1 Training Series Part #2 Fundamentals of Life Insurance Copyright 2014 all rights reserved
2 Life Insurance Marketing The world of marketing can be both an exciting and daunting experience. Earp Enterprises has compiled unique marketing strategies to help each member of our Team in their efforts to market Life Insurance. We are prepared to help you through the challenges. We work with numerous Carriers, and can offer an array of products from guaranteed issue, graded policies, whole life, term, final expense, and more. Our unique quoting system compares plans and pricing to make your presentation go smoothly. You can be confident that no matter what your client s budget, health condition, age or preference WE can find a perfect fit!
3 Step by Step Guide: Approaching the Home Believe it or not, how you approach the home determines the success of the sale. If you follow our proven system and apply the concepts we teach you you won t ever have to worry about what to say, how or when to say it. As soon as you pull in the driveway and get out of the car WAVE and SMILE! It doesn t matter whether you think they can see you or not. Chances are they are peering out the window, and if they see a warm, friendly smile, they are more likely to let you in the door. Do a familiar, friendly knock don t bang on the door like the UPS or FEDEX guy. Step back so as not to appear threatening.
4 Approaching the Home Continued If no one answers the door, try calling the phone number on your lead sheet. Sometimes people don t feel comfortable answering the door but they might answer a phone call. Just let them know that you were in the area and thought you would stop by to answer questions and review the options available to them. More often than not, they will invite you in. If they do not answer the door or phone come back another time! Try a different time of day the next time and you might have better success at finding them home. Some are just not a morning person, others have doctor appointments or other things going on and are available in the afternoon instead.
5 When They Answer the Door Make sure you are standing back. NEVER show up at someone s door dressed sloppily neither should you over-dress. You do not want to appear like the typical salesperson. Dress appropriately: clean, polished and comfortable. When they answer the door, make sure you introduce yourself and let them know who you represent. Show them the lead card, address them by their first name, and just be casual about it. Hi Andrea, my name is with Earp Enterprises. We received this card back to our office that you had filled out requesting someone to stop out and go over your insurance benefits. I was in the area and thought I d stop by and see if there was anything I could help you with! SMILE! Don t over do it, don t prattle on excessively, just get right to the point and do it with friendliness. Most of the time, you will get right in the door.
6 When You Come In the Door Be polite and cheerful. Take a moment and find something to compliment I noticed the beautiful flowers out front, Andrea, you must enjoy gardening. Anything to strike up a conversation other than business for a few minutes. This sets a nice mood and keeps everything non-threatening. You want to immediately establish a friendship. When you come in the door, pay attention to your surroundings. If you see that their shoes are at the door, offer to take off your shoes. They will appreciate your respectfulness and feel more at ease with inviting you into their home. Try to nudge them in the direction of the kitchen or dining room table if possible. Although it s fine to sit on the couch if necessary, it is much easier to keep their attention if you are all sitting at the table together and they are able to easily see the plans you are going over.
7 When You First Sit Down Once seated, don t rush right into making your presentation. You do not want to give the impression that you are all about the sale. Instead, talk about your adventures for the day, or perhaps the drive or traffic. Ask them about a picture on the wall and try to get them engaged in conversation. People love to talk about themselves.
8 Overcoming Objections Objection #1 I thought you were going to send the information in the mail! Actually, Andrea, there is just too much information to mail, because we customize plans according to your needs, budget, and current situation. There may be programs you qualify for that can save you a lot of money. We come to your home so that you can make an informed decision about your insurance.
9 Overcoming Objections Continued I m not interested in anything. Well, Andrea, do you know why you filled out this card and mailed it in to our office? This is your handwriting, correct? Sometimes the best thing to do is to just put them on the spot. Use the word You often, so they understand that THEY were the one who filled out the card requesting information. You are simply responding to that request as you ought to. Try to find out what they currently have, and make sure you reiterate that you handle all Carriers in NY and PA and you are not the typical insurance agent. They may be more inclined to let you in if they know that you are not a sales agent working for one company. People like to have options.
10 Overcoming Objections Continued I m happy with what I have. Well, Andrea, I m glad to hear that. In all honesty, I rarely hear that from people and it s great that you feel that way. I m not here to force you to change anything, I m just doing my job and getting back to you about the information card YOU filled out. I just review the different plans, program, and options you may be eligible for, and then if you still decide to stay the way you are, I ll be on my way. Sound fair enough? SMILE! Well I don t know does it take a long time? Not at all. I try to make everything as simple and straightforward as possible. It should only take about 30 minutes of your time. Does that sound okay? SMILE!
