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Concept selling is taking an idea, and then communicating it in a format that relates to a specific situation. it can be any idea. You just need to develop a presentation to make it easy for the prospect/client to relate to. Concept selling is communicating and selling an idea to someone, and then you can fund the idea with an insurance product. You will make more sales selling concepts than selling product. If people buy into the concept, funding it with life insurance is an automatic sale.
I personally created this concept presentation based on my own personal insurance portfolio, and my concern of how do i ask a family member to become the guardian of our children if something happen to me and my wife.
families with children want the peace of mind of having a guardian for
their children. But who do you ask and how do you ask someone to take on
such a burden.
This is concept selling idea. It does require a little work on your part. This can be a primary sales presentation or a great (concept) sales presentation that you can use at your clients annual review.
Basically a person will need to revise their will and add a trust arrangement to accommodate the release of the directed funds.
This concept is made up of a trust account added to a persons will that is set up and funded with an insurance policy (money) to help the guardian of their children in the event both parents died before children were of age.
One of the problems many young families face today is:
Do you go up to your brother, sister, cousin, aunt, uncle and say:
We are looking for a guardian to take care of our kids in the
event we both should die. Would you be interested? Well, they probably
got their own kids and their own financial problems. Today's economy is making it tough on families.
Is it fair to add
another financial burden to their lives?
On the other hand, what if you go to who ever you want to be guardian of your children and say something like:
“We feel it is time we set up a guardianship arrangement for our children and we would like you to consider being the guardian of our children in the event something was to happen to both of us.
So that this will not create an additional financial burden on you and your family, we have set up a guardian trust fund program. This guardian trust fund provides funding for our children and financial help to the guardians as designated by our last will and testament, this guardian trust fund is set up to the following:”
This trust fund is instructed to pay out money as follows;
And to add another room on to existing house or buy a bigger house using an allowance of $25,000 for the addition or down payment as need be.
Would you be interested in being our children's guardian under these conditions?
Wouldn't this be a better way to approach someone, rather than coming to them and saying, we are looking for someone to be our children's guardians if we die. Would you be interested? And they are thinking, man I can hardly take care of my own kids right now.
Once I got the client to agree on this concept, we would then work out a dollar requirement and then I would say
"Mr./ Mrs. Prospect, before we can set up the trust account and trust wording we will need to make sure we will have this money available. Let’s complete an application to get this concept started.
As an example if youngest child in 2 years old and you plan to pay out $500 to the guardian till child is 18, that is 16 years times $6,000 year or $96,000 just for that, add in the extra room cost, and the other items and it comes out to a large number. Certainly a person can add or subtract, but I use a worksheet to calculate the money needed for the guardian trust fund. This is a term sale policy opportunity, and you can convert portions to whole life later on.
Usually, I tried to create a sale and a new client by selling the baby sitter concept idea to young families. When ever i created a new client, with whatever product i sold and upon leaving I would say " Mr. and Mrs client, I want to leave some information on an idea you may want to consider. We can talk about this at a later dater, or you can call me if this peaks your interest.
You can use existing policies by naming the contingent beneficiary the trust, and in most cases if the client buys into this concept and you add up all the money needed to cover the above items you will still end up selling another policy.
Note: I use to have both these concepts typed up (guardian trust fund and baby sitter policy) and leave them with my new clients to review right after the delivery or after the original sale, so as to plant the seed for a future sale and give them an overview of this concept. You can use the above information to type up your own leave behind flyer.
Phone calling: You can call prospects and say " mr/mrs prospect I specialize in helping young families with a new concept that makes it easy for them to ask someone to be the guardian of their children by removing the financial burden they would face, or (I specialize in helping young families set up a baby sitter fund) I would like about 1/2 hour of your time to explain this concept to you. If it makes sense then we can talk further, if not I will leave after about 1/2 hour.
Are daytime or evening appointments better? (always give a choice)
Hope this idea can help you make more life insurance sales. let us know.
Ted Wolk, author
Learn and EarnHome Page › Life insurance marketing › Children's guardian fund
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