3 QUESTIONS TO ASK YOUR PROSPECTS TO ELIMINATE PRICE OBJECTIONS AND SELL MORE INSURANCE POLICIES
BY: MICHAEL MILLER, SMART CHOICE® STATE DIRECTOR
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.
- 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.
- 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.
- 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.