11 Sample Sales Pitch: Mrs. Jones let me tell you how this card / program / whatever / came to be. This plan was designed for seniors to help them help their family take care of the seniors final expenses. Now, at present, Social Security only pays $255 to seniors help them pay for their final expenses. Now, we all know that final expenses cost more than $255 wouldn t you agree? Not many people understand this. You have your normal expenses of a funeral home and cemetary and there are also other expenses that occur at your death. There could be medical, emergency room, ambulance fees You could have medicare deductibles, doctor fees, taxes, attorney fees, creditors, probate. Now, not everyone has all these final expenses, but often 2,3 or 4 of these final expenses pop up. Now, Mrs. Jones, we have found out that people who have filled out these cards and sent them have 3 things in mind:
12 1. The least common is seed money. Maybe you want to leave a little to a grandchild for college. For example, the other day I had a client tell me that if, God forbid, she should pass before her granddaughter goes to college, she wants to make sure her granddaughter has enough to help her pay for some of the expenses. Or if her granddaughter finishes college before she passes on, then she can use this money to put a down payment on a house or to start a small business or whatever. that is what we call seed money. 2. Now the second most common reason is when a husband and wife knows that when one passes away, their income is going to be cut in half. For example, they may be living on their social security checks so they will be losing that other check. So what we find is that people send this card in so they don t leave their loved ones, in this case their spouse, with a bunch of extra debt. 3. Now the third one, and the most common reason people find themselves filling these cards out and sending them in is they want to make sure all their final expenses are taken care of. They may have experienced in the past when someone they knew passed away and they didn t have everything taken care of and the burden was left to their family and friends. It was a struggle on their family and they just want to make sure that they don t burden their loved ones like this when they pass on.
13 Now, Mrs Jones, out of those three reasons, which one sparked your interest when you sent this card in? Were you looking for seed money, to cover credit debt or did you just want to make sure that your final expenses were paid? (Now whatever they say, pound on that) That is great Now have you experienced someone passing away that didn t have their final expenses taken care of or they didn t have much coverage to take care of those expenses? You did, well, what was that like? Did you have to personally pay? Did your family struggle? In the back of your mind, who were you thinking of to be your beneficiary? (Take notes!!! This is your ammunition.) (Now start going into the qualifications)
14 I need to ask you some questions because I want to be able to give you an accurate price. 1. Height/Weight 2. Medicines (Ask for names of the medicines and what they take them for. You will need the dosage and how many they take each day. Ask what you are taking them for.) 3. Health problems: When was that? When did this happen? 4. If they have diabetes, do they take insulin? How old were you when you started taking insulin? 5. Now lets just go from head to toe Do you have any mental issues? Ever had dementia, strokes etc? How are your lungs? Are you breathing good? Are you using any oxygen? Do you smoke, dip or chew tobacco? How's your heart? Have you ever had any. heart surgeries or stint implants or maybe you have a pace maker in there How is your liver and kidneys? Any type of neuromuscular diseases like Multiple Sclerosis, grand mal seizures, Parkinson's or anything like that? Okay, we have two types of coverage: (That is when you pull out the app.) You have what they call first day coverage, which means you are covered immediately after the policy is issued. That means if you died the week after, the insurance company would have to pay the full face amount to your beneficiary. They d have to pay the claim.
15 Then, we have what s called graded benefit, which means you aren t covered for a full two years after you start paying your premium. Now, in a minute, after we go over these prices, I m going to go over these questions and this is going to tell us if you will qualify for first day coverage or if you will have to wait 2 years to be covered. This will tell us whether you are approved for first day coverage or graded. Now, before we get to those questions, I m going to work up some prices. (When you hand over the paper with prices, explain to them how it works ) Mrs. Jones, these payments are going to be set up on a monthly bank draft payment. That means that every month, at the same time, your bank will be drafted for the premium. Now, go over the prices
16 If you want to leave $25,000 at the time of your passing, then it will cost you a month. (Repeat 2 more times) Now, Mrs Jones, I m going to ask you these questions to see if you qualify for first day coverage, but before we do that, I want you to look over these three prices and you tell me which one is best for you? (Be quiet while they pick.) They pick one out Okay, let s see if we can qualitfy you for the the immediate coverage? Great news Mrs. Jones, you qualify for first day coverage, may I please have your SS card and ID. (Put your head down and start writing.)
17 Here is How We Help our EE Brokers: We have a team of highly trained professionals who are devoted to researching the best Life and Final Expense Carriers out there. We only represent Companies with superior quality and flawless reputations. Once our Brokers are contracted with a Carrier, we ensure that they have continual updates regarding products, services, and training pertaining to each company. We believe that the only way to market effectively is to be confident that you know what you re doing.
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