In the Final Expense Market, there are many objections that agents get while they are trying to close a sale. A few responses you might hear are "I'm not interested" or "It costs to much," but how do you handle, “I don’t need a Final Expense plan. I will just pay cash when my spouse dies”?
A good way to answer any objection is with the "Feel, Felt, Found Method"
The Feel, Felt, Found Method would fare like this. “I completely understand how you feel. A couple of our customers have felt the same. However, what they have found is pretty staggering. Here’s what they have found” At this point, your client will know that you are looking out for their well-being, rather than just trying to close a sale.
Proceed with, “The average cost of nursing home stay is currently $6,844 per month and Medicare and Medicare Supplements don’t cover long term stays in a nursing home. There are just way too many expenses that can empty a family’s entire savings that they have worked so hard to accumulate.”
It is important for your client to know that if you have a Final Expense plan, cash benefits will be paid directly to the person you designate and are not subject to creditors for your debts. Beneficiaries are always first in line. This cash benefit can be used for Final Expenses and other associated costs. An appropriate question to ask your client would be, “Mr. Jones, if you passed away tomorrow, who would be taking care of everything?”
If you get another objection while closing, try to remember that people don’t always say what they mean or mean what they say. When your prospect is saying, “I’m just not sure, can I think about it? My budget is really tight right now,” a lot of times your prospect is meaning, “Show me more reasons why I should buy. I’m almost ready to buy, but what else can this policy do for me?”
So when your prospect gives you a second objection, proceed by explaining what other benefits come with the policy. Explain and give stories as to how the non-forfeiture options work. For example, “This policy has cash surrender value and it works like this…”, “Another benefit is the Extended Term Insurance. This is how it works…”, or “Another benefit is the reduced paid up insurance. One of my clients used this because of…” If your product has a Terminal illness benefit, waiver of premium for nursing home stay, or any other benefits, be sure to explain how that works and give a few examples of how your clients have benefited in the past. At this point, proceed to close the sale.