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Learn about obligations at death, income replacement, mortgage and college protection, and the importance of life insurance. Discover the needs approach and how to build rapport with clients.
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Liberty National LifeClassroom Training New Agent Training PowerPoint
Day One New Agent Training PowerPoint
Objective One Introduction to Needs-Based Sales
Needs-Based Sales • The chief function of life insurance is to pay for a person’s final expenses. Some of the money paid to a beneficiary is used to meet current financial obligations created by the insured’s death. The remainder of the money may also be used to meet future needs of the insured’s beneficiary or beneficiaries. • Totaling the amounts required to pay for current and future expenses is referred to as the ‘total needs approach’ to determine how much life insurance a person should carry.
Four Obligations at Death 1: Final Expenses • Funerals cost money. • So do doctors, ambulances, and extended hospitalstays for visiting spouses and family. • Income, estate, and inheritance taxes, (because they resulted from death) make up what is referred to as ‘Death Taxes.’ • If families are not properly prepared, the death of a loved one can result in financial hardships and difficult futures for surviving family members.
Four Obligations at Death Even if the breadwinner has their final expenses covered, the surviving family members still have a variety of other financial responsibilitiesthat they have to meet: 2: Income Replacement • Replacing the breadwinner’s income in order to maintain the family’s quality of life. 3: Mortgage Protection • Taking care of the outstanding mortgage loan on the house (if any). 4: College Education Protection • Allow for funds designated to help pay for college expenses of the children if the primary insured/breadwinner dies.
Need for Life Insurance • No matter how many of these obligations an individual leaves behind, there’s only one thing that will satisfy them … money. • For this reason, a person who wants to relieve the family of financial obligations and possible hardships when he or she dies will plan to leave them with an estate or money that’s sufficient to cover all needs, even those that are not immediate.
The Needs Approach • If Jim dies today, his family would need money for:
The Needs Approach • Following The Needs Approach ensures that families get the proper coverage that they need TODAY, while also personalizing it to their situation and their income. • Following this approach, an agent can truly protect a family with an insurance plan that is designed specifically for their needs.
Objective Two Situational Presentation
Situational Presentation • $3,000 ADP Referral Presentation, Married With Two Children, and a Mortgage.
Objective Three The Three Components Of Success
Three Components of Success with the Laptop Presentation • Rapport Building • Establishing trust and respect with the client. The first sale you make in any home, is yourself. • Transitions and Tie-Downs • Using the script effectively. • Needs-Based Closing • Providing the client with a program designed specifically for them, their financial situation and their current needs.
Rapport Building • In our social media driven society, people purchase products because of: • Advertising • Reputation • Word of Mouth, etc. • At Liberty National, people choose to protect their family with our products because they like and trust YOU, their agent.
The Sales Process • Our sales process contains 4 steps: • Step 1: Build and establish rapport. • Step 2: Expose and establish a need. • Step 3: Present a product that fills the need. • Step 4: Protect the family with the option they choose. • The Diagram on the next slide illustrates the importance of rapport in the sales process. • The more rapport built, the less closing is needed. The less rapport built, the more closing is needed.
The Sales Process and the Balance of Human Element and Technology Agent 50% Laptop 50%
Why Build Rapport? • In order for someone to want to work with you, they must first:
How To Build Rapport With The FOR Method The FOR Method Of Rapport Building F (amily) O (ccupation) R (ecreation) Building proper rapport can be as easy as asking the right questions.
Rapport Building: F.O.R. • Remember, everyone’s favorite topic is themselves. • Get to know your client by asking them about their family, their job and their hobbies. • The purpose of rapport building is to create trust between the client and the agent. • You should never move into a presentation until you have built rapport and trust with your client. • Don’t even take your laptop out of the bag.
Complete Rapport Building Video Training • Today, we will see rapport building explained and demonstrated in a laptop presentation.
Role-Play Rapport Building • Follow your training manager’s instruction and role-play rapport building
Objective Four The No Cost Presentation
No-Cost Presentation • The No-Cost section of the presentation allows the agent to give a variety of benefits to their clients at No-Cost to the client. The client receives these whether they purchase insurance or not. • The No-Cost Presentation is valuable for three main reasons: • It’s how we collect referrals- who will we see AFTER this client? • It introduces the client to the computer and ensures they are comfortable for the presentation. • It introduces ‘cause and effect’ sales • Video presents a problem, i.e. every 4 minutes someone dies from an accident, and provides the effect, or solution, a No-Cost ADP policy.
The No-Cost Offers • Liberty National has 5 No-Cost benefits for our clients:1) Accidental Death Policy (ADP)2) Child Safe Kit3) Discount Card4) Memorial Guide5) Med Facts Kit • Each offer is designed to show cause and effect, put something tangible in the client’s hands and help agents generate referrals.
Accidental Death Policy • The Accidental Death Policy protects the insured with no cost accidental death protection at no cost to the client.
Child Safe Kit • The Child Safe Kit is a no cost kit designed to help protect your children!
Discount Card • Liberty National’s no cost discount card can help decrease the cost of health service costs for our members.
Med Facts Kit • The Med Facts Kit helps our client’s keep all their medical information in one spot in case they ever need emergency assistance.
Memorial Guide • Our Memorial Guide helps our members store their final wished and the location of important documents.
Rapport To Referrals • Remember, one of the main reasons an agent should perfect their rapport building skills is referral collection! • Every No-Cost benefit is a way for an agent to collect referrals. After each video, the agent will take a few moments and ask the client to sponsor any people they know to receive the same benefits:- Who would you like to sponsor FIRST?- Great! Who is next? Who is next? Etc.…
Referral Collection Tips • “Who’s first …” is much better than “Can you think of anyone …” • Always ask “Who’s next?” • Even if they say they can’t think of anyone else, bring up another option; a sibling, relative, neighbor, or coworker and they will think of another then say, “Who’s next?” • Be suggestive: “Most people just look through their phone to think of people.” • Use competition: “Most people sponsor 10, but the most I’ve seen someone sponsor is 27, if you want to try and set the record!” • Overcome an objection: “Whenever the Company sends out a claim check, the family receiving it never sends the check back, they always cash it. Who do you want to help first?”
Objective Five Role-Play No-Cost and Referral Collection
Role-Play the No-Cost Presentation and Referral Collection • Follow your training manager’s instructions and role-play the No-Cost and Referral Collection.
Objective Six Read Off Letter
Read Off Letter • The Read Off letter is a brief letter to our clients. It helps set the stage for what the agent is there to do TODAY and serves as a transition between the No-Cost Offers and the need for life insurance video. It helps emphasize to the need for them to protect their family today.
