INSURANCE CAN BE COMPLICATED

Let's face it people are confused by life insurance. Studies show roughly 9/10 people are confused by their insurance options, in fact, this common pain point for insurance advisors is why we started LDA in the first place, to help communicate the products available to your clients and have them see the value. However, sometimes we need to take it a step back before we even introduce a product and help people understand the different uses of Life Insurance and why it's important.

This got me thinking of some of the best sayings and analogies I have heard in my time in this industry (if you are reading this and have a great saying or analogy you would like to share send it to us!

ANALOGIES

1. Money Machine

If you had a machine in the garage that printed money would you insure it from breakdown?

The Money Machine analogy is simple it makes people think about their human capital. I think a lot of us take for granted the largest asset we have is our ability to work and earn money. I also like this analogy as it works for many product lines (Life, Critical Illness or Disibility Insurance sales). Want to spin this analogy for key man insurance if you had a goose that laid golden eggs would you buy it X insurance? Well you have several geese that you might want to think of.

1. Briefcase of Money

My Stepfather told me this story of bringing in a $100 bill to a meeting when asked what he could do for the company he said I sell these for pennies on the dollar, and then asked if you could buy a $100 bill for $3 how many would you want to buy? This analogy is adapted from Ben Feldman (see quotes below) but it can be shaped for your prospect and their specific industry or interest. For example Larry was once selling insurance to a large family enterprise business, he said look you sell socks for $3 if you could buy those socks for $0.03 how many would you buy.... the prospect paused for a moment and responded, $45 Million Socks...

1. Term vs Perm

We have probably all used an analogy to describe the difference between term and permanent insurance, the most popular analogy is having our prospect think about it like renting vs owning a house (or car) the basis of the analogy goes like this, think about renting a home vs owning it. Renting has a lower cost and has a fixed term but you may experience a price jump at the next renewal, unlike owning a house if you move or sell you don't carry forward any equity (cash value) in the property. If your client are younger think about explaining it like Netflix vs owning the movie. If you cancel Netflix subscription you don't get to keep the shows you watched, similarly if they remove a show (the term is up) you no longer have access to the content, however if you buy the movie you could always sell it later if you wanted and there is no risk you someone will take your DVD after the "term" is up and you can watch that movie for your whole life.

QUOTES

Here are some quotes and sayings that stand out and can help you enlighten your clients

"You’ll have the same problems when I walk out, as you had when I walked in… unless you let me take your problems with me." – Ben Feldman

"Fun is like life insurance; the older you get, the more it costs." - Kim Hubbard

“Every man has problems that only life insurance can solve. In the young man’s case, the problem is to create cash; for the older man, to conserve it.” – Ben Feldman

"Life Insurance - It's cheaper to buy ten years early than one minute too late" - Unknown

“When do you want your insurance to end?" - Larry Kinlin

"Life Insurance is the only tool that takes pennies and guarantees dollars." – Ben Feldman

"There are worse things in life than death. Have you ever spent an evening with an insurance salesman?" - Woody Allen

“Term Insurance is like a diaper...At some point you're going to have to change it." - Larry Kinlin

“You haven’t done anything wrong. You just haven’t done anything, and that’s what’s wrong.” – Ben Feldman

"To be great at what you do you have to do great work, to do great work you must be prepared" - Jim Ruta

“Life insurance is time. The time a man might not have. If he needs time, he needs life insurance.” – Ben Feldman

"You can’t put a value on human life, but my wife’s life insurance company made a pretty fair offer." - Unknown

“Put me on your payroll. The day you walk out, I’ll walk in and pay your bills.” – Ben Feldman

“Whatever excuses you may have for not buying life insurance now will only sound ridiculous to your widow." - Woody Allen

"Always keep a copy of the biggest cheque on your top drawer, when you get a bigger one staple it to the top. This provides positive reinforcement for when sales are slower" - Lawrence Geller

"I do not sell life insurance. I sell money. I sell dollars for pennies apiece. My dollars cost 3 cents per dollar per year." - Ben Feldman

"Driving race cars is risky. Not having life insurance is riskier. It means leaving your loved ones to suffer financially if something happened to you."- Danica Patrick

Buying Life Insurance is like fixing a leak in your roof...The longer you wait, the more expensive it gets" - Unknown

"Always remember it's the clients problem not yours, keep that at the heart of your conversation. All we can do is help our clients realize they have a problem and provide solutions" - Lawrence Geller

CONCEPTS

"Time has the ability to grind ANY life policies ACB to 0 even if it's heavily overfunded with passive money. Consider it a corporate LUXURY. There is no mechanism in existence like this. If you understand this fundamental then you understand that every trapped dollar has the ability to come out of a corporation tax-free regardless of whether policy cash or death benefit. Get your corporate cash in a policy. TIME & NCPI are beautiful things." - Matthew Inglis

Disability Insurance Needs Analysis

This one comes courtesy of Keith Leech from a lunch & learn session I attended. It's a Disability Insurance needs analysis for a business owner and goes like this:

How much do you make?

How much can we proove?

I can get you 75% of that...

Do you want less?

DIAGRAMS

We are big believers that a picture says 1000 words at LDA. Many of our visual presentations help clients understand their life insurance options but sometimes we need some pictures and diagrams that are more concept based, enjoy!

Critical Illness Stats Diagram

Sometimes it takes striking a bit of fear or maybe just a dose reality because the fact is that with how long our life expectancy is currently the odds of being diagnosed with some kind of Critical health issue is alarmingly high. Check out our CI infographic. Want a version of this infographic you can brand with your own logo? Read our Blog on How to Sell More Critical Illness Insurance

If you think back to Lawrence Gellers quote about all we can do is help our clients realize it's their problem or Bens quote about having the same problem when I leave they both follow a common theme helping sell the problem not the solution. Lawrence also spoke to how to understand where a person(prospect) is in their learning by assessing their competency with the following methodology.

If we relate these steps to insurance we might find the following mentalities that would help up assess how we should approach this sale/person.

1. Unconscious Competence - I know I need insurance and what type I need to purchase. (Ideal Client)
2. Conscious Competence - I know I need insurance but need to be triggered to buy it. (This client needs motivation)
3. Conscious Incompetence - I know that I don't know, client may know they need insurance but decide not to make decision . (Who cares about my family, i'll be dead client)
4. Unconscious Incompetence - I do not know and I don't know that I do not know - Client has no idea why they would need insurance and does not even realize they have an liability. (Education Opportunity)

HOW ABOUT SOME FUNNY LIFE INSURANCE MEMES

Ok I know were talking about life insurance but that does not mean we can't have a bit of fun, if you get a laugh from these please feel free to share this article with with your office or on your social platform of choice.

CONCLUSION

We need people to understand the basic need for life insurance so they can then make the best product decision and feel fully invested in the solution. We hope some of these quotes, diagrams and sayings can help you set the stage for your next LDA presentation and help you educate and protect your clients. This is core to our mission to help you save time, increase life insurance sales and help automate compliance. Subscribe to the newsletter below to get more great revenue-generating content!

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