You work hard to find good prospects, set appointments and present competitive disability insurance quotes, but you lose seemingly easy sales in the final stretch. Sound familiar? If so, you’re not alone. Sales are won or lost based on the strength or weakness of the quote delivery.
No matter how well you’ve done up to this point, and no matter how great the numbers look to you, if you don’t present your disability insurance quotes in a clear and persuasive way, the sale can fall apart in the final moments.
Most People Aren’t Disability Insurance Experts
If you sell disability insurance, it’s safe to say that you have far greater knowledge about the coverage than the average person. You know that the odds of disability are shockingly high, so paycheck protection offers important coverage and a good value. You also understand that there’s more to consider than just the monthly premium. The waiting period, the benefit period, the riders … there’s a lot to think about when you buy disability insurance.
Your prospects, on the other hand, may not understand all of this. Even if you’ve explained the ins and outs of coverage, they may struggle to remember everything AND apply it to the quote in front of them – especially when you’re asking them to write a check.
Consider what happens from the prospect’s perspective:
You’re thinking about getting disability insurance, and you agree to look at a quote. A couple of days later, the quote appears in your inbox. You’re busy with other things, so you don’t look at it for a few days. When you finally get around to looking at it, you see a lot of figures and terms that you don’t completely understand. It seems expensive, and you’re not sure whether it’s a good deal or even meets your needs, so you don’t respond right away. A few more days go by, and then a few weeks, and eventually you forget about the quote.
Your Job Doesn’t End with the Quote
Once you’ve delivered a disability insurance quote, you may think your work is done, but it’s not time to celebrate a job well done quite yet. Your prospects may be confused about the quote, and when people are confused, they don’t tend to take action. You need to guide them through a review of the quote and show them why it’s a good value. Success here also hinges on the assumption that it IS a good value, i.e., that you’ve put together a quote that meets the needs of the prospect.
Think of success as a three-part formula. You need the following:
- A convincing pitch that persuades the prospect to get a quote.
- A compelling quote that fits the prospect’s budget and concerns.
- A final push that closes the sale.
Stopping when you deliver the quote is like running a marathon only to call it quits yards before the finish line.
A Lot of Things Can Derail the Sale
Even when the prospect seems interested in buying coverage, there are a lot of things that can derail the sale after you deliver the quote.
- Price Objections. Disability insurance typically costs around 1% to 3% of a person’s income. This means someone could protect a $100,000 annual salary for just $1,000 to $3,000 a year. That’s a great value, especially when you compare it to the cost of auto insurance or homeowners insurance, but many people don’t see it that way. They see it as $1,000 to $3,000 that they could be spending on a vacation or something else they want.
- Poor Fit. Sometimes the quote that comes back may not offer the benefits the applicant wants. For example, maybe your client is worried about inflation, but the policy they’ve been quoted doesn’t offer cost-of-living adjustments, or maybe the elimination period is too long.
- Uncertainty. The quote may look pretty good – but what if there’s a better option? Clients may not want to lock in a policy if they think there could be something better. Even if they’re not sure, the uncertainty could become a barrier to the sale.
- Procrastination. When people think of fun ways to spend a Saturday, going over disability insurance quotes probably does not rank high on their list. As a result, your prospects may put off reviewing the disability quote you worked so hard to deliver, and if they put it off long enough, they may eventually forget.
- Indecision. It’s easy to go back and forth on something like disability insurance. On the one hand, protecting your income is the responsible thing to do. On the other hand, you can’t really imagine yourself becoming disabled, and there are other things you’d rather spend the money on. If your prospects waffle for too long, you’ll lose the sale to indecision.
How to Overcome Barriers and Close the Sale
Although there are many barriers to sales, most of them can be overcome.
- Tailor your disability insurance quotes. Disability insurance is not one-size-fits-all. Some people may want a long elimination period to bring down the cost, while others may pay extra for a short elimination period. Some people need own-occupation coverage, but for others, this is an unnecessary expense. The same is true for various riders. The more you learn about your prospect’s needs, the easier it will be to provide the perfect fit. Read this article for more information on building irresistible quotes.
- Provide more than one disability insurance option. By offering three or more quotes via the DIS Analyzer, you can help your prospects feel confident that they’re selecting the best coverage option for their needs. Be sure to explore your client’s budget appetite prior to building the quote, by using the good/better/best worksheet. This will ensure there’s no sticker shock when the quotes arrive.
- Schedule a meeting to go over the quotes. Presenting the quotes (instead of just handing them off) gives you the opportunity to control the narrative and address any questions of objections immediately. If you can’t meet in person, see if you can talk on the phone or jump on a video call. During this conversation, highlight the pros and cons of each option and make your recommendations. If one is more expensive, explain why it’s more expensive – the additional benefits may mean it actually provides a much better value. If the prospect has any questions or concerns, you can address those immediately. The client will probably ask for your expert opinion. This is no time to waffle – tell them which option you think is best for them.
- Address price objections. Be thankful for any price objections that arise. Objections are a good sign that your client is serious. Share this case study to build emotion. Prior to the call, brush up on your sales tactics by reading the high-low and the unit selling method.
- Follow up. Your client may want some time to think about the quotes or discuss them with a spouse. That’s understandable, but there’s a risk that things will peter out, and you’ll lose the sale to procrastination or indecision. To avoid this, you need to be ready to follow up after you deliver the disability insurance quote. Ideally, you should schedule a follow up call with the client during this conversation. If you’re unable to do so, schedule a follow-up in your own calendar so you don’t forget to reach out again.
Selling disability insurance can seem like an uphill battle – but it’s worth it. If you deliver premier service from start to finish, you can seal the deal. When that happens, your client gets the income protection they need, and you get a nice first-year commission with a strong chance of additional renewal commissions in the future.
Do you need guidance? DIS has got your back. We can help you deliver fast disability insurance quotes, and we also provide comprehensive broker support. Contact us.
