I agree with JD about not giving rates over the phone. 99% of the time it's a deal killer. I wouldn't make a special trip, but the next time I was in the area I would door knock that one. Get in the house and review his policies. Reduce his rate and give him a check for x amount of dollars, he could probably use it. By giving him the rate over the phone you may have lost the opportunity to do the right thing for him and his wife. I take that seriously. He will be the one that loses the most if you don't make that sale. I believe that if you do the "easy" thing (like puking rates over the phone) you are doing a dis-service to your prospects. Have enough respect for them to drive to their home and present the product like you are a professional. (dismounting soap box).
Trying to Save Senior Money on Their Monthly Premium
- Thread starter mikeincolumbuso
- Start date
- 1,011
I usually get rates on a cust before I call.. I'll run a $3000 FE quote, if they are pushy about how much it cost, I'll say something like
"Maam, theres about 30 different companies out there with many different plans, but Ithink I might be able to get you a plan for as little as $20 per month, I'll be in your area.. blah, blah.. what time is best , blah blah.. am or pm?"
Then when ya get in... it's what seperates men from the boys
"Maam, theres about 30 different companies out there with many different plans, but Ithink I might be able to get you a plan for as little as $20 per month, I'll be in your area.. blah, blah.. what time is best , blah blah.. am or pm?"
Then when ya get in... it's what seperates men from the boys
- 322
yes. thats code for "you will have fogotten i even exist by then and i wont have to deal with you again ( and your foolish attempts to want to help me) "
This FE can be so frustrating when options are black and white and the prospect choses to be frozen into the wrong one--------amazing how many occations you tell a prospect they are sitting there with term insurance that increases and likely runs out before they do and they still need to think about it ( ie they already have and are staying put)
Have spend considerable time with 2 over the last week who send in lead cards building great repoire and writing them at only the small premium they acknowleged they could afford-----then within a day or 2 they withdraw the app claiming they determined they wont be able to afford the 40/mo premium till Sept???????-------why the hell did we waste all this time today and you happily do an app ?????????----just time wasters some of these folks and for sure wont be calling in Sept for more BS
Continually shaking my head over the thought or non-thought processes of so many we see in this nitch of the market---FE can make you crazy and drive you to drink
Feel better now---needed that vent
The..."I want to think about it" reply....means...99.99999% chance it's Mr or Mrs. Agent going on to the next suspect or prospect.
Goes right along with the..."mail me a card" reply. That one makes the USPS some money. Rarely will they ever call back.
I did have one lady recently that I left a message with, that did call me back and purchased a med-supp and PDP. That's a rarity.
I would be pissed too about someone canceling on me that I had just written. At least you didn't get paid the commission on it before they canceled.
Time to take a walk for 30 minutes after that happens.
"""yes. thats code for "you will have fogotten i even exist by then and i wont have to deal with you again ( and your foolish attempts to want to help me) """.....
Exactly!
Quotes or no quotes is of no matter to me. I just wanted to point out that you dont need to sell the prospects the same death benefit. If you can get in the door, call and get the cash surrender value AND the Reduced Paid UP Value. Now you can sell them the difference of the RPV and the 10K or even more at a much lower premium. Good Luck.
Yeah, I used to do that too. And I agree that in lots of cases it's the best option for the client. But, HOLY CARP does it ever confuse the heck out of 'em!! They usually understand the "I'll lower your premium and send you a check" model MUCH better. In the end, the way that makes the client the most comfortable is probably the best way. We have to remember that these folks haven't done much "financial planning" up to this point so it's not easy to understand concepts with too many moving parts.
"Sooooo I'm keeping my policy AND getting a new one?!?!? I don't know about THAT"
But, yeah, It makes more sense sometimes to do the rpu thing...
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MediKareman
Expert
- 21
Medicare Supp sale interview. Example Mr. Jones has Plan F at $160 month and I offer him a Plan F for $125.
Mr. Jones you made a great decision when you decided to take a Plan F as you Medigap plan. Most all folks I speak with have the same plan as you and most all of those people are on a fixed income. Are you one of those folks? 99% of the time they say yes. Mr. Jones you are going to be happy that we spoke today because I can save you $400 a year w/o jeopardizing any of your current benefits. To get the process started, I will need to see your Medicare card. That's it!! Sell it and next appt.
Now, if they say they are on a fixed income and do NOT buy then I say, Mr. Jones, you just stated you were on a fixed income like most all Seniors..is that right? Answer, 'yes'. Well for me to help you with your financial status, I will need your Medicare card so you can start saving $400 a year. Sell it and next appt!
