When you break down how to close insurance sales, the focus is truly to build value.
To do this, we go through four steps:
- Show five benefits
- Ask eight questions
- Present three options
- Ask for the business
The eight questions are sprinkled amongst the other three steps. However, let’s look at each of the other steps a little more in-depth.
Showing five benefits
Present five benefits to the product you are trying to sell. After each benefit, ask them if they like the benefit.
Once you’ve shown all the benefits, ask them which is their favorite. The reason for this step is to build the value and get them saying yes. It also gets them used to making a decision.
Next it’s time to show them some pricing.
How to close insurance sales by showing three options
After showing the five benefits, you will show three levels of pricing. By not showing too many options, it helps avoid the “let me think about it” objection and other information overload problems.
Here’s how you present the three options:
“Now (client’s first name), I’m going to show you three options… And I need you to choose one okay?… Now I think I know which one you will choose, but I need you to tell me. All three of these options come with all five of those benefits, especially the (favorite benefit) which I know you loved. So, which of these three do you like the best?”
Most of the time, they’re going to choose the one in the middle. Remember: Don’t be afraid to show higher premium policies. Never “sell out of your own wallet.”
Go for the close
Now it’s time to ask for their business. Did they say to comeback later or call them back? Are they starting to act disinterested or like they don’t need your policy?
Here’s a couple closes we like to break out in those situations:
NO CALLBACK CLOSE: “Unfortunately, we have a no-callback policy. We’ve had people say they were going to think about it, but then they never do, and they end up passing away, and then their kids are mad at us for not helping them make a decision. Now, we get along super well, you need it, you want it, and you can afford it, so why don’t you just take it. Now, Let’s see if we can get you approved. What is your full legal name?”
TAKE-AWAY CLOSE: “I’m with ya and I’m really hoping that you are able to qualify for this because some people really want it, but unfortunately I’m not able to give it to everyone because some people are unable to qualify. So, we need to start by seeing if we can get you approved, What is your full legal name?”
Want more training on how to close insurance sales or handling objections? We have training programs on many aspects of insurance sales and even an exclusive coaching program with Cody Askins.