While that prognostication may sound bleak, the truth is, “it’s the greatest time ever to sell life insurance,” Mueller said.
The government and Wall Street say we are in a recovery, but the Federal Reserve is afraid to raise short-term interest rates. “Does that sound like a recovery?” Mueller asked. Insurance and financial advisors must take advantage of the inherent uncertainty, and by using it in their sales efforts, their clients will benefit.
“You are the only hope for the American people,” he said. “It’s your time.”
Advisors often make a mistake by trying to tell clients and prospects that they know what is going to happen. A better approach is to emphasize that no one knows what is going to happen. The presidential race, the Federal Reserve, SEC regulations and myriad other things all create uncertainty. Life insurance, on the other hand, provides security and liquidity, as well as the opportunity to access credit, which will dry up in a full-blown crisis.
The majority of clients and prospects would rather have a guarantee that they will never be poor than an opportunity to be rich. Surveys show that Americans are much more concerned about losing what they have than about missing out on a potential gain.
Advisors need to change their messages, accordingly. Don’t tell people you are going to make them a lot of money, Mueller said, explain how you can help them protect what they already have with life insurance.
Mueller says that in one of his typical elevators speeches, he asks, “Is there someone at the IRS or local nursing home you are so in love with that you want to leave all of your money to them?” He then explains how life insurance provides tax advantages and can mitigate retirement and long-term care expenses.
In another, he says, “We’re afraid there’s going to be a major economic disaster and we don’t understand why people let it happen to them, because it doesn’t happen to any of our people.” The point is to grab a prospect’s attention and open the door to a discussion about the security life insurance provides.
Overwhelming a client or prospect with “fabulous information” will not resonate with them. To be successful, advisors must have conversations, ask questions and build relationships.