How to Sell More Life Insurance with This One Concept

But if you just simply stopped and asked your client, Miss Jones, now there's a couple different options we have for you now I can show you basically anything you want and we're all gonna we're gonna protect your family but would you looking for the best plan for your family are you looking for the cheapest price what do you think they're gonna say the best plan exactly and then

The moment when you show them the different options and if they don't know the difference if they're not taught or educated on the difference between the plan the only thing they can see is price, of course, they're going to pick the lowest price so it's up to you as the agent to be able to provide that value understand it yourself and then provide it to them and it's really good to recommend what you would do for your family they're trusting you in that

Process thank you hey guys welcome back to the life insurance Academy podcast I'm here with hard-hitting Roger short boom boom boom boom and Zach is that what they do hey man on the last podcast we talked about how much we missed you may be starting to take all that back yeah oh you guys are sweethearts we missed you on one of these yeah it's

Kind of weird isn't it when one of us isn't here the Dynamics off it is just a little bit like trying to ride a tricycle with one of the wheels missing you can only lean in One Direction you know the other direction and you're going over yeah we call those bicycles well I'm talking about training wheels not what I say tricycle yeah I'm at training wheels you know like when you're kid, yeah you take one

How to Sell More Life Insurance with This One Concept

Training wheel off and they can only lean One Direction they can't lean the other way they have those cool picture I had in my brain is Ava using those cool bikes without the pedals yeah like a glider bike yeah those are the cool man I want to I want a grown-up version of that'd be kind of sick cruising down the street have you seen those no well we probably lost half our listeners but we're here for you guys I caught up in some friendly

Conversation anyway so we want to bring you value today we want to bring you to value not this jibber jabber we're just doing we're cutting the jibber jabber yeah um we do want to bring you to value and we're having a conversation that hopefully no certainly if you put into practice we'll help you sell more and not only sell more but it will also help you build your business and it will also help you retain your agents if you are building a business is that fair to say

What'd you say grow a thriving business yep grow your sales and grow a thriving company it might you might actually keep more than you than sell more and what I mean by that is that there are so many techniques and there are so many ways to actually sell things based upon price or based upon a home or even your leadership but the trick is in keeping it yeah and when you and not allow normally?

Spill into what we're going to talk about but when you don't allow your client to have buyer remorse or your agent that you recruited to feel like they had the smoke screen, yeah then they don't have a reason to want to cancel the policy or look at another opportunity that's good and that's a good intro to this so so what we're talking about here is uh the importance of value that's really what we're communicating and we'll we'll

Start off um Zach I know you you are uh super uh in tune with this in regards to like pricing and value but before I jump to you let's do this Roger you have a saying he took it back I want to come back to you but you haven't said he took it back no he's throwing it this is an important thing that they need to write down if you're driving pull over all that stuff your statement about value what is it

Where there is no value there is no price low enough so that's the podcast that's it we'll see you guys, oh yeah that's very true yeah so this podcast is about value-based selling and value-based Leadership yeah versus what price-based selling price-based selling and the smoke show, yeah Facebook screen show call it that's different than the smoke show Chris yeah

How to Sell More Life Insurance with This One Concept

Yes you know I get that it's in the comments for sure yeah yeah put in the comments if you think Chris is a smoke show sometimes I need that Christmas I really need that can you can you give him some information we can't get his head any bigger he won't fit in the next podcast, yeah yeah so smokescreen show there's a callback isn't it Zack uh he doesn't know what we're talking

About I haven't heard it yet go ahead I'm saying that you can't really say it's like a smoke screen show for leadership because it's really a positional fake leadership because it truly wouldn't be leadership on that side if there was no value in that relationship or leading your people below you yeah yeah I agree why don't we start with the pricing let's start there value-based selling value-based selling boom why is that

Let's start there why is it important to sell on value versus selling on price because nobody wants to be a Salesman Roger nobody does I hate salesmen they're slimy they're always trying to get over on you well I'm not but a matter of fact guys I dare you to go to lunch with Roger and not try to eat something I didn't try to order your own food you will have four appetizers it'll be a great meal oh my gosh

