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Question: Are you selling money or selling life insurance?
What is it that we are really selling when we are selling life insurance?
The answer is YES to all the above.
Over the years I learned that selling is the process of educating people, and to educate them we must keep their attention. I also learned that selling ideas and concepts are much easier to sell than insurance policies.
So somewhere along the way I decided to start selling people money. It seems like that was always a good way to get their attention.
In every situation, i was selling discounted dollars. (More on discounted dollars below.)
Over time, "when people asked me what do i do", my comeback to them was that i sell money. They always seemed perplexed by that statement. And then they would say something like " how does that work, that sounds like something i could use, etc." In most cases it created an opening to try and set an interview.
But lets take a moment here and reflect on what I just said.
A discounted item is something that is sold way below its actual value.
So in the case of discounted dollars, we are selling people a future value of 100% dollars at a discount upfront. (life insurance)
i learned this life insurance selling technique and concept selling idea from an associate of mine who used to sell estate planning policies. by using word pictures and concept selling, it became a key selling strategy for me, as well as created a new mind set for me as to what i was actually selling. it also was a simple easy way to communicate an idea or a concept to prospects.
(Note: The key here is you are trying to get your prospect or your client to buy into a concept, and then use a life insurance product to put the concept into action)
It went like this:
"Mr. prospect, let me ask you something.
As I mentioned to you up front, I am in the business of selling money.
So let me share and idea with you and your lovely wife/spouse.
Lets say i was able to provide you with a box of money today that you could put up on your kitchen shelf, so that in case you died prematurely, there would be enough money in it for your wife:
Wouldn't that be a great thing. A box of money today that could do that.
Most people usually say, that sounds to good to be true."
But let me ask you, if I could do that for your family, is that a concept you might be interested in hearing more about/or seeing
how it works?
Note: depending on where you are with your prospect or client will determine where you go from here.
Mr. prospect, that is the magic about buying, what I call discounted dollars. dollars for future delivery.
We have three ways to do this.
Based on what you told me upfront during my fact gathering interview (confidential questionnaire) you said you could force yourself to set aside $ XXXX per month, lets use that amount to show you what we can do. I think we can use option 1, 2 or 3. (depending on funds available)
Let me show you the tool we will use to accomplish this and how this works.
(And the product you would use to do this is called a universal policy/term policy/combination term and UL policy/ or whatever your selling ???.)
Just like anything else, it takes time and patience along with a few mistakes to fine tune this Life Insurance Selling Technique to fit your situation.
It is a great concept to use to open up any type of business insurance or business continuation plans, buy or sells, etc with a business owner. A quick 45 second story to get their attention.
Remember, experience is the cumulative result of trial and error.
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