Once the client has informed you of his desire in Final expense plans, once you have confirmed on the amount of insurance coverage, we would need a final expense plan.
You would need to make sure that the final expense plan fits your prospect’s budget. If your client is unable to come up with or is does not want to provide a dollar amount, find out from the prospect how much they would be about to afford every month. You could even provide a few suggestions and then see what the customer picks. Once your prospect has confirmed the amount they would be able to afford every month, then you would be able to fill in the questionnaire and move to the close of the sale.
Once the customer has confirmed the amount he would be able to afford every month, once you have all the desired go-ahead signals, you are ready to close the deal. You should be able to draw up a comparison chart that shows the client what their monthly payments would get them in coverage and benefits. Your objective should be to provide the prospect enough insurance so they can cover the costs related to their final expenses. If it doesn’t, you should be able to show them three alternatives. Once you have the alternatives outlined, you can show these to the client and have them choose the next possible best option. Avoid overselling your prospect. As long as you avoid overselling, your sales will increase.
Sometimes, a prospect may not want to go ahead with completing the application.
You need not close out the meeting immediately, but you can rely on the application to help overcome the problem. You could buy more time by letting them know that you would need to check whether the prospect would even qualify or not, to find out if the prospect would be eligible for coverage. Point out conditions which would have made them ineligible. Tell them how great it is that those conditions do not apply to the prospect, otherwise it would have been ineligible. This way, you can use the application as a friend.
Regardless of how good the application is, you will be faced with objections or questions raised by the prospect. Some of these questions, you would already have anticipated. If so, you should be prepared with your responses. Then, you can convert the objection to a sale. Your presentation and the questionnaire would answer most of the objections. When you answer each question, you could check with the customer if he’s ready to sign the application and close the deal. After all the questions are answered, you should spend a few minutes reviewing the application. Try to find points within the presentation that the client might raise questions about. If they have no further objections and still cannot sign the application, chances are they cannot afford the insurance. If so, you might need to offer them a lower premium payment option.
Do not consider any objections as show stoppers.
Instead, look at them as requests for further clarification. By doing that, you can come up with unforeseen questions that you might not have anticipated. Your objective should not be to sell an insurance plan. It should be to help your client be satisfied and happy with their financial decisions. It would be to satisfy their final desires.
Even after the deal has been signed, it is important to solidify the process. Many agents find out that after the deal is signed, clients decide to drop the deal. Once you finalize the deal, take the application and file their first month’s premium. Make sure you convey your congratulations for joining the company. Assure them that they can rely on your excellent services for the entire family. Let them know that you would continue to be representative. Make sure all your contact information is available with the new customer.
Also, if you are truly helping your customer and if you believe you are doing honest work for your customer, then you should also offer your services to your client’s friends and families. Make sure your customer doesn’t feel that you’re trying to push them for referrals. You should let them know that when you talk to referrals you would let them know about they being in your customer’s thoughts.
Referrals help you set up an established business in the same geography. You can get more efficient that way. You can easily obtain referrals in the insurance market. They reduce the cost of finding prospects.
Like every other skill, these steps need practice. If you employ these techniques every day, they can help you become a successful final expense life insurance agent.