They just don't they do people love going to lunch with me or dinner I try new foods order all that try new stuff people like oh I didn't realize we were getting all these apps oh that's good this guy was born to sell holy cow yeah for sure but like in a situation you know the idea of the salesmen or being a Salesman or if you're moved to this business um you kind of don't really want to be it feels like you would be judged you

Would be categorized as somebody you don't want to be you feel like you're disingenuous you feel like you're manipulative relative controlling or just pushy or evil or mean what's a word is that right I did a whole talk on it yeah at one of our most recent conferences yeah yeah and I wonder if that's even on our live Insurance Academy it's on our YouTube channel yes yeah so that that's a very good one but that's the whole idea

Behind that and if you really want to be a Difference Maker and go into the home the only way you can really bring a difference is you're not trying to sell them something they don't need you're not trying to position a product for you to get a commission and life insurance, particularly in the final expense which more of an emotional cell like the last thing I want to do ever is to feel like they've bought something that they don't want or they don't need

How to Sell More Life Insurance with This One Concept

Or that they were tricked at all into getting and the way you get around that is by building value and revealing the vulnerabilities and the need that has already exist in that home whether they knew it or not and you as the trained professional are able to reveal that to them in a way but show them how valuable this service is to providing peace of mind for their family which is everything

And I tell you I've ridden with people I've written with a ton of people we all have you have written with people yes yes yes and uh there's not much anymore that really raises my eyebrows when I go into a home but every now and then it does um but I've I mean the couple comments that people make like you know how much do you want or how much coverage you want what how much coverage you want or uh like they

Don't know right um and but different how much coverage you want comments like that or you go through an entire thing and there are no questions about care or being genuine or finding out what the true need is literally it's so drastically different that an agent can get a policy in two different ways but they're going through the whole time and their only goal is to sell ten thousand dollars final expense policy like it came out of cookie cutter

Box there are only two options you're buying this plan or that plan and literally, they just try to sell that plan and there's no rhyme there's no reason there's no value there's no emotion and typically a lot of the times when a client uh feels that way they're going to get a little buyer's remorse and you're going to get that forbidden phone call the next day here's the bronze here's the silver here's the gold which one do

You want the price you know its price I do want to brag about us a little bit on life insurance Academy make us feel good okay nice uh make us feel good our stuff is really principle based I think that's why people tune in you to know what stuff our products our services the sales stuff that we talk about stuff our stuffy stuff because that's not good yes, of course, um and you know we talk to a lot of

Agents who have used a presentation for example and they're using the presentation they can't figure out why they're not getting sales and to me it kind of feels like many organizations they'll hand you hey use this presentation you're going to sell eight thousand dollars a month and they don't a week yeah or eight thousand dollars a week and you're gonna have you know a lot of products you're going to do great they go out and

They're repeating what they heard in a sales script right getting a sales scripture reading a presence use this presentation and you will sell eight thousand dollars a week like yeah that's such a different philosophy than who we are and how we teach because we are using a presentation to educate the client to help them realize the vulnerabilities and 

How to Sell More Life Insurance with This One Concept

the Value there to help them put a plan in place to take care of their family yes and the results are the income-based upon serving the families will always be there because that's a big difference like our motivation is to be difference makers I mean Roger has it on his wrist right now and like you're not it's not difference makers in the eyes of your bank account right it's a difference-making I made a difference in my bank account today

Please save that Adam I want that for sure but that's the whole point we hope you did yeah yeah you did yes but we wanted to have made a difference in their life first as the result of a result of serving someone else yes that shouldn't be the primary motivation we understand it's a career we understand that you're in it to make money but boy you can come at this from a price position or you can come at it from a value position if you come at it

From a price position, you're always looking for the lowest price so you better have the lowest price carrier on the market and guess what most people don't because there's always one other one that's two dollars a month cheaper for ten thousand or there's one other one that's if you do this fully underwritten term plan on this mortgage protection policy versus going simplified issue you're going to save that client eight dollars a month or 15

A month yeah and eight weeks later when they still don't have their policy you realize what they really wanted was coverage not to save 18 only if they get approved after eight weeks like there's got to be value in this preposition for them there's got to be a win on the other side for them first before you can see that difference in your bank account yeah and uh Roger you hit on something there about

