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Editorials by the Skipper

Why Educating Your Prospect is so Important

One of the questions I ask myself after giving a presentation in a home is “…what did I do (or not do) to make (or not make) the sale?” After hundreds of presentations I still ask myself that question after each and every presentation. The goal of which is to increase the success of a positive outcome while developing a duplicable process.

Part of every life insurance sales presentation contains your “pitch”; your reason why your prospect needs your solution making their lives safer or building an income stream to help finance their goals. In order for your prospect to reach the point of signing on the dotted line becoming your client, they need to trust you.

Over the years I have listened to agents selling themselves. Toting their experience, their successes, the number of clients they service, and their accolades “…voted number one in my office.” At the end of the day, who cares! Prospects certainly don’t not during the sales process. Clients will care about servicing after the sale, but nothing else really matters.

The most effective way to “earn” trust is to do so organically. So what does that mean and how do you accomplish that; by educating your prospects. Here the bullet points that should be covered during a presentation:

  • Be respectful of the prospects time – Don’t waste time with fluff. Know when to get to the point.
  • Depending on how the “lead” was obtained explain why you are there and your roll in the life insurance sales process.
  • Review their existing policies if applicable. Be honest! If their current plan is a convertible term policy and is the right choice for them, tell them. If replacing is the right choice explain why it’s going to put them in a better position. If the plan is a UL and it’s going to run out money soon or has reached its earning peak explain how using the cash in the policy will put them in a better position with a different product.
  • Explain the difference between Term and Permanent coverage. Keep the conversation simple by speaking in terms they will understand…no “insurance speak.” Remember that you had to take classes to understand the complexities of life insurance policies.
  • Do your due-diligence in field underwriting. Go over all of their medications and conditions that could impact the issuance of their new policy. Base this on the application questions; if your presenting a term plan with a five year look-back get all the medications taken during that time. Get the details.
  • Be honest on their qualifications. It makes no sense to quote and submit a preferred rate if you know they won’t be accepted. When you present the product and the rate explain why. Let them know the consequences of what a decline or rated offer will do to their ability of obtaining coverage for the next two years.

At the end of the day, present yourself as the field underwriter not a life insurance salesperson. You’re there to get them what they want and achieve their goals. Be honest educating them in layman’s terms the products available and why your suggestion is the best one.

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