Tired of the Same Old Objections?

Tired of the Same Old Objections?

There is no doubt that Payment Protection is a valuable product.  Ask the clients that you’ve sold it to who have used it; they’ll invest in Payment Protection on every loan.  However, for those who “give you the same old objections”, we sometimes become immune to them and need a way to “think out of the box” to help them understand the value.  Remember some of the methods you used to address some of those objections.  Pull them out of the box, dust them off and try them again.

“I have disability at work”:  Based on the direction and changes to our health care system, this one should really be getting easier to address.  Ask the following questions:

  1. Is your employer changing their Short Term and Long Term disability plan?
  2. How often does your employer “change” their benefit plans?
  3. Are those changes reducing/eliminating benefits at a higher cost to you?
  4. How much more of your employer benefit plan are you paying for out of pocket?
  5. What do believe will happen to employer benefit plans in the future?

Getting answers to these questions will help the client identify with “other insurance needs” that may be taken away and/or increasing in cost and not affordable to them.  Having Payment Protection will at least make their loan payment; protect the collateral and their credit.

“I have plenty of coverage”:  We really need to take the time and clarify this.  Most “insurance” objections pertain to plenty of “life” coverage and the client isn’t considering their disability needs.  Some questions to consider:

  1. Does your employer provide you with disability pay if you are out for a period of time?
  2. If your employer reduced your (weekly, bi-weekly, monthly) income by 40%, what things will you need to eliminate from your family budget?
  3. Many families have life insurance; however, some have disability (outside of work) is this the same for you?

It pays to slow the client down and get them to think beyond their loan payment.  How would this truly impact their ability to repay the debt, protect their family and their credit?

“I’ll take my chances”:  not the real objection here and needs more probing.  Don’t let them off the hook, ask:

  1. If you took your chances, what would your life look like if something did happen?
  2. How would your family feel about you taking this chance?
  3. What impact would “taking the chance” have on your family, credit, future?

Bottom line, the client isn’t investing in just themselves; don’t allow them to take the chance and risk self-insuring; it’s not just them.

                                                                                                                                                                For Internal Training Use Only

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