Like the “Laws of Justice”, where Justice is the result of the fair and proper administration of the law; so goes the value someone receives when they pay compensation for products. As the scale above illustrates; when your customer pays for a product, the scale (or price) for that product should get lighter than the value or benefits they receive. So how do we accomplish this? By simply creating more value than cost!
The cost (or payment) is always going to be the determining factor, whether positive or negative, if your customer believes they are paying more for something than they will receive. The perfect solution is to provide “more” value than cost, so the cost gets lighter and the scale goes up (as illustrated on the left of the scale) and the value is more (as illustrated on the right side of the scale).
Provide your customer a visual of how the two compare, as shown below:
COST:
- Single Credit Life and Single Disability
- $10,000 loan for 60 months (8%)* = $841
VALUE:
- Easy qualification process (limited or no health questions/statement)
- Group rated coverage
- No hospitalization necessary
- Medical condition not a factor, as long as they are off work (due to the condition and under the care of a licensed physician)
- Never over insured; pay for only the amount of protection they need
- Adds to the value of their existing life insurance portfolio
- Eliminates a payment when their income is decreased due to disability
We can continue to add the many valuable attributes of Credit Life and Disability; as already illustrated, the cost becomes much lighter compared to the weight of value stacking the benefits!
*Premium cost is determined based on specific state credit insurance rates per $100 or $1,000 balance
For Internal Training Use Only