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When your Life Insurance prospect says, "Yes, I need life Ins!" - 3 December 2022

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Hello. Forgive me, I am looking a little bit rough today, but I want to discuss my experience. I just had doing a life insurance transaction today using social security as the payment method, the social security account as the payment method in today.

What I wanna go over is that life insurance is not an easy sell. It really is Not even when you get someone that says, yes, I need it, or, you know, that's what they gonna say.

They gonna say, yeah, I need it, and I gonna say I want it. They're gonna say, yes, I need it.

Even when you get them to check that box saying yes they need it, and they ask for a quote, you are still gonna have to reiterate what they said they need and why they need it.

So it's very important to get that information out of them up front so you can be prepared for the rebuttal once you give them the quote.

Okay. So I'm going to go through to paint a picture of what that looks like. So last week we did our flea market, outdoor flea market, getting prospects, hold on one second.

All right, so the client came through Medicare first. So did the Medicare application earlier this week. He was very excited.

Put him inside the Well care give back program. He was very appreciative, was the well care give back plan, which gives the client puts money back into their social Security.

So I normally recommend that for a client that's probably not taking much medication. They don't, you know, see the doctor a whole lot, so they don't use their benefits as much.

Those are the type of people that I would put into the give back program. They can just get that extra money back every month.

So anyways, he was excited about getting money put back into his check. So did that enrollment with him and it was an immediate enrollment.

It was on the spot. Enrollment took the the book, the kit, there's an enrollment kit, opened it up and did that with them on the same day we met.

So fast forward, follow up that same week, did a follow up. Can't let too many days go in between, you know, following up the next day or the day after, is a great follow up time period for a life insurance lead or any lead for that fact.

So, followed up with him and then got his information for the life insurance quote and told him that I would be back with him, get back with him by the end of the week.

I would've preferred to get with him by the end of that day, but I couldn't make that possible. However, I promised him by the end of the week.

So today on Saturday, I made sure I came through on my promise, called him up. Before I called him. I went ahead and ran the quotes.

I ran quotes through Transamerica for final expense.

And then I also checked Mutual of Omaha to see if he could qualify for one of those products. I know it would cost less.

So he was right at 70, which is the last year that he would can qualify for the IUL Express product.

And that product, you can write business from 25,000 to 100,000. That's what Mutual of Omaha. So for a final expense, you could write him from a couple thousand to 30,000.

So I think you can literally go down to like 5,000 bucks on a final expense up to 30,000 on the final expense.

So I made sure I gave him viable options. What some insurance agents do is kind of decide well, I wanted to give him both, both options.

So theoretically what that looks like is with the iul, that would be a hit and miss cuz it's not a final expense product.

So it would be like, well, we can run you for this because for one, he can get more insurance at a lower rate on the iul.

So I, I put the power in his hand, I empowered him to choose for hisself. That's what we have to do.

We have to empower people to choose for themselves. As a broker, that is the power that's in your hands is that you can empower someone else to make the best decisions for themselves.

And that's what options. So I said, Hey, and I explained that to him, Hey, you know, I got, you know, a few quotes, I got it with one carrier that you are just at that age.

The last, you know, 70 is the last year that you will qualify for this product. You put a big emphasis on that because there is no going back.

There is no later, look, you are 70, this is the last year that you will qualify for this product.

Now he said he wanted 30,000. So I always make sure I quote over, I quote what they asked for and I quote under, and whenever you read that quote to your client, always start with the highest number.

You wanna start with the highest quote. Then once you work your way down, it sounds better that he can, you know, get an option that will cost less.

So never start with the bottom number. Always start with the highest number. So once I explain to him, listen, you know, with this coverage, they will give you more for less, but I don't know if you would get approved for this, but you know, i, I care and I wanna give you the best deal.

So what we can do is apply for this coverage and if you don't get accepted, then we'll go with the other carrier.

But we can start here.

So I read him the quotes from the iul, well, he didn't wanna pay for the $50,000 coverage. He thought that the 30,000 coverage was a little much.

And he was like, well, you know, I'm looking at the 10,000 which was right at a a hundred bucks. So now when the now reality is sitting in reality is you gotta pay for this.

That's the reality. So it goes from, yeah, I need it. Yeah, you know, he was like, oh, no rush on the quotes.

You know, he know he need it, but he really not ready to jump off the porch. So what is it our job to do?

Push him off the porch, get him what he needs, close the deal and this is what that looks like. So once we got over the quotes, you know, I could hear it in his voice.

Well, yeah, I'm gonna have to think about that.

I'm gonna have to look over that. Yeah, I got to see what is your job to do the issue here?

How long has it been since you haven't had coverage? Because what happened was he let his employer coverage go. So it's been a year.

He doesn't have any coverage at all. Listen, you're 70 emphasize age, you know, with you being, you know, 70 in, you know, you're talking about the company paying out thousands of dollars, a minimum of $10,000 is something worth to happen to you.

And you mighty only paid a few months to a year worth the premium. So that's why the coverage, you know, costs this much.

You know, how long has it been since you hadn't had coverage? Oh, you've been, you know, oh, it's been about a year.

So you haven't paid for any coverage in over a year. Wow, you really had some time to save money, but, but you know, it was very risky, you know, not having that coverage.

All right, so fast forward you know, that's the kind of things I emphasize, you know, kind of driving it home like, no, it's needed, it's necessary and the time is now not later.

So finally we moving forward, how do you know you're moving forward in your cell? It's when the client asks a a question, when a client asks a question, you're moving into the right direction.

