Yes, you read that title right! I really don’t care what their objection might be. The fact is, that if done properly, you can actually close the sale by using their objection. As I stated in this article, there was a time I hated objections. Now I know that I must get all of their objections on the table, spoken or not, before I can close. Let me let you in on a little secret: Today I LOVE objections! I now know, that no matter what they say, that is the EXACT reason they MUST move forward.

Remember that the following are the answers to the objections.  To be good at overcoming objections you must follow the entire formula of objection handling, not just spouting “answers.”

Assuming that you are following the objection handling formula, here are the “answers” to the objections that stump most new agents:

The Exact Reason They MUST Move Forward

Objection 1, Cost

Objection – “I’d love to buy that disability policy you talked about the other day, but my wife and I are trying to save up money for a downpayment on a house….”

What most insurance agents say – “You’re right. That policy is expensive, but did you look at that Accident Policy? It’s really cheap….

Why that’s the wrong thing to say – You are basically begging them to buy something, anything, please, please, please!!!! They just told you they are interested in a disability program and you are trying to sell against the very thing they stated they wanted. I’ve listened to many agents over the years justify this by saying, “Well at least they bought something.  Next year I’m going to be able to up-sell them during open enrollment.” My point is this: What if that person becomes disabled between now and then? (Remember, my definition of sales for what we do is, “We get people to do what they should do anyway, but wouldn’t do if we didn’t come along.”)

What you are going to say from now on –

• You – “I completely understand! (This takes all the pressure off.) I remember when my wife and I were looking to buy our first house. (Building connection.) Tell me, where are you guys looking? What kind of house are you thinking about? How many bedrooms? Pool? What kind of downpayment do you think you will need, including closing costs? Are you getting close? (All these questions are to make sure they fully visualize the house they are looking to buy. I want that house to be as real as possible in the prospect’s mind.) Let me ask you a question: If something horrible were to happen to you, say a serious accident or illness, and you couldn’t work for 6, 9, 12 months or maybe even longer, what would that do to your nest egg that you are planning on using for your downpayment?
• Them – “It would wipe it out pretty quick…”
• You – “Well it seems to me, that for just $15 (insert the cost of your disability policy) per week (Reduce the cost to the ridiculous.), you would want to protect that dream of homeownership. By the way, when was the last time you went through the drive-through at McDonald’s? What did that cost you?
• Them – “We stopped eating out. (Probably a lie, or will soon be a lie as their discipline starts to wane.) That’s how serious we are about saving money.”
• You – “Wow! That is disciplined!! I applaud your obvious commitment to saving money!!! I have an idea. Let’s take a look at all your disability options. The other day when I was here we talked about a program that kicked in the very first day you missed work due to injury and the 8th day you missed work due to an illness. I wonder what would happen if we moved the illness to  a 30 day wait?” (DUH!!! It’s probably going to drop the rates by 50%.)
• Them – “Oh yeah, that’s much more comfortable. I’ll take that!”
• You – “You know, with the money you saved on the disability plan, you could easily get our Accident program. It’s very affordable. In fact, I used to say that it was a no-brainer. But I realized that if I did that and someone didn’t enroll in it, I was kind of calling them, well…. not that bright. So now I tell people that our Accident program is, ‘A good value for the alert consumer!’ Did you want me to go over that with you again?”
• Them – “Yeah! Why not?”
• Why this works – You are getting them to connect with their deepest desires and showing them that you “get it.” Your ability to connect creates trust. With trust you move from “Sales Weasel” to trusted advisor. The reality is that most people that use price as an objection haven’t really even taken the time to read the rates. I can’t tell you how many times I have had a prospect say, “What do you mean, $15 per week? Is that all we’re talking about? Yeah, I can afford that.”

Upcoming installments in this series:

Thursday – I will give you my favorite answer to the employer objection, “My employees can’t afford it.”
Friday –  What to say to the employee who says, “I forgot to talk to my spouse about it. When do I have to make my decision by?”
Saturday – (Bonus Blog) I will give you a stunning answer to the employer objection, “We’re not interested!!!!” By the way, this technique is not for weenies!!! You have to have serious cojones to pull it off. You have those, right?

Conclusion: When you show empathy by getting on the same page as your potential client, you will win dramatically more times than you lose. By showing them how to justify their investment (It’s less than the cost of McDonald’s.), your chances of closing skyrocket dramatically!!!

Question: How do you handle the, “It costs too much.” objection? Continue the conversation below!