Asking questions can be the most effective way to sell life insurance.
As long as they have the Turn right questions, said Van Mueller, a Milwaukee insurance agent.
“Now is the best time to be an insurance and finance professional,” Mueller said. “There’s never been a time like this. And it’s the best time ever to sell cash value life insurance.”
Mueller hosted the Million Dollar Round Table “Cash Value Life Insurance Strategies” session at the MDRT Annual Meeting, which was held virtually.
In his 48th year as an agent, Mueller is also a 31-year-old Top of the Table qualifier. He often talks about his cold approach demand strategies, especially while shopping.
About two months ago, Mueller was out shopping when he approached a woman and asked if he could ask her a few questions to hear her opinion.
“I said, ‘Would it be more beneficial for you to take a tax deduction of a small amount now, when taxes are historically low, and transfer a whole bunch of money into the future when the government needs all kinds of revenue? to fix all the mess they’re making right now?” Mueller recalled. “‘Or would it be more beneficial to pay your taxes now, when they are historically low, and build up a huge mountain of money in the future that the government can never get their hands on again?'”
Of course, the wife chose option two as a significantly better deal. Then Mueller asked, “Then why are you doing the first one?”
“She looked at me and said, ‘Oh my god, I never realized it,'” he said. “That’s what I want you all to understand. You think your customers know all this. They don’t know about it. They’re worried about what’s going on now. They’re not thinking about tax deferrals in the future.”
The postscript is the best part: The woman chased after Mueller to get his business card.
Best time ever
The answer to why now is the time for cash value life insurance is simple, Mueller said. The effects of the pandemic have created an economic crisis that, combined with climate change and other looming problems such as the social security shortage, threatens future economic stability.
‘They will need a lot of money. And where are we going to get that money from?’ Muller asked. “How are we going to spend that money and who is going to collect that money are important issues for us as insurance and financial professionals to talk to our customers.”
Insurance agents can help protect customers and enable them to weather a storm by growing their money in tax-deferred accounts.
“We’re going to have to find ways to offset much higher income taxes, and cents that buy dollars will be one of the most amazing tools we can use to help the American people do that,” Mueller said. said.
The key is being able to sell and close effectively so you can match your leads and potential customers with policies they don’t even know they need, Mueller said. One way to do that is to develop half a dozen questions and practice them over and over, he said.
A question Mueller often asks a prospect is, “Would you like to know how to be the beneficiary of your life insurance policy while you are still alive?”
Advisors should not be afraid to approach people and ask them about life insurance and other financial issues, he said. Doing so can double or triple your appointments, Mueller told the MDRT audience.
“Our mission, our responsibility, our goal is to inspire people to take action,” he said. “And the only way to do that is to ask them questions.”
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats on a daily basis for over 20 years. John can be reached at: [email protected] Follow him on Twitter @INNJohnH.
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