Selling Life Insurance How to Use the Compass Plan to Sell Life Insurance

First, Select a Prospect. Second, Create a Strategy  The PROSPECT  An Existing Client  A Purchased Lead  A Friend, Neighbor or Relative  A Health Prospect  A Referral  The STRATEGY  A Stand Alone Sale  A Plan in a Compass Health Sale  A Cross Sale to an Existing Client

One Presentation for any Life Presentation  1. Gather the Information  2. Introduce the Concept of Financial Security  3. Present the Compass Plan Solution  4. Complete the Applications

Information  Gather the Information by Completing the Client Information Record  Ask what the Client would like to accomplish here today  Determine the Needs

Financial Security  Introduce the Concept of Financial Security  Explain the Three Serious Problems using the Puzzle

The Compass Plan  Prepare the Quote Sheet when you have determined the need, either at this point in the interview or earlier during the Information stage  Present the Quote for his Compass Plan  In a Life only sale, offer to discuss the other Plans at a later date.

The Application for Life Insurance Only  Assume the Sale when you see strong interest. Ask for his address.  Use a Computer Application where ever possible. It will cut donw on errors and speed the delivery of your commission.  Don’t try to provide all the insurance he needs in one plan. Get started. Make him an Insured first.  It is best to collect a check and give him immediate coverage under a Conditional Receipt. But a bank withdrawal on issuance or delivery are the other two choices and both are good.  Order the Para Med Exam while the insured is with you.

The Applications in a Multiple Policy Sale  Complete the Applications  Complete the Florida Blue and US Able Application on the FB Portal ONLY.  Ask the questions on the Supplemental Questionnaire for the Plans that were sold  Get signatures on paper applications: Sick Pay Plus, Life, etc.  Get signatures on the PAC forms when needed  Thank the Client and let him leave!  Complete the real Applications online for SSP and the Life if you aren’t applying on paper. Use the CIR for the basic information.  Complete the paper life app and it to the Home Office  Load Rabbitapp with this information so you have a CRM.

The Transition Lines to Remember  1. “Please fill in the Yellow or Shaded Boxes so that I have all your current information.”  2. “What would you like to accomplish here today?”  3. “What I hear you saying, Name is that you want Financial Security for you and your Family. Is that right?”  4. “(policy or coverage) is one part of Financial Security, let me explain.”  5. (After using the Puzzle or the Power Point) “This makes sense, doesn’t it?” Now lets look at your Compass Plan.”  6. “With your Compass Plan, you and your Family will feel much more secure, won’t they?”  7.”I’ll bet that you know lots more people who need a Plan like this. So I’d like to give you this free Credit Card. Each time you give me three names, I’ll put $20.00 in your card.”

Information Details  Dig deeper into the information. Clarify his answers.  Ask questions about his needs for protection.  Ask three or more questions about the answers on the CIR. You need to know your Customer.  Get him talking about himself

Financial Security Details  Realize that the customer doesn’t want a paper Policy. He wants the Benefits  Use the Puzzle. Watch him put the pieces together!  Or use the Power Point and read the description  Ad Lib the explanation if you wish.  If he wants to talk, let him.  Include the Live Too Long but you can post pone the discussion if it doesn’t fit your customer (except for a life only sale).

The Compass Plan Details  The secrets of this presentation is the Quote Sheet and a couple of killer statements.  Prepare the quote in advance  Cover up Option #2.  At the end of the Term discussion, say “But John, you have to die in 30 years!”  “Would you call this a winning plan if you have to die or be critically ill in order to receive benefits?"

The Compass Plan Continued  Turn the paper to expose the first line on Option #2. Line 1 on Option #1 should be visible, also.  Read each line, until you come to the policy term.  “This plan is for life not 30 years, so you know that one way or another, you get your money back.”  “Since you are now saving for retirement, I am suggesting a deposit of $XXX.XX. This should give you a savings account worth $XXXXX.XX by age 67.”  “This is enough to pay you annually $X,XXX.XX for the rest of your life.”  “After 20 years in retirement, you have been paid $XXX,XXX.XX. That is a lot of money, isn’t it?”  Point out the Tax Free Amount and the Total Tax Free Amount.  Summarize both Options, quickly.  Sit back and be quiet!

The Application Details  He accepted your plan. Great Job!  Complete a E-App Online. Or  Complete the FB apps on their portal ONLY  The CIR will give you the basic information for all apps.  Complete the Supplemental Questionnaire.  Get signatures  Complete the rest of the apps after the client has left.

What Makes this Presentation Work in a Life Only Situation?  No One Wants to Throw Away Money. That is Exactly What Term Does. Don’t be a Termite!  The Living Benefits are More Important than the Death Benefit to the Client once He Realizes What Living Benefits Are.  Compound Interest is Still a Mystery to Most People. If the Insured Saves for 13 or More Years, the Numbers Look Great.  Tax Free. Who Doesn’t Want to Beat the Government Once in a While?  Simplicity: One Quote Sheet. No Insurance Language. Financial Security is What the Client Wants. One Plan Solves All His Problems. Only One Agent to Deal With. No One Else Told Him About this Plan.  You Aren’t Pushy. It is a Secret – Don’t Tell Anyone How Easy This Is.

What Makes This Presentation Work in a Multi- Policy Situation?  It Makes Sense. Medical Insurance Doesn’t cover the consequences of illness or injury.  But the patient needs this coverage. He can’t work so he can’t earn. But he can eat and the banks still want his money!  Simplicity again and all the other attributes of “Oneness.”  His wife has been after him to buy life insurance for years!  He has family members, friends and acquaintances who have these coverages and like them. Also these people have had the illnesses and injuries that you are talking about. Their families most likely were hurt in the wallet. He Gets It!  NOW YOU NEED TO GET IT! It’s a Secret. Don’t tell Anyone About It Or They will Take Your Business.

Plan Your Work and Work Your Plan This adage has been true since Insurance was invented. The Compass Plan is Just a Much Better Plan to Work. Don’t Reinvent the Wheel, Follow These Simple Steps to Success!