A new subscriber emailed me this plea for help.
”I've taken all the insurance exams, but have not sold much. My manager has not been able to get me to understand the practical side of insurance selling.
“I have surfed tons of internet websites with no success at helping me understand when, and under what conditions, does one purchase: yrt + level death benefit; yrt + level death benefit and cash value; level cost of insurance + level death benefit; or level cost of insurance + death benefit + cash value of universal life. Are there others I've missed?
”Please help me to understand what I need to know about basic life insurance.”
Here's my answer:
”It's confusing in the first months of selling to know what is most important of all the stuff you're expected to learn. And what's the stuff you have to know, but can then ignore.
”Here's the answer in two simple rules.
”1 You have to learn how to sell. That's most important.
”2 You don't need to know anything more about the product. All you need to know in most cases is that life insurance provides cash at death. Whether this comes from a term policy, whole life, or universal life is irrelevant to the recipient of that cash when the insured dies.
”So focus almost all your attention on developing your sales abilities, and interview skills. Don't worry about whether you come out of an interview with an application for term insurance, whole life, or anything else.
”Your sole job in the interview is to help your prospect to discover whether he (or someone else) needs cash at his death. Until that happens you do not have a sale.
”When they do realise this, help them decide on the amount needed, and get her/him to act on their decision by signing an application.
“And when it comes to their (not your) decision on what form of coverage they want, present no more than 3 options, e.g.: level term only, whole life plus level term, and whole life only. More than 3 options tends to confuse people.
”If you read my ebook, "Secrets of Soft-Fact Sales" which you got when you subscribed to TIP, you'll find various ways of helping clients to discover their cash-at-death needs.
”Hope this helps.”
To learn more about this author, visit Donald F. Pooley's Website.
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Donald F. Pooley
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Don Pooley, the author of this article,
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Copyright 2005, Donald F. Pooley, Inc.
Don Pooley CLU, CFP, CHFC, "The
Advisor's Advisor" has shared
his marketing know-how with audiences of
life insurance men
in all major Canadian cities, London,
Australia, Chicago, New
York, San Francisco, Hong Kong, and
Singapore, and now in his
free ezine. To get more ideas on marketing
your services, plus
free ebooks, subscribe now at www.eTIP.ca/
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