With all of the turmoil in the economy in recent years, more and more people are getting serious about financial planning. And many of those people are thinking about income protection for the first time, seeing it as a critical cornerstone of their overall financial picture. The need for disability insurance is exploding. And yet, in the industry only 1 out of 10 disability insurance quotes turns into a sale. That means 9 out of 10 disability insurance quotes go nowhere.
Why? Many times it comes down to the broker’s ability to manage price objections.
Disability insurance brokers who close more have a finely tuned, high performance sales process. They see objections as a positive sign that the prospect is interested enough to continue the conversation. And they embrace the opportunity to demonstrate the value of paycheck protection.
One way that high performance agents overcome price objections is by focusing on combining lowest denomination price with highest denomination benefit. The publishing industry masterfully executes this technique, as demonstrated in the following example.
Of the following choices, which subscription would you buy?
a) Only $49 a year for your monthly subscription.
b) Only $4.08 each month for 12 information-packed issues that will help you make smart money decisions.
c) For only 14 cents a day, you’ll have life-changing money management advice at your fingertips each month — the critical information you need to increase your net worth, eliminate your debt and retire early.
Of course, most people choose option C. After all, it’s only 14 cents a day and look at all the amazing benefits!
Take a moment to reflect. In your last presentation, how did you present the price of disability insurance? Did you sell Magazine A or did you sell Magazine C? Did you tell your prospect about the monthly benefit and then quote him the annual premium? If so, you’re making a critical mistake that is costing you sales.
If your disability insurance sales have been sputtering along, maybe it’s time for a high performance tune-up.
That’s just what you’ll get when you download our free report, the DI Traction Kit.
With this kit, you’ll have the fuel you need to boost your quote-to-written ratio, including:
- Additional pricing strategies including the apples to oranges comparison and the apples to coffee conundrum
- High octane deal sweeteners that will burn away any remaining objections
- Knowledge of what underwriters REALLY need to put the sale in the fast lane
- Strategies for avoiding the single biggest roadblock in the sales process for most agents
- The secret to doubling your conversion rates over the industry standard
Want to close more DI sales? There’s a good reason that DIS brokers close more than twice the industry average. Before you jump back into the race, let DIS some high octane fuel to your sales engine. You’ll be closing more disability insurance quotes and breaking your sales performance records in no time at all.