3 Questions To Ask Your Prospects To Eliminate Price Objections And Sell More Insurance Policies



In my recent article, “The Art of the Close,” I discussed how I coach insurance agents to close on value versus cost. I don’t leave my close until the end of my meeting with a prospect. The entire meeting is the close. I use a comprehensive client profile to help prospects identify and understand the risks they face. The profile gives me the chance to sell on value, not cost, as well as the opportunity to cross sell my products.

As we complete the profile together, I’m able to ask my prospects specific questions about how they plan to pay for unexpected events. This almost always eliminates the price objection because prospects’ own answers to my questions provide the reason to buy on value.

Here are three questions I ask to help my clients see the value of comprehensive insurance coverage.

  1. If you hit and seriously injure an uninsured motorist, how would you prefer to pay for his or her medical bills?

Most people don’t realize they’re personally on the hook for medical expenses over and beyond what their policy covers. Explaining this and then asking what they’re comfortable paying for out of pocket makes it easy to sell adequate liability, under-insured, and uninsured motorist coverage.

  1. If you died tomorrow, how much money would your wife/husband need to pay for your funeral arrangements and cover monthly expenses?

This is a great question to get auto and home prospects to consider purchasing life insurance. Prospects are already thinking about what they need to cover injury and their physical property. This question can lead to a conversation on how life insurance protects and provides for their families.

  1. What is your plan for protecting your assets in the event of a lawsuit against you?

Most prospects don’t have an answer for this question, which makes it an effective way to cross sell umbrella policies.


The Art of the Close: Ask Questions to Get Insurance Clients to Buy on Value, Not Cost


The Art of the Close: Ask Questions to Get Insurance Clients to Buy on Value, Not Cost
By: Michael Miller, Smart Choice® State Director

Most of the time, “all people are created equal” is true. But unfortunately, not everyone enjoys a natural talent for sales. Some agents struggle to make $35,000 to $50,000 per year, while others make earning $1 million a year look easy.

When I asked the top agents in my region what made them such successful salespeople, they shared with me that a professional sales presentation is their top priority. “Ad libbing is for amateurs,” they say. They rehearse every presentation for every client.

For an artful close, ask the right questions

Focus on making your presentation the most valuable and comprehensive it can possibly be for your clients. You’re not just selling insurance, you’re consulting with your clients on the amount of risk they’re willing to accept. Your job before and during the presentation is to determine your client’s current coverages and current needs based on their risk tolerance.

How you determine what your clients need sets you apart from the typical insurance agent. I encourage agents to use a presentation template that prompts them to ask questions about what’s important to their clients. How much risk are they willing to accept with their auto and homeowners insurance coverages? Life? Health? Business? If you design an effective presentation template, by the end of your meeting, you’ll have:

  • set high expectations for the level of customer service your agency offers.
  • determined appropriate coverage for auto and homeowners or renters insurance.
  • assessed your client’s interest in life, health, and retirement products.
  • discovered if your client requires business insurance.

An example of closing on value vs. cost

Asking questions about acceptable risk and offering solutions tailored to your client’s answers eliminate the price objection almost every time because you’re selling on value, not cost. Their own answers to your questions make them aware that they need much more than basic liability.

If your sales presentation had not uncovered their needs, all you’ve done is compete with their current agent on cost. An effective presentation identifies risk tolerance and offers solutions. It allows you to compete on value. It earns you the right to ask them to pay a little more each month for insurance because it explains where the extra cost is coming from: a more comprehensive insurance program.