As we mentioned in our earlier look at closing, attitude and strategy are very important. You must be on the lookout for closing opportunities. Many of the sample closes we considered in the closing module will also apply to disability income sales.
Objections are an expected part of the process. Classifying and managing them must be part of your closing strategy. What follows are some typical objections you may hear when closing disability income sales. (In addition, “What is Your Most Valuable Asset?” (Form 8736), offers a comprehensive list of objections and responses.)
Objection:
"I can use my savings to replace lost income."Response:
"Andy, according to the information you have given me, you have $_____ in savings. Is that correct?"How long would that last?
"Even if you have been saving 10% of your income each year, one year of total disability could wipe out 10 years of savings, not to mention the impact inflation will have on the purchasing power of that money."
Objection:
"I'm sure I could borrow money from family or friends if I had to."Response:
"Cindy, put yourself on the other side of the fence for a moment. Would you lend someone a significant amount of money without the assurance that it could be paid back?"We are not talking about a small amount of money here. (Page 1 of the DI computer proposal gives the total amount of money the DI policy provides to age 65.) Potentially, you will need enough money to cover expenses for five or 10 years, or longer."
Objection:
"We could get by on my spouse's income."Response:
"What do you do with your spouse's income now?"Most families use both incomes to establish a lifestyle. Loss of one paycheck can be devastating.
"In fact, we should probably be discussing additional coverage on him/her as well. If you are like most people, your standard of living is based on both incomes. After all, (name), it is your standard of living that we are going to protect."
Objection:
"I could liquidate some of my investments if I had to."Response:
"If you had to liquidate investments on short notice, could you be assured that you could get their full value?"Consider what could happen if the stock market is down or the real estate market is depressed when you need this money. What if you were forced to sell them at a loss? Also, why are you investing? Disability insurance guarantees you won't have to give up your dreams."
Objection:
"I would liquidate some of my assets if I had to."
Response:
"If you sell your home, where will you live? If you sell your car, how will you and your family get around? Disability insurance provides dollars so that your family will remain in their own world. If there were a reasonable way to avoid having to lose everything you've worked so hard for, would you consider it?"
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