So the question he asks, well, you know, will this be started immediately or do I gotta wait two years? That's a great question.

Hmm. Let me take a look at that for you. So I didn't remember it verbatim. So I go in to Transamerica, look at the brochure, you know, look at the sales tools and see what they say about the product.

So it says, coverage can be effective, you know, immediately for the face amount. So when I go back to the line, do I say, okay, it says coverage can be effective.

No, I don't go back in a mundane voice. I go back in my high pitch voice, wow, I got some good news for you.

They're saying that this coverage will be effective immediately when you make your first premium. You'll, you'll have, you'll be covered for that $10,000.

I mean, some carriers, you know, don't do that. A lot of them don't do that. So I understood, you know, when you were asking me that.

So, you know there's three types of coverage, you know, and this coverage does that. The other coverage that's for guaranteed, they don't ask any health questions at all.

But that's the one that don't give you the immediate coverage. So this is a really good thing. Let them know how good it is.

They need to hear that you believe that this is a really good thing. All right, so what's next? He really don't wanna come off that money right now.

Okay? So he's talking about price. Price is a concern. So always reiterate their concerns.

Do not skate away from the concern, you know, a hundred bucks. But you know what, what we need to focus on, if you can get approved, you know, keep that as the focus and you know it's a hundred bucks, but you know what, this company will allow you to take that straight outta your social security benefits

. And you know what, with the giveaway give back that we just got you started with, come January, they're gonna be putting money back into your account.

And with this policy, you'll only be missing about 40 bucks when you add this on. That's the only difference that you'll see and you don't have to make any payments right now.

I can line that up with your social security benefits. Now when in the month do you get those benefits? Well, I get it like the fourth Wednesday of the month.

Oh, okay. Okay. Well then we can set that up for it to be the effective date. Should you get approved for the policy, keep the concern on getting approved.

Keep the concern on getting approved. All right, well, yeah, yeah, yeah, that sounds good. Yeah. And then, you know, then you know, I'll look into, I say so so the $10,000 that's, that's the best fit for your budget right now.

Keep it on right now. Yeah, yeah, that's best right now. You know, I can, I can look at increasing it later.

I say yeah, you can. I said, but remember, this is your last year that you can get a good rate on a bigger face amount.

So you got, you know, your birthday is in October. You got about maybe nine months or so, you know, of next year where you can decide if you want to increase your benefit.

That was it. He was ready to, ready to get started. So did the application process, got the most important information.

Listen, if you get stuck, cuz I got stuck on pulling up the application portal and hold on a second. I got stuck on pulling up the application for Transamerica.

My login was not working. I had him on hold. Lord had my answer, Jesus. So I was like, Hey, I'm still here, I'll be right back.

Long story short I could not get in at the moment, but I need to keep him in the mode of, hey, you doing his application today.

So what did I do? I started asking him questions from the application of the things that I know that I need off the application, I'm gonna need his social security got him to, to come up off that social security number.

The most important thing you're gonna need is a driver's license number and the expiration date. Get him to come off that information and hey, who do you want to be your beneficiary?

Get that beneficiary information. If he doesn't have the beneficiary social or date of birth, put that, give him that to-do list.

Okay, this is what I'm gonna need from you. So I'm having a little glitch with my system. So while you do that, if they don't have the information, let me figure out this glitch and just stay by the phone.

I'll give you a call back. So now that you've got this information from him, he's vulnerable, he's ready, but you have to get, pull out some of these things, you know.

So anyhow, end up calling him back about an hour or so later. Once I figured out my login information, I had most of the information I needed, I had the address because I did the Medicare app.

So I went ahead and asked him whatever I needed to ask him. When it comes to the medical questions, a lot of times I say, Hey, is there any concerns that I need to know about?

You know, how is your health? They will bring up certain things if they had a surgery, you know, 10 years ago, if they've been in the hospital, they'll bring up their medication.

You know, those type of things. So sometimes I don't verbatim go through the medical questions because I talk to them so much, much.

They've told me a lot about their health. You know, do you have any major concerns like C O P D, cancer, you know, anything like that in the last two years.

You know, if they've had certain health conditions that's over two years, you wanna make sure you don't put that in that application as something that's current, if that's gonna have a negative effect on him getting approved.

So, long story short the Transamerica's final expense will let you know immediately, you know, if they're approved or even if they qualify for a preferred.

So doing the application process to let me know that he qualified for preferred. Do I say, Hey, you, I think you're gonna get preferred.

No, I be quiet. I might say, Hmm, looks like you may get a preferred rating. That's a really good thing.

So I got an email confirming that they, they're gonna do a little bit more search, but it says approve at the preferred rating.

So I'm gonna call first thing on Monday to look at increasing the face amount and keeping it the same as I quoted.

So there's two things you can do at this time. You could, you could give the client the, the discount for the face amount, but since I know that he originally wanted a higher face amount, but he didn't wanna pay for it, I'm gonna call Transamerica and see about changing the face amount request and then

he'll still be paying what I originally quoted.

So that's giving him more coverage. So that's that. And yeah, if you have any questions, comment here. If you think this was helpful, let me know.

But yeah, so this is what it is, you know like I said, it's cross selling. You know, you know, once you help them with something like their health, health benefits or Medicare benefits is very easy to start having a life insurance conversation.

Yeah, so imagine that you did a Medicare app by the end of the week. You're doing a life insurance app, you know, that's probably a minimum of five, $600 easy on one client.

All right guys, thanks for taking the time to watch this video. Drop a comment to let me know you watched it and I will be coming back with more if I know that it's helping you.

Bye.

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