "working on their behalf" to find them the best coverage.

3. We are shopping the case with all of the carriers we represent. Of course there is no way to shop it with every single insurance company on earth. Isn't this common sense?

4. Yes, I know that some companies will give non-smoker rates for people that use tobacco products other than cigarettes. That's why I put the note in there about cigar users. Same thing.

5. "If something were to happen to you tomorrow"......ok, use the word "die." That's really nit-picking the exact wording, and again, this is just a guideline, not a word-for-word series of questions to ask.

6. Again, the question about what happens in the event of a spouse's death is case-specific. The follow-up question of who would take care of the household duties would be used for the type of client that says "No, I don't need insurance for my wife. She just stays at home and takes care of the kids." If the client's wife/husband is working full time and their death would cause a massive loss of income, you can ask how they'd replace it to maintain their current lifestyle. Any question on that list needs to be tailored to the responses you're getting from the prospect. As SportsNut said, if it sounds like you're just reading off a list or a script, you're done for. These are "Common Questions To Ask Them", not "use every word of every question every single time for every prospect."

7. We do most of our sales over the phone since we sell in 15 different states. If you do a lot of local business, yes, ask them to meet with you because it's almost a guaranteed sale. If it's over the phone, I've found it best to leave open their schedule for when they find it most convenient. Just my personal experience though, anyone else is free to do as they like.


You sure do like to nit-pick things. Jesus.

 

[bill3173]

Uh....wow, ok. Way to break it down on a word-for-word basis. I'll respond to the above then....

1. I didn't think "carriers" was insurance lingo. I don't believe I've come across anyone who didn't know what that was referring to.

2. Yes, I am a representative of the insurance company, but I do not work for any single company or push one over the others for any specific reason unless it is in the best interest of the client. Therefore, I am "working on their behalf" to find them the best coverage.

3. We are shopping the case with all of the carriers we represent. Of course there is no way to shop it with every single insurance company on earth. Isn't this common sense?

4. Yes, I know that some companies will give non-smoker rates for people that use tobacco products other than cigarettes. That's why I put the note in there about cigar users. Same thing.

5. "If something were to happen to you tomorrow"......ok, use the word "die." That's really nit-picking the exact wording, and again, this is just a guideline, not a word-for-word series of questions to ask.

6. Again, the question about what happens in the event of a spouse's death is case-specific. The follow-up question of who would take care of the household duties would be used for the type of client that says "No, I don't need insurance for my wife. She just stays at home and takes care of the kids." If the client's wife/husband is working full time and their death would cause a massive loss of income, you can ask how they'd replace it to maintain their current lifestyle. Any question on that list needs to be tailored to the responses you're getting from the prospect. As SportsNut said, if it sounds like you're just reading off a list or a script, you're done for. These are "Common Questions To Ask Them", not "use every word of every question every single time for every prospect."

7. We do most of our sales over the phone since we sell in 15 different states. If you do a lot of local business, yes, ask them to meet with you because it's almost a guaranteed sale. If it's over the phone, I've found it best to leave open their schedule for when they find it most convenient. Just my personal experience though, anyone else is free to do as they like.


You sure do like to nit-pick things. Jesus.

You may have never watched the Andy Griffith show, it currently runs in syndication.

There was an episode where someone told Goober he looked professorial with a beard. He bored everyone in town to tears with his exaggerated sense of superiority.