Agents always ask how they can overcome objections. My response is always the same- Eliminate objections upfront and you won’t have to overcome them!
Below are the main objections that customers give for not purchasing a policy. An objection typically signifies a customer’s lack of information, perceived value or trust.
Eliminate FUD- Fear, Uncertainty, Doubt- and fill with P.A.C.E. (Professionalism, Authenticity, Control and Execution)
The best sales are “given,” not taken. Objections are simply opportunities to hone your Habits and master the art of getting a “Yes.”
If you receive a pattern of Objections, it’s not them, it’s YOU!!!
Here are the Areas to refine:
Still Shopping – (Need, Val Prop, Carrier Info, Urgency)
Need to compare to current policy– (Need, Needs Analysis, Apples to apples comparison, make them take action, last step is to Schedule follow-up)
For all clients looking to Re-fi their Life Insurance, in addition to the existing Face and Term, ask them the following:
What were you were looking to protect back then when you got that policy? (will help you pinpoint the years left)
Did you set it up the payment automatically out of checking? (will allow you to ask them to look on-line for the monthly premium)
Talk over with spouse – (Refine Need, Beneficiary, Schedule Follow-up)
Want to think about it – (Rapport, Price sensitivity, Value, Needs Analysis)
Better prices elsewhere– (Trust, Val Prop,Carrier evaluation, Underwriting)
Current policy is cheaper
– (Apples to apples comparison with term, add coverage, add years)
Just want quotes – (Need, Create urgency, Save age, “Most important?”)
Waiting to get more quotes/Not Ready – (Timeline, Beneficiary, Simple Process)
Email me the quotes– (Val Prop, Agency info, Rapport, Carrier background, “Get a Pen”)
Too expensive – (Need, Needs Analysis, Budget)
Don’t want to do an exam– (Non Med, Val prop, u/w questions, Carrier background)
The trick to Objections is to truly Master your Presentation so the client walks away believing they got a great value and doesn’t feel like they were sold.
(The Goal is not to “Overcome” but to Eliminate. However, you can’t close every client upfront so try these approaches if they balk after your Rate presentation, Habit 4).
TIE DOWNS – Used to gain agreement following a point of importance. Pause after using and do not proceed unless you gain agreement. The concept is to gain a series of smaller “yes’s” which add up to a big YES (sale).
Examples: “Does that make sense?” “Is that right?” “Is that correct?” “I’m sure that is the type of coverage you are looking for, right?”
*Anytime you build value or address their objection, tie it down!!!
“Feel, Felt, Found” (FFF) – Technique helps to normalize their concern and provide comfort in numbers. “I completely understand how you feel. Many of MY CUSTOMERS have felt the same way. What they found…”
L.A.E.R – This technique is designed to isolate the objection. The acronym stands for: Listen, Acknowledge, Explore, Respond.
MIRRORING – Use this technique not only to put the customer at ease but to easily build rapport. In short, be a chameleon of sorts. Listen to their tone and speaking rhythm. Pick up on their personality type and use your profiles to mirror their sentiments, concerns, activities, voice intonations, etc.
BREAKING POINT – Every customer has a breaking point. Too often business is lost simply because the agent did not calmly continue with the prospect until they had reached their breaking point. Don’t leave money on the table! Ever notice how most people will not hang up on you? Keep working forward and be willing to work past the breaking point of each prospect.
– Totally agree with their responses. Even forward them. Then, before you complete the process, ask the critical question…