When selling long-term care insurance to seniors, it’s important to close during your first call. If you have to come back again, the client has often forgotten most of what you have said, because LTCI is complex. And procrastination exposes the prospect to risk, too. An older person’s health can change fast, making him high-risk or uninsurable.
When following a proven process, closing is the easiest part of the sale. Here are some tips to closing on the first visit:
- Warm your prospects up with small talk about their situation and family. Next, ask detailed questions about their health. Write their answers down, When prospects see their health conditions on paper, it helps them focus on why you are there.
- Use trial or assumptive closes at several points, which are designed to bring up possible objections. Then, when you get to the end, the prospect will have few or no objections, and you can close your sale easily.
- Create awareness of the need for LTCI. Ask your prospects: “What are your plans when your health changes?” This question will help you open up their thoughts and feelings about long-term care. You might ask them if they have had any experience with long-term care in their families. Most people want to protect their retirement savings and want to be able to get care at home, not become a burden on their children. They need to understand that private insurance is the most effective vehicle to accomplish their goals.
- Show your prospects how they can pay for the insurance, based on their assets and income. This removes the objection, “I can’t afford it.”
- Go through the product brochure. Always stay in an assumptive-close mode when you do this. You never want to ask, “Would you like to buy this policy?” You’re always assuming they will buy. and it’s simply a matter of selecting the best policy and most appropriate coverage. One trial close is, “Can you see how this feature would work when your health changes?” And use a yellow highlighter when you go through the brochure. (If your compliance department says you cannot, give the highlighter to the prospect.) Once you’ve finished talking about the product, the client will review the brochure while you are preparing a rate comparison. His eyes will naturally go to the highlighted areas, and he’ll understand the key points.
- Ask him, “Do you have any questions?” at key points during the sales call. This will expose any objections and allow you to resolve them. Every time you answer a question, you’re getting the prospect’s permission to go forward, and his resistance will continue to decrease. An unanswered objection will stick in the prospect’s mind, and he won’t listen to anything else you’re saying. When it comes time to close, you’ll have an uphill battle.
This sales tip is excerpted from the new book, Advisor Today’s Sizzling Sales Tips. To order a copy of copy of Sizzling Sales Tips, click here.