Preaching to the Choir is
My pastor says it is easy to preach to the choir, but very hard to
preach to the non believers.
I feel the same way about insurance. Those that don't already have insurance, you have to prove to them that they
need insurance and how having insurance can fix their problems.
But, if you find someone one that already has insurance, you don't have to convince them that they need to have
insurance. All you have to do is to show them a better plan than what they have, or a cheaper plan or to show them
something better than what they have. It's like preaching to the choir.
Example number 1.
I'm looking for clients that have a normal U.L. Policy. I'm going to show them a U.L. that has an age 100
guarantee. What they have now, can lapse or they might have to increase their premiums one day to keep the policy
in force. Most of the U.L. policies on the market are based on current interest rates. Most have a minimum interest
rate of 3%.
I know of a lot of clients that bought a policy over 15 years ago with a big company that I won't name. When they
bought their U.L. polices, the interest rate was 12.5%. Today they are paying less then 5%. So most of the clients
polices didn't have enough cash value to keep the policy in force. The proposal that they were shown when they
bought it show projected cash values and should have taken the policy to age 100, if the interest rate had remain
the same. Some of the agents even told the clients not to worry about this, and worse that would happen is they
have to start paying a couple more dollars a month, to keep the policy in force. Most of the U.L. policy that have
been sold out there today, do not have an age 100 guarantee, and the clients do not know why this can become a
problem in the future. My wife's aunt Vicky had this problem. She thought she was buying a permanent policy that
would never have any problems as long as she paid her premiums. She was wrong, and her policy lapsed. She was
really mad at the agent that sold her this junk and didn't explain to her the risk, of this happening. She didn't
read the small print on the proposal that the agent had her sign. The company did write her a letter advising her
to double her premium to see if that would help increase her cash value enough to fund her policy further.
To keep this simple, all I have to do is find a consumer that does not have an age 100 guarantee on their U.L.
policy. There is a good chance the agent didn't explain to them, about the project interest rates and what could
happen to their policy. To better explain this to the client, have the client call the company they bought their
policy from and ask the customer service dept to project their policy if the interest rates go down just 1%. WOW,
this will blow their minds when they find out the answer. Matter of fact, I'm sorry to tell you that most U.L.
policy are in danger of not having enough cash value to keep the policy in force full term and long at all. I want
to show them a policy that no matter what happens, the death benefit and premium can never change. Now these types
of policies general cost more then the U.L. policies that do not have an age 100 guarantee. It is worth the extra
money. Why risk it? Ask the client to show you their policy and go straight toward the proposal. Get you a yellow
highlighter, and highlight the places that the other agent never wanted them to read.
So in example number 1, we are looking for U.L. clients that don't have an age 100 guarantee and then showing them,
how this could be a problem one day. Then show them the plan that they would never have to worry about this problem
again if they bought. They need to be fully protected and not chance it on interest rates.
I have another 100 example on how to preach to the choir and how to show the client a better product and walk away
with a sale.
I want to always do what is best for my clients. I believe this to be the best for my clients and after I show them
the small print and have them call the insurance company they bought it from, and not take my word for it, then it
is like selling cake to a fat kid.
I can think of a million more ways to preach to the choir I call it. I will try and post some more example
Example number 2.
A policy with no riders.
The next choir to preach to is those that have bought a policy, but the agent didn't offer them any riders to
attach to their policy. I find that many agents never offer the clients any of the riders. There are many reasons
why they don't offer them. But this is their mistake and leaves room for you to come in behind them, and show a
better product to the client. It is harder for another agent to come in behind you and replace a policy that has
rider attached to it. It reminds me of buying a car, and the salesman showing you all the options that you can buy
with your new car. They are not afraid to show you all these options. It will not make the client; change their
minds about buying the car. Even if it will make the monthly payments go up. I hate the fact that I bought one of
my new cars, and the salesman didn't show me all the options that I could have bought. Not until I saw someone else
same car, did I realize that I could have bought the options that they bought. This idea works on all types of Life
Insurance. Learn all of the riders that you companies have to offer.
I have talked many of clients into a new policy by simply showing them a rider that they need to have attached to
their policy. But the 1st agent didn't show it to them. That is their mistake and your gain. I don't have to talk
the client into buying the insurance. I just have to talk them into the riders. I could spend all day talking about
some of the riders that I show them. But if you just show them all the riders and let them pick from them, then you
may help the client and make a sale.