As an insurance agent, you know that it’s vitally important for your clients to protect their earning power with disability insurance. But even when you explain the logic and cite all the surprising statistics, people still come up with objections.
While this is frustrating, it’s to be expected. After all, you’re asking them to part with their money. Even worse, you’re saying it’s necessary because something horrible might happen. Of course, they’re going to object. As an agent, you have to accept that this isn’t personal – it’s just part of the process.
Surprisingly, you don’t have to be a master of persuasion to overcome insurance sales objections. You just have to ask purposeful questions, let your prospects talk and really listen to what they say.
#1: Ask purposeful questions.
In a sales conversation, you want to identify and address objections as early as possible. To achieve this goal, your questions should be structured to navigate through the most common objections as part of the natural course of conversation. Rather than avoiding the inevitable, you should proactively raise all potential objections before the prospect brings them up.
For example, you can wait until you present the quote to see if there is a price barrier, or, you can ask about budget early in the conversation. Asking early lets you know where the prospect stands. You may be able to influence that budget – or – you can prepare a quote that fits the stated budget.
#2: Let prospects talk.
According to Psychology Today, multiple studies have shown that people love to talk about themselves. It is, with no real competition, everyone’s favorite subject. Keep this in mind in every sales conversation and give your prospects a chance to speak about their reality. Ask questions, then ask follow-up questions. Letting your prospects talk – a lot – is a win-win. They feel heard and satisfied with the conversation. Meanwhile, you have the opportunity to gain valuable insights about their concerns and priorities.
#3 Really listen.
Yes, you’ve heard all the objections before. You’ve heard people complain about the price. You’ve heard people insist that the risk of disability doesn’t pertain to them. You know already know that many people think employer-paid DI coverage is sufficient. Nevertheless, you should listen like it’s the first time you’ve heard these arguments.
For one thing, people like being heard almost as much as they like talking. According to another Psychology Today article, “Being heard is the psychological equivalent of air.” People crave it. People need it.
There’s also a chance that they’ll tell you something important. And when they do, don’t immediately counteract their points or share your opinions. Instead, confirm your understanding and dig deeper with follow-up questions. Here’s an example:
- Prospect: I’m just not sure I can afford this.
- Potential Response: Let me ask you a question. Can you afford the alternative? In other words, what would you do if you couldn’t earn your paycheck for 30 days? How about 90 days? So, would you say that affording a small amount each month for insurance would be more realistic than affording no paycheck at all? In that case, let me ask you another question. How much can you comfortably afford to spend on insurance each month? If I can customize a policy that fits within that budget, would you be interested?
This line of questioning should flow in an easy conversational format, allowing plenty of time for your prospect’s thoughtful replies. If you care enough to listen closely, your prospects will feel the difference. You’ll have the information you need to present a tailored solution and they’ll be more likely to trust your recommendations.
Ready to get started? Make a list of the common objections you face, and the potential questions you can ask in response. Also, download our Wealth Preservation Plan sales script and the Unit Selling Sales Strategy Quick Tip for ideas.