Review insurance portfolios to win sales
| Question: |
Annual client reviews monitor life changes to make contract changes. But, how do I do an insurance policy review? |
The time has come to do "insurance policy reports" (IPRs). With the contracts sold over the past 20 years, clients need to know the real story today and what to do. Some plans are so complicated that even advisors have trouble understanding them. What chance does a regular guy have without your help? It's your job.
An American study says that more than 60% of life insurance buyers don't know what they have or why they bought it. Do you think that they would appreciate it if someone could tell them? Do you think they'll refer you to others with the same questions? Count on it. People enthusiastically refer expertise.
And, more than 80% of those same customers are underinsured. They don't know what they have and when they find out, they don't have enough. It's the perfect storm - for you.
So, what are you doing wondering where to find prospects? Four out of five people you know need your help. They are turning to internet insurance sales sites. You're looking for clients and they are looking for insurance.
But, if you push the whole financial planning story, you'll miss them. This isn't a knock on financial planning, just saying that some services don't need planning to be completed. This is one.
When people know what they have isn't up to par, they can make it right.
Here are general IPR topics:
• Nature and details of their plans
• Any values, loans and rates
• Policy options and cost
• Comparative analysis
• Overall plan value
ExpertInstitute.com has a "Policy Report Checklist" that fleshes this list out. Ask for it.
You have to be prepared to check your own work and then make it better to stay relevant today. Better you do it than someone else. In fact, this is a great way to attract new business. Since advisors don't routinely do this, you could be the first and earn their business. Ask me for the pre-approach letter too.
Then, you get to use this great line with your new client: "If your current advisor hasn't done this review, there can only be two reasons: Either they don't know how to do them or they do, but for some reason they just won't do it for you." It's tough, but true.
| Question: |
How can I change the tone of life insurance sales interviews so prospects don't think they are being sold? |
Sun Tzu said, "If you can't win on the battlefield you're on, change the battlefield." Selling life insurance can be a tough battle. But you can get prospects to focus on their estates not the insurance.
To do this, I developed the "Un-Will". It's a will-like list of silly, unintended effects of not writing a will. It gets a chuckle and that always helps. After reading it, prospects talk more easily about what they really want, because they don't want Un-Will consequences. It's a powerful discussion starter whether or not they have a will. If they don't, be sure to have a lawyer referral available.
A will gives final directions and pledges assistance for the surviving family. Sadly, wills often make empty promises. Without substantial cash available, they don't work. Wills need funding.
Start an Un-Will presentation saying, "Your family is everything. This tongue-in-cheek Un-Will shows the trouble we can get into without a real will. Let's go over it together."
"It changed the interview completely," said one of the first advisors to try the Un-Will. "Rather than being defensive about being ‘sold' something, the discussion ended up all about how to properly ‘fund the will' so their family was protected."
Finally, life insurance had real world meaning for them. They were more concerned with their funding problem than the sales process. What an improvement. This is "Good Will Funding".
Review each clause for a reaction. Be sure you have all decision makers at the table so everyone understands. Take notes as they build their needs through talking about what they want. As they "want" more for their family, they create their own "needs" to get it. The Un-Will turns wants into needs.
Your notes build your presentation, whether you use one interview or two. I recommend our "Confidential Estate Summary" to manage your notes and the "S.I.R. Presentation" to present your case, whether in writing or orally. Email me and we'll get you a copy of both, plus your own copy of the Un-Will. These templates help organize prospect needs effectively so they engage their "left brain". Then, they can explain their purchases logically to those important to them. They may buy for love, but they "pay" with logic.
Use the Un-Will in any family situation regardless of the economics. It crosses all income lines and makes life insurance meaningful and easier to sell. |