Um you better have the lowest price product and then eight weeks I think you know for some agents they're like what are you talking about you know um and I think we probably could give a little context to that of those scenarios that you've run into or what you've seen if you're running a in a program like the one we you know we work in a in primary markets of final expense mortgage protection we now you know run in Medicare Arena annuities

Iuls and things like that but in the traditional um mortgage markets or the final expense markets they're oftentimes leads driven right so we're calling on new people that we don't have an existing relationship with so to them we're someone they just met so we don't have the credit of the trust of time in a relationship we don't have that because we don't have that if we don't sell on a value-based principle

Right first the only other thing we can lead with is the price the only thing we can leave with is price and if you're leading with the price there's always one other carrier that's going to be a lower price and one way you can get a lower price is by going with fully underwritten if you can get the guy qualified or if you can get the lady qualified but now here's all the other stuff you don't know what's in their health history you

Have no clue you're asking them basic simplified questions you're trying to jam through a policy to get the lowest price but the value to the client is getting covered for their need and what you think is twelve dollars is going to make a difference or fifteen dollars a month is going to make a difference and it may make a difference ultimately in the amount of coverage if you can't get them qualified or if you can't get them qualified within 

A reasonable period of time or when you get them qualified it does include the additional benefits of these riders that are available on simplified issue products but you can get them qualified for in you know 24 to 40 dollars in most instances with a much lower underwriting threshold you can get them qualified easier but the price point is going to be a little higher you have to say what is the trade-off what's the trade out there am I always sell it on price and

If you are you're going to lose a lot of those cases because you can't get them covered and so really if your mission is to do what your client needs which is to get covered and you've proposed something now that they can't get now it's not a win for them now they feel like they're getting a consolation prize to have to pay more for something that they needed all along and it's just because of how you approach it you

Approach it from a price perspective rather than a value perspective so fully underwritten versus simplified issue in that case for mortgage protection it's so much easier when you're dealing with leads and not people you don't know and not people you know sorry to uh it's so much easier to go with a simplified program because you can actually do what the client wants and you can do it with a high level of certainty and provide them the service they need and build

Value and it's not about the price if you make it about the price it's always going to be about the price can I protect my family um is it a quick process is it affordable for me yeah in my budget and other and other benefits do what they need here's the question Chris or Roger either one or any of you listeners if you if your mom was going to get a policy

Would you want her to have the best price or the best plan, not the best product yeah and I think anybody you asked that to and if you ask that to yourself in the car you would say the same thing then why are you selling on just the best price and they may be thinking well well guys like what do I need to do how do I do that differently this is all I know well when you think about your sales

Process this is the clients are trusting you as a person like you're the professional you're the advisor you're the ones with the answers that are building that relationship and they're literally trusting you with bank account information Social Security information and to make one of the most important purchases they'll ever make to protecting their family or when they need it the mo the most from death to pay for the house to have living

Expenses for final expenses whatever the case may be why are we only presenting things as price why if that's not what we would buy for our own mother if that's not what we would buy for our own families and if you look at the way we purchase anything in life cars or anything you're not going to just buy the cheapest car you're going to buy the best value for your budget

And that's never just based upon the price tag and really the way you do that is to start learning the different products learning why one is a better plan versus the other non-related to money if you looked at your entire carrier lineup and you and they were all exactly the same price which one would you sell the client and why and I promise you if you speak that to

Your client and have that conviction and you understand well Mrs. Jones if I were you or if you were my mother this is a good one that's in Boston it's down to use my mother this is what I'd recognize I want you to meet my mother right exactly but this is what I this is what I'd recommend and why in Boston Harbor I'm Kentucky's up north you know that's right but this is why like that would go so

Much further with the client and understand your conviction and your belief that's inside of you about that product right and if you feel that's uncomfortable when it comes down to price if you like well I don't want to learn all that I want to go through that what if you just simply stopped and asked your client, Miss Jones, now there's a couple different options we have for you now I can show you basically anything you want

