Once you have identified a life insurance prospect, as well as the life product that fits the individual’s specific need, where do you go from there? What’s the next step? All too often advisors drop the ball at this point by presenting their proposal and simply looking for the client’s positive response –– that doesn’t come. “I need to think about this,” says the client. “I really wasn’t prepared for that size premium.”
Although the client acknowledges the need for the coverage and recognizes the benefits presented in the proposal, the advisor senses that the sale is starting to slip away.
1. A thoughtful give-and-take between advisor and client is necessary before the client can make a positive decision.
Today’s life insurance buyers expect to participate in developing the most appropriate buying decision. But, as every advisor knows, such discussions can go far afield and become counter-productive. This is why the advisor is tasked with the responsibility to keep the process on track so that it achieves a positive resolution with the benefits fully appreciated by the client.
2. To be successful, advisors must separate themselves from competitors by bringing clients fresh and different perspectives that can capture their attention.
Listening and relating to the client are critical and can be important in understanding clients’ make up and the values that can motivate to action. Here are three ways to do this:
3. Be comfortable with addressing a client's economic and financial views.
This may be the most difficult task of all for advisors since it deals with attitudes that many avoid out of fear of upsetting and possibly alienating clients.
4. Focus on the client’s problems.
The value of having a dialogue with clients regarding “real world” issues helps them recognize that, like it or not, this is the environment in which they live and work –– the one in which they will retire. And more than anything else, the one in which they want financial security for their family.