To begin with, I’ve had some of my biggest months in December. It’s a state of mind really. If you believe that you will have a bad month because of the holidays…you will! But December can bring up some new objections that you don’t normally run into, namely CHRISTMAS!
Even Final Expense prospects tend to overspend on the grandkiddos for Christmas. There is nothing worse than hearing, “Can we wait until next month?” Seeings how we know this objection can pop up, we need to know how to deal with it.
As with any objection, I like to deal with it before it ever comes up. Even during the other 11 months of the year, our clients will have an unspoken objection that will manifest itself in this way: “I need to think about it,” or “I would like to talk to my kids.” If you are hearing this objection often, you need some extra training! It will usually come down to the No Money or No Trust objection.
Now maybe you didn’t build enough rapport and connect with your prospect at the beginning. Maybe they just don’t like or trust you. That’s hard to overcome at the close. Many times you have just not shown them enough value or benefits of the product that you are offering for them to make a decision today. Making sure to have a good presentation that hits on all the main pain points is key. You need to handle as many objections as you can before they can rear their ugly heads!
There is one benefit that I have the habit of forgetting to mention. That is the fact that we can push out their initial draft date 30-45 days with most carriers. Many times the prospect will like and trust you and sincerely want the product you are selling, but because they do not have enough money in the bank TODAY, they will tell you they need to think about it.
Now we know that we can push out their initial draft date, but THEY DO NOT! So we need to overcome this objection before they can push us off to go talk to their imaginary “financial adviser.” You should be covering this as part of your presentation, even in non-December months, but especially as Christmas approaches.
“The great thing about this program, Ms. Mary, is that I don’t need any money today! They will send the bill straight to your bank on whatever day you get your social security/disability.” Before this point you should have already determined if they have a checking account and/or Direct Express card and what day they receive their benefits.
During December, you can even make it seem like a promotion. “Now Ms. Mary, the insurance companies know funds are probably tight because of Christmas coming up (shake your head up and down) right? So they are letting us push out your first payment into January! Now you said you get your money on the 3rd right? Ok, we will have them hold off on your first payment until January 3rd. Now who do you want to leave the money to when you pass?”
Another little tip: always, always, ALWAYS make sure to draft their account on the EXACT day they get their money. If they get their money on the 3rd, you draft it on the 3rd. If they get their money on the 2nd Wednesday, set it up for the 2nd Wednesday. Now if they ask for a different day like, “Can we have it come out on the 5th, so I can make sure the money is there?” Don’t believe their lies! What they are really saying is “I will buy what I want and if I have enough money left over, I will pay my insurance bill.”
I tell my prospects that they do not even offer that option. And they do not, because I do not!! They’re only options are the 1st, 3rd or 2nd/3rd/4th Wednesday. The only exception being someone who has had a policy for years and they’re payment was on another day. But even in those cases, I will try to change them over to their Social Security Billing date.
That little tip will increase your persistency by 10-20% a year! If you do not have multiple carriers that allow true Social Security billing, then you will have lower persistency as well. Tune in next time and I will discuss the topic of Social Security Billing in detail, with the carriers that do it best! This tip will put thousands of $$ back into your pocket each year!
Josh Jones is an expert in the Final Expense market. He has taken his years of successful experience in the Final Expense and Medicare markets and is now teaching agents how to replicate his proven system. So whether you are thinking about entering the Final Expense market or you are a veteran agent that desires a greater income, Josh has the knowledge and resources to help you grow your business.
Visit www.learningfe.com/learnmore for more details.