If Mr. Jones tells me 'No" again then I say. Mr. Jones you are have been very fortunate and smart with you finances because I rarely see Seniors that have the luxury of not being on a fixed income as you stated to me before. Usually I get silence.
My last shot is usually, Mr. Jones, here are two apples...one apple is $15 and the other apple is $4. They are the same type apple. Mr. Jones which one would you usually purchase?
I have never been answered with the $15 apple. When he chooses the $4 apple, I ask him for his M/C so we can get him a $125 plan F instead of the $160 Plan F.
Mr. Jones you made a great decision when you decided to take a Plan F as you Medigap plan. Most all folks I speak with have the same plan as you and most all of those people are on a fixed income. Are you one of those folks? 99% of the time they say yes. Mr. Jones you are going to be happy that we spoke today because I can save you $400 a year w/o jeopardizing any of your current benefits. To get the process started, I will need to see your Medicare card. That's it!! Sell it and next appt.
Now, if they say they are on a fixed income and do NOT buy then I say, Mr. Jones, you just stated you were on a fixed income like most all Seniors..is that right? Answer, 'yes'. Well for me to help you with your financial status, I will need your Medicare card so you can start saving $400 a year. Sell it and next appt!
If Mr. Jones tells me 'No" again then I say. Mr. Jones you are have been very fortunate and smart with you finances because I rarely see Seniors that have the luxury of not being on a fixed income as you stated to me before. Usually I get silence.
My last shot is usually, Mr. Jones, here are two apples...one apple is $15 and the other apple is $4. They are the same type apple. Mr. Jones which one would you usually purchase?
I have never been answered with the $15 apple. When he chooses the $4 apple, I ask him for his M/C so we can get him a $125 plan F instead of the $160 Plan F.
- 322
every day i want to bang my head against the wall with those who need to ponder the obvious decision----which never ends in a sale---saving significant $$$ replacing a policy
Lady yesterday took out the day before $39/mo with LH that I could do her at $32----she pondered and then texted me few days later refusing to talk shes staying with LH??????????????????? ( i had told her she'd get her LH first mo premium back)---how does one come to a dumb decision as this???????
Yesterday a lady had a 5 year old MOO 7000 policy and i told her for the same $$$ I could give her $8500 of coverage and she'd get surrender value from MOO----she said she had to ponder this obvious one which means that will go no where-----------what is there to think about here??????
Too often these people when advised they have term insurance decide to keep it rather than moving in total or in part to whole life????????????---their response often "i might die before age 80"-duhhhhhh---------how does anyone halfway sensible stay with a AARP term policy when they are in there 60s/70s
These cases are not result of lack of warmup or trust building--------we deal in this market generally uneducated people often of lower mental capacity and you just cant win with rational arguments with many of these in this FE nitch we serve-----------its a daily "headscratcher" how so many are content with situations they are in that make no sense
I have found if you dont sell them in the initial visit its not going to happen.I have followed up on so many of these "no brainer" situations that need pondering and not sure I've ever sold anything from followups when they didnt buy at the initial presentatation. They will always not answer if they see you on the ID when you call and never call back if you leave even repeated messages----------followups have proven to be a waste of time and gasoline
Lady yesterday took out the day before $39/mo with LH that I could do her at $32----she pondered and then texted me few days later refusing to talk shes staying with LH??????????????????? ( i had told her she'd get her LH first mo premium back)---how does one come to a dumb decision as this???????
Yesterday a lady had a 5 year old MOO 7000 policy and i told her for the same $$$ I could give her $8500 of coverage and she'd get surrender value from MOO----she said she had to ponder this obvious one which means that will go no where-----------what is there to think about here??????
Too often these people when advised they have term insurance decide to keep it rather than moving in total or in part to whole life????????????---their response often "i might die before age 80"-duhhhhhh---------how does anyone halfway sensible stay with a AARP term policy when they are in there 60s/70s
These cases are not result of lack of warmup or trust building--------we deal in this market generally uneducated people often of lower mental capacity and you just cant win with rational arguments with many of these in this FE nitch we serve-----------its a daily "headscratcher" how so many are content with situations they are in that make no sense
I have found if you dont sell them in the initial visit its not going to happen.I have followed up on so many of these "no brainer" situations that need pondering and not sure I've ever sold anything from followups when they didnt buy at the initial presentatation. They will always not answer if they see you on the ID when you call and never call back if you leave even repeated messages----------followups have proven to be a waste of time and gasoline
This is how I respond when they want to think about it.
"In my experience, when I hear someone say that it means that I either didn't do a good job explaining the policy or the process or there's something else holding the client back. Would you be willing to share what you still have questions about?"
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