I have been selling and training sales professionals to sell for over a quarter of a century. I am always amazed at the obstacles the sales person or insurance agent has to overcome with a prospect. Prospects come up with some great sales objections or I call lame excuses. I understand not having the money but other than that why not buy if it solves an issue? Take life insurance for an example, it is the only insurance policy sold that is guaranteed to have a claim. Yet some people act as if it they won’t need it. There are only two guarantees in this world, death and taxes. I promise you, you will die someday. Why not leave your loved ones something? People buy car insurance and never have an accident. They buy home owners insurance and never have storm damage or a fire. They buy health insurance and never get sick. They buy cancer insurance but never get cancer. Why not own life insurance, you are going to die? It certainly solves a known issue.
According to Life Insurance Marketing and Research Association or LIMRA, 7 out of 10 American households would be in financial difficulty if the primary earner were to die today. Another disturbing number is 35 million households or 30% of Americans don’t have life insurance. And another 50% of households admit they don’t have enough. The fact is YOU WILL DIE someday. Yet, we life insurance agents still hear objections. Let’s take a look.
Here are some of my all time favorite sales objections to not buying life insurance in any particular order.
- “I take good care of myself, I won’t die until I’m really old”
- “I have to take a urine test? How do you study for that?”
- “I don’t care how my family gets by without me, I’ll be dead.”
- “I am too young to buy life insurance”
- “I can’t afford $.50 cents per day I am barely affording my shoes as it is.”
- “I have other priorities right now I need more games for my Xbox.”
- “Can I buy it now and take the premiums out of the proceeds after I die?” “Why not?”
- “Why so expensive?” “The doctor said’ I won’t live to see 50 years old’.”
These are just some of the more humorous and pathetic sales objections we have heard through the years. The bottom line for the sales professional or life insurance agent is to be sincere and help the prospect through this process. Don’t sell your favorite life insurance policy, let them purchase the policy they need to solve their unique situation. Be honest, trustworthy, and use your good communication skills. Good listening skills will never go out of style. You must find the need in order to be relevant enough to make the sale today. If you treat every prospect the same way you want to be treated in every sales situation, you should not have many sales objections to overcome.
“People don’t care how much you know until they know how much you care.” –John C. Maxwell
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Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, entrepreneur, insurance agent, life insurance broker, salesman, sales trainer, recruiter, public speaker, blogger and team leader with over 26 years of experience in sales and marketing in the insurance and beverage industries.