And we're all gonna we're gonna protect our family but would you're looking for the best plan for your family are you looking for the cheapest price what do you think they're gonna say best plan exactly and then at that moment when you show them the different options and if they don't know the difference if they're not taught or educated on the difference between the plan the only thing they can see is price, of course, they're going to pick

The lowest price so it's up to you as the agent to be able to provide that value understand it yourself and then provide it to them and it's really good to recommend what you would do for your family they're trusting you in that process do each of you do either of you let me ask this question do either of you drive the cheapest car that's made in the market no no it's not easy I don't either right and I think most of the listeners on this podcast would say

The same yeah I don't drive the cheapest car that's made ask yourself what is the reason why you don't there's one that's cheaper that can get you from point A to point B it's everything right why don't you drive the cheapest one shoes right why don't you drive the cheapest one well because my Geo is one of the nicest cars that were made in 1987. that is true the Metro Geo but there was a Hyundai Pony that was cheaper that's

True if you had five thousand dollars and 250 dollars for a down payment I'm gonna get a call this week under Hyundai Pony a three-cylinder the Roger would have the best horse and buggy dude it would be tricked right so think about it like none of us do this none of us buy the cheapest shoes ever or you'd just wear like flip-flops probably or something yeah so we don't we buy on value and what it's going to do for us you need to

Start positioning your sales that way learn about how it meets the benefit and the need of the client uh and how your benefit meets in either the clients yeah because internally is where their real question is is my family going to be protected if I have a heart attack what happens if I have got cancer like my sister did is there any help for me on this policy well if the cheap one that's fully underwritten is all stripped down and it doesn't and this other one over

Here that's 25 more a month has all the bells and whistles and now the client right if you were to put them in the predicament where they have cancer which one do you want Oh I always want this one yeah well position it that way because you get a call later yeah people are more likely to get cancer they're more likely to have a heart attack they're more likely to get stroke than just just just die right yeah so like these are all things that that play into

That also how plans pay out how quickly you know uh they pay out when I'm talking about paying out to the family you know up on death claims and things there are so many other variables and factors value is way more important than price always at the end of the day if you really think about it which I haven't said that in about 50 episodes at the end of the day it's time to bring it when you really think about it, yeah you really think about it but um

All they're receiving is a piece of paper and a promise yeah it's a piece of paper and a promise and they're not going to be here and that promise you may think it's what's written on the policy but that's not necessarily true I would say most of the clients don't actually get their policy in the mail and read it page for a page every now and then you'll find one that does that but that promise is coming from you and they're trusting you in that moment if

How to Sell More Life Insurance with This One Concept

You're trying to speed sell over the phone in 10 minutes and just get an app they're trusting the words that are coming out of your mouth and who you are as a person to be there to protect their family at the end of the day so it's really worth it for you to position this promise and make sure you're truthful honest and you would do what you would do in your family to protect them because that piece of paper is going to be there but they're hoping that promise

Is going to hold up or at least their family or their beneficiaries it's got to be you know there and there's a kind of a triangle of understanding too you're talking about a product that it's important to understand your products and how it meets the needs but also the needs of your clients and the people that you're sitting with that you're able to hear or ask good questions for them to reveal what's at stake what they're

Trying to accomplish what their needs are and not just Jam them or pigeonhole them and then the other part is you have an understanding don't skip over that Chris okay go ahead that that is so well said but it's so delicate Jam them into something you're positioning and like you know I've ridden we've all ridden together we all very similar in our method of selling um in ways but you never have to jam

Anybody into anything when you ask those questions and it they will tell you exactly what they need who it's for and why they want it yes and like you should never have to ever Jam anything to anybody or try to convince them of a certain policy or an amount if you're doing that you may be getting some apps but that's not you're not reaching anywhere close to your potential because of that exactly what you just said yeah yeah and

Then I think these are so tied together the other is you're understanding your position and your role as A salesperson a true salesperson is helping people get what they want that's it because if you have that mentality like that salespeople are slimy then when you're getting on the phone and you're making the call or you're knocking on the door you're approaching them hoping not to be that

