Transcription
So, this happens a lot of times when you're selling life insurance. You get someone to buy, and you get them all the way to the end. It's finally time to make the payment, and what do they do? They all of a sudden tell you, "Well, I don't have my banking information on me," or "I'm going to have to go to the bank tomorrow, and then I'll call you the next day, and then we can go ahead and complete this application."
This prevents agents from closing deals. This prevents agents from making the money that they want to be making. Ultimately, I'm going to give you guys the word track to help you understand how to overcome this objection so that you can master selling life insurance over the phone. Most importantly, push through this to weed out the BS because this is a complete BS objection.
Okay, the first thing I want to share with you is how do you handle follow-ups in this situation? Well, the answer is simple: you don't go for follow-ups for people who don't have their banking information. The three things that you want to do when someone tells you, "Well, can you call me tomorrow? I don't have my banking information on me," are as follows.
The first thing that you want to understand is that that's typically a lie. Buyers are liars. So, if someone tells you, "Oh, we're going to go ahead and get this life insurance," and they don't know that they're going to pay for it, then that's on you. You need to set clear expectations when you're moving into an application before you even get there.
So, what you do is when they buy the life insurance, you get the client to pick the option. "Mr. Jimmy, do you want to go with the $20,000 option or the $30,000 option?" They tell you, "Let's go with the $30,000 option." Instead of just saying, "Okay, let's do the application," what you're going to do instead is tell them, "Well, hey, Mr. Jimmy, now to see if we can get you approved, we're going to have to answer some medical questions. But at the end, we're actually going to have to put in a way to pay for the policy. What day do you want your payment to come out of your bank account?"
So, you're setting really, really clear expectations, letting the prospect know before you even move into the application that they're paying for something.
Okay, that's the first thing: set clear expectations. Secondly, you never want to go for follow-ups in these situations. You always want to help understand that since they're lying, they probably have it.
So, how do you navigate banking situations? What do you want to do if a prospect tells you, "Well, I don't have my banking information on me. Can I call you tomorrow?" You don't just say yes. A lot of agents make this mistake. "Oh, absolutely." They don't want to feel like they're impeding; they don't want to feel like there's a lot of pressure.
But what you must do is stand your ground as an agent. You must understand that you're either going to help this person, or you're never going to hear from this person ever again. No matter how much they promise you, no matter how much they're willing to say that they're going to do it, when it comes to final expense or life insurance, they're not going to do it.
They're going to have time to think about it, they're going to talk themselves out of it, and they're going to delay it because life insurance is a product that people really don't need. So, if they have excuses, they're not going to buy it. You need to understand that you cannot agree with the delay.
Okay, so instead, what you're going to do is help them solve this problem. The first thing is, if they tell you, "Can you call me tomorrow?" you're going to be like, "Yeah, that's fine, but let's try to work through this together."
There are typically three things I look for. Number one, do you have a valid checkbook? "Yeah, I just don't know where it is." Well, go ahead and get up and find it.
Okay, just like that. If they don't have a valid checkbook, then ask them, "Okay, number two, do you have a valid bank account statement?" Because if they have a valid bank statement, it typically will have the account number on there.
Then what you can do is actually look up the routing number on Google. Let's say it's Sunrust Bank in Texas, and then you can go ahead and look up the routing number. You can look up the account number; they'll give it to you on the bank statement.
So, that's the second way. The third way is to have them log into the mobile banking app. The mobile banking app is really simple; everyone should have that. All you have to do is go to the app store, get the app that they use for their bank, get them to create an account, and they should be able to log in, create a password, and sign in with a mobile banking app.
What if they tell you, "I don't want to do that. I don't feel like going through that?" Well, how about this fourth step: call into the bank.
What you're going to do is call into the bank. You might be scared of doing this; you might say, "Why am I going to do this? Oh my gosh, this is weird." No, you're here to help them. Again, if you don't get them to move forward here, kiss them goodbye; you're never going to see them again.
So, what you're going to say is, "Hey, John, well, since we don't have a checkbook, since we don't have the mobile banking app, and you don't really know your account number, let's go ahead and call into your bank." They're going to give this to you.
So then what do you do? You go to Google. You look up, let's say, Sunrust Bank phone number in Texas. Okay, you would Google the bank account information, and you can say, "Here is the number." You're going to call in with your customer on the line with you, and the client is going to give you their routing and account number.
Okay, let's say they don't feel comfortable. "Oh no, no, no, no." Then what you need to understand is this is an objection. The reason that they're not giving you the account number is that they are scared of moving forward.
If people wanted to buy, they would give it to you. For example, if I told you right now you can buy a $10,000 car for $1, would they probably find a way to get a bank account? Would they find a way to go out there and get money or find their account number? Absolutely, because it's valuable.
They're like, "I'll do whatever I can. I'll call the bank, I'll look under the mattress, I'll do whatever it takes." But the reason they're not doing this for the life insurance sale is that they don't truly value it or they have some type of concern.
So, what you then need to do if they're not willing to do it is sit there and continue to handle the objection. "Well, John, it sounds like this is important to you. There has to be some reservations that you're going through. What's really preventing you from moving forward? Is it more of the price, or are you just not sure if you really need it?"
Then what the client will do is actually acknowledge what's holding them back. They'll acknowledge, "Well, there are some concerns. Well, I don't know if I can actually afford it, or I'm not sure if I actually need it."
Then you can understand that the real reason they're not moving forward is not because they don't know their bank account number; it's because they don't actually value the policy.
So, the overall role when you're in these positions is to test your prospect, ask questions, get them to find it, and then if they don't give you the information, you go and start probing and objection handling to get them to understand what is the true reason why they're not moving forward.
Then you can unpack that, you can dive deeper, solve that problem, and more importantly, you want to close on the deal.
Or you're going to run into this: you're going to run into people saying, "Well, I'll call you tomorrow. I'm going to go get my bank information," and you never hear from them again. You have been ghosted because you didn't help them see the value. They're not going to call you back.
Hope this helps. See you in the next one. If you guys want more like this, let me know. Cheers!