I have to pay for this for the rest of my life?

[daisyq]

I've been out in the field now selling FE for 2 weeks. This has happened twice. After showing the price, they do the mental calculations (one was 10k face and would have paid 24K at maturity) and kind of freak out. I realize now that I could have offered a 10pay to one because he was healthy, but didn't think of it in the house.

Would love to hear some rebuttals on this from the "old-timers".

Thanks for the help!

 

[Newby]

I've been out in the field now selling FE for 2 weeks. This has happened twice. After showing the price, they do the mental calculations (one was 10k face and would have paid 24K at maturity) and kind of freak out. I realize now that I could have offered a 10pay to one because he was healthy, but didn't think of it in the house. Would love to hear some rebuttals on this from the "old-timers". Thanks for the help!

Maturity is age 121 with most companies. Pretty good chance you won't live that long.

If you died next month with no coverage your wife still has your $50 premium you saved but doesn't have the $10,000 you would have had.

If you bought life insurance 10-years ago it would have been cheaper. And if you wait another year it will be more expensive.

 

[Rearden]

Offer them a 10-Pay if they want to pay it up when they express those concerns.

Inevitably, when your tire-kicker balks at the price, tell him the bottom line is that 99% of your clients take the life pay because paying the lowest price is what matters the most.

Remind him that you have shopped the price with the most competitive carriers and this quote you're presenting him is the best price for the health that he's in.

Then ask him which one he wants to go with -- the higher-price paid up plan, or the lower-price product that virtually everyone goes with?

 

[argar5]

Maturity is age 121 with most companies. Pretty good chance you won't live that long. If you died next month with no coverage has your $50 premium you saved but doesn't have the $10,000 you would have had. If you bought life insurance 10-years ago it would have been cheaper. And if you wait another year it will be more expensive.

Newby hit the target 110% great statement.

 

[GoPokes]

You say, no, you just have to pay for 9 months so I don't get a chargeback lol. Joking aside, people like that can be frustrating. Maybe let them realize that they got away without paying for 70 years now (whatever the age) So they're actually getting a good deal.

 

[Newby]

There are a million answers to this objection and which direction I go depends on their personality and intelligence.

If they are more of an emotional thinker- how big of a problem for ___________ (family member's name) is it if you die tomorrow and do NOT have this coverage? Would this solve their problem today and forever?

If they are a real logical thinker (these are often the ones doing the math. ) figure out their break even point. If in nine years they will have paid premiums to equal the face amount I say- if you die in the next nine years this death benefit cost you less than you paid for it. That takes you to age ___. Only after age ___ does it ever actually cost you anything. And that cost is the fair trade off of being fully covered from today forward. So if you live too long and pay $800 more than you get in death benefit, the entire cost for covering this for your family is actually $800. That's cheap insurance if you ask me. You've paid much more than that for car insurance through the years.

What do you think is more likely to happen, that you die within the next 5-years? Or that you live past age 90? ( I'm asking them the question. I'm not stating them a fact. Let them provide what they think. People will never argue with their own data. )

Always bring them back to their problem. Would you like to leave ___________ this money when you die? Is this something you need to do? Let's get your application accepted today so we don't have this problem.

 

[jdeasy]

I've been out in the field now selling FE for 2 weeks. This has happened twice. After showing the price, they do the mental calculations (one was 10k face and would have paid 24K at maturity) and kind of freak out. I realize now that I could have offered a 10pay to one because he was healthy, but didn't think of it in the house.

Would love to hear some rebuttals on this from the "old-timers".

Thanks for the help!

I would guess there's something else in the fact finding or presentation that's making this come up.

I've been on over 3000 FE appointments and it's never come up. I've never had a person figure up how much they would pay and at what point they would pay more than the face amount.

Maybe they have done it after the fact? But never when I'm there.

I've had a few that just thought they would be better off putting it in the bank. I don't know what those people did because I left them to wallow in their ignorance.

They either want this coverage or they do not. If they don't want it there is no salesman or tactic to change that dynamic. For the long term anyway.

There are some people good enough to get that person away from their core belief for a few days or weeks. But without that salesman there to continually remind them then they will go back to what they want.

It would seem from the surface that you are dealing with suspects, not prospects.

 

[Gooner]

I would guess there's something else in the fact finding or presentation that's making this come up. I've been on over 3000 FE appointments and it's never come up. I've never had a person figure up how much they would pay and at what point they would pay more than the face amount. Maybe they have done it after the fact? But never when I'm there. I've had a few that just thought they would be better off putting it in the bank. I don't know what those people did because I left them to wallow in their ignorance. They either want this coverage or they do not. If they don't want it there is no salesman or tactic to change that dynamic. For the long term anyway. There are some people good enough to get that person away from their core belief for a few days or weeks. But without that salesman there to continually remind them then they will go back to what they want. It would seem from the surface that you are dealing with suspects, not prospects.

^^^this^^^

All of the other replies to your question are mental masturbation, while they seem insightful...they aren't real world applicable.

As JD said, something is going on in your presentation if you're getting a lot of this. I've gotten it a couple of times...it was there way of telling me they didn't want the coverage.(yes, I drilled down and told them they weren't going to hurt my feelings)

 

[Rearden]

Gooner's right - they are "running the numbers" because they are deadbeat misers.

I have occasionally own deals by offering a 10-Pay instead. But they are exceptions to the rule.

 

[argar5]

From the womb to the tomb you gotta pay. That is what i tell my Inner-City policy holders. When your an Inner-City Debit dog for 28 years you know how to speak certain lingo"s !!! LOL