Person and you're not focused on their needs and what they're trying to accomplish you're not focusing on what promise can be made to them so it's kind of it seems like there's this Trifecta of understanding of you your job the people you're sitting with and the products that if you notice no matter what industry you go into salespeople are never called salespeople they call them client Care Advocates

Yeah advisors you know facilitators or coordinators they're never called sales people there's a reason for it there's a reason why they don't do that because nobody wants to be sold selling is based on no value and price no value in price and so the only thing you have is the price so live up to your name if you're if you're an insurance advisor then be that be someone who advises on value and let them make a choice based on value and

How to Sell More Life Insurance with This One Concept

Present Value yeah we're simply problem solvers that's it that's all we are there's a problem out there what happens if they pass away what happens to their home what happens to their family what happens to their bills what happens to their final expenses we know that as a professional this Market has problems and we know the solution is these different Insurance products that provided by insurance carriers and we know there's 

The problem we know there's a solution to all we do is meet the two together now we find that problem with a particular family we know what the general problem is but we need to find the specifics and then we need to find the specific carrier that matches that exact problem and all we are is providing solutions for their family of the problem that they particularly have with a carrier that matches the perfect solution for that particular problem that's really

All we do we're connectors we're just connectors and problems I think some of the people who do this the best are people who move Beyond you know like basic life insurance when I say basic which is the most essential I mean obviously all life insurance is designed to have a death benefit that's the purpose of it right so it can protect the family with a death benefit at the end the extra bells and whistles that come with it is you know terminal

Illness riders or critical illness writers or chronic illness writers on some policies um accelerated death benefit riders for certain things of course some of the other reasons why life insurance is such a good vehicle for our life insurance license provides us a good vehicle is the ability to do annuities and help move people from you know variable funds in the stock market mutual funds into a what's deemed a life

Insurance product which is a fixed indexed annuity right you move your money in there it's a safe place to put their money I think those people really know how to base uh position value yeah because they're talking about how to protect yourself from downside loss right and give yourself some upside gain and move your money over here and it's positioned the whole presentation is positioned on the value it's not positioned on the price it's positioned on value

Um also like an iul strategy for putting people into like a tax-free retirement situation where they can access money from policy loans as that policy matures and we've had guests on the on the podcast who talked about those strategies again those are positioned on value on how you can benefit later once there's cash value in the policy that you can take out and borrow against it not have to pay it back because it's deemed as a loan and the policy will pay

How to Sell More Life Insurance with This One Concept

Back the loan when you die it still has a death benefit but it has all these other value features on it so I think people who are now into what we call Advanced market sales iuls annuities and things like that those people are more prone to speak value as an as opposed to price I would agree right and so like if you can kind of see that as a progression of really understanding the value of how products can work the more value you can bring in your presentation

Whether it's on the phone over zoom or face to face the more value the price becomes less important it still has to be affordable but the price of the product becomes less important you still then position that package or that plan like you said Zach that plan you position that plan than with an affordable monthly premium so you just adjust a planned amount up and down to make it affordable for the client but the actual price of that

Particular product and company is not as relevant anymore because now you've done your job as an advisor you've positioned value over price and it's no longer about you know where there's no value there's no price low enough so yeah I think um this is a lot of food for thought for agents you I think this is a good podcast for you to definitely take some notes on and review and this is what I did after sets I don't know if you guys did this I mean for me there

After a sit, I would evaluate it and determine you know um I mean this is another podcast what were the five reasons if I didn't get a sale I was evaluating which of the five reasons why I didn't get to send him by yeah why they didn't buy um evaluating uh you know the questions that I asked asking myself uh what are some better questions and I'd practice those things while I was driving around to my next set

And I think this is a good one for all of us like are we presenting value are we listening to our clients and meeting their needs I think that's the important stuff so that's your homework I think that's good homework for the agents out there I agree yep thank you guys we appreciate it uh check out lifeinsuranceacademy.org uh we have great resources there I do want to highlight our presentation it is a

Value-based presentation is designed for agents to uh do exactly what we've talked about of um reaching the stakes of the client helping them solve their problems helping them verbalize their needs and us just coming alongside them so check it out at lifeinsuranceacademy.org and we'll catch you on the next life insurance Academy podcast thanks thank you