I want to teach you a prospecting idea that will help you. We want to reach out to
clients that think they are uninsurable. Please watch the video or call us at 877-968-5757 to learn
Click on bottom right of video to enlarge it.
I want to talk about a big untapped market, the uninsurable market. Or at least that is
what they are led to believe, because they cannot get coverage.
Tons of clients think they can not get any type of coverage because of having a poor or
a pre-existing health conditions or for other reasons.
Most agents run away from unhealthy clients
and are taught to only focus on the clients that have no health conditions. I want to help to show you how to
not only run away from these types of clients, but how to prospect and help them.
I'm going to talk about the clients that
you would think are uninsurable. Clients that have had a heart attack, stroke, cancer, d.u.i., or obese
clients, just to name a few. You would be right to think that they can't get normal insurance. But many of them
do qualify for some type of coverage.
Graded benefit products take about 95%
of the clients out there. There is hope for many clients that feel like they can't get any type of coverage.
Most graded benefit products are limited in benefit in the first couple of years. After the graded period has
past, it has full benefits. If the client dies in the graded period, the client usually gets their money back,
plus interest (12% to 24%) or a limit amount of the death coverage. This all depends on the company offering
the product. I work with a couple of companies that offer this type of coverage. I believe that this product
can be used to help certain clients.
I want to tell you one of my
boring stories. I had a friend named David Littleton that found a great deal on a house on 7 acres and had a
pond on it for about $62,000. This was a great deal. He went to several banks trying to get a loan, but was
turned down by all of them. He had poor credit, due to some credit cards that he never paid back when he was
younger. After being told by many loan companies that he would not get the loan, his heart was broken. He found
one loan company I think it was Greentree Financial that offered to give him the loan. They wanted him to pay a
very high amount of interest. It was over 3 times the interest that I was paying for my home. I thought they
were ripping him off with such a high interest rate. But the fact was that he had poor credit and could not get
a loan anywhere else. Let me just save some time and tell you that he jumped on the offer. He didn't give it
even one day to think about it. After being told many times that you can't have something that you need, and
then you are allowed to have it, you will jump on it. No matter what the price.
The point of the story
is to show you how the clients feel and think. They know that they have to pay a higher rate if they can even
get the coverage to start with. Most clients are thrilled to death to get the coverage they didn't think they
could ever get. Most of them have already talked to a couple of agents that have told them that there was
nothing they could do to help them.
Graded Benefit polices are great for these types of clients. Let me
give you an example. Let's say a client that had brain cancer just one year ago is worried about protecting his
family from the cost of a funeral and wants to buy life insurance. He gets out the phone book and calls a
couple of agents and most of them laugh at him or tell him that he can't get any coverage. He gives up on
getting any kind of coverage until he runs into you. You tell him that you can help get some protection. You
show him a graded benefit plan. In this example we will use United Home Life product. In the first year it offers
return of premium and 12% interest. Second year it offers R.O.P. plus 24% interest. After the second year,
it offers full benefit. This is not a bad deal. It is better then if he put the money in the bank and got a
lower amount of interest. It would be hard to find anywhere willing to give him 12 to 24 percent interest on
his money. He understands that he is going to pay a higher premium then someone that is in great health.
Most companies Graded Benefit products are non medical and jet issued.
I want to share my story with you. I'm unsurable myself. I have Multiple
Sclerosis. I had no idea what MS was when I found out that I have it. I quickly had to do a lot of research and
join a lot of support groups. I don't know how I would have made it without them.
The support groups really helped me deal with this issue. A lot of people like me
join support groups and associations after getting bad news. Like after having a heart attack, stoke,
cancer or other life changing events. In the meetings we mainly talked about our families, finding some
answers to our questions and what we are suppose to do now. Many of them did not have any type of life
insurance. Now, that they wanted to buy some coverage it was too late. After about one year, I found a
product that Americo Life had, that was through College Life that had no health questions on it and took
everyone. I started showing this product to everyone and a lot of them jumped on it. So I didn't just stop
at one support group, I went and visited some other support groups. I was able to help many clients. I was
lucky that I already had life insurance on myself; because that was the first thing I did in this business.
I started thinking about how many other support groups there were out there that I could help. You would be
shocked at how many you can quickly find.
I want you to look for the clients that have been told that they can not get
any kind of coverage. You can do this in two different ways. You can go fishing with a fishing pole or a net.
You can try and sell one person at a time, or go after the groups of them. Look for the support groups and the
associations. Image an ad that say "have you been declined for life insurance? I can insure anybody".
Let me talk about why this should be one of the niche markets that you use.
The clients just about never lapse one of these polices. They are so glad that they have found coverage that
they never let it go. The premiums are generally slightly higher then most types of insurance, but the
clients understand the higher premiums. There is more good reason to sell these types of product then I could
tell you in an hour.
I suggest that you start thinking about tapping into this untapped market.
Other agent's declines will now be your future clients.
I have two great insurance companies for this niche market.
and United Home Life
. Also ask me about table 4 term, prospecting ideas.
Call us at 770-968-5757 and let me help you with this niche market.
us help you grow your business. We have tons of great prospecting ideas.