Action... How?

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Critical Illness TrainingCritical Steps
Module 4 ActionHow? Objections
For agent use only. Not for use with
consumers. 15-425-02251 D (12/12)
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(No Transcript)
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Comparing insurance-value?

• Acknowledge the clients perception
• The last time you bought electronics, like a TV,
  iPod or computer, did the salesperson try to sell
  you insurance on it?
• They may not have called it insurance maybe a
  service plan or extended warranty. Did you buy
  it?
• If yes Health warrantyIf no Two criteria

Script
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Health warranty

• Most people think the same way Why would I
  spend a bunch of money to fix this, or worse, buy
  another one if something bad happened to my TV,
  iPod, or computer, when I can put a little aside
  now and not worry about it?
• Whats really unfortunate is that most people
  know they can take out a warranty on their TV or
  iPodbut my industry hasnt done a good job
  letting people know they can actually take out a
  warranty on their health.
• Script

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Two criteria

• Two event criteria to consider for purchase of
  insurance
• 1. Likelihood
• 2. Impact

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Goose and the golden egg

• Moral of the story?

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Non critical illness insurance

• Would you buy a product, that if you wrote a
  check each January 1, could guarantee that
  yourself (and your wife and children) would not
  get cancer, have a heart attack or stroke for the
  next 365 days?
• Unfortunately, that product does not exist. The
  best we can do is ensure that some funds arrive
  if you are faced with a major health crisis to
  help you through recovery.
• Script

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The premium I dont mind paying...

• Of all the insurance premiums I pay each year, my
  critical illness premium is my favorite, because
  each time I pay it, it means its been another
  year successfully dodging all the horrible
  conditions like cancer, heart attack and stroke.

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A great phrase

• If it were methis is what I would want it to
  look like.
• What about you?

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CI how it could happen?

• It could be years from now that you have
  something unexpected happen, where for a period
  of time, you could use some help.

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Urgency vs. life insurance
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The four questions CI meeting

• Do you know someone ?
• Did they plan on it? Or, was it unexpected?
• Was there unplanned emotional or financial
  strain on the household/business?
• Would cash have helped?

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Ratings and choices

• Many dont get coverage at all
• Two choices if there is a surcharge
• Take extra premium
• Adjust benefit down to keep premium at starting
  level

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You are the key

• Products dont win, IQs dont win, college
  degrees dont win,you win!
• The difference is you!

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Script comparing value

• The tremendous value of this critical illness
  insurance really comes out when we compare it to
  many of the other insurance products that most
  people think they should own.
• Let me scribble down what I mean by that. So
  what is the value of your home? What do you pay
  for your home owners insurance? What is the
  value of your car? What do you pay for car
  insurance?
• Now by contrast we have your health and a
  benefit we have discussed of 75,000 tax-free
  with a premium of 1000 (that is contractually
  guaranteed even if way more people claim than
  the insurance company anticipated)
• With the unfortunate reality of how often this
  stuff happens to healthy people like you, would
  you agree that this seems like a smart way to
  cover that risk?

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Script too much insurance

• I often have clients who look at their
  monthly bank statements or hear about another
  insurance product, and tell me that there are
  already too many insurance products. How can
  they choose from so many.
• With insurance being offered on the obvious
  things like life, auto and home, to things like
  extended warranties on the electronics we buy,
  have you ever felt that way?
• (continued)

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Script too much insurance

• The last time you bought electronics, like a
  TV, iPod, or computer, did the salesperson try to
  sell you insurance on it? They may have called
  it a service plan or extended warranty or
  something creative like that.
• Did you buy it?
• (continued)

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Script health warranty

• Option One Did you buy it? Yes
• Most people think the same way Why would I
  spend a bunch of money to have this fixed or buy
  another one if something happened to my ___, when
  I can put a little money aside now and not have
  to worry about it?
• Whats unfortunate is that while everyone
  knows they can take out a warranty on their TV or
  iPod, my industry hasnt done enough to let them
  know that they can actually take out a warranty
  on their own health with the product we are going
  to talk about today.

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Script two criteria

• Option Two Did you buy it? No
• The best advice that I have ever heard on how
  to determine whether any type of insurance is
  worth exploring further, is to see if it meets
  two important criteria
• Criteria 1 The event should be quite likely
  to occur, and Criteria 2 If the event did
  happen, it should have a large enough impact that
  you would want someone else (insurance company),
  not you, to foot the bill.
• Maybe thats why you dont typically buy the
  warranties? Many people feel the same way. Its
  reasonably likely that this may break in the
  future, but I would just pay to fix it or buy a
  better one at that time for likely less money.
• (continued)

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Script two criteria

• This doesnt mean that you should purchase
  every type of insurance that you feel passes
  these two criteria, but it is a pretty good test
  to see which coverage you should, at minimum,
  explore further.
• Let me give you two extreme examples First,
  if someone were offering lost pen insurance, I
  would suggest that although it meets the first
  criteria of being likely to occur, as I tend to
  lose a pen every week, the event does not impact
  me enough?the second criteria?to make me pursue
  the insurance discussion further.
• Conversely, is someone was offering me
  meteor insurance that would pay me in the event
  I was hit by a meteor, as much as it clearly
  meets criteria two of a massive impact, it is so
  unlikely that I would not be interested in
  hearing more about the insurance, regardless of
  how little it cost.
• (continued)

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Script two criteria

• I think a lot of people intuitively use
  something like the two criteria strategy when it
  comes to their choices for things like car and
  home insurance in that they know that there is a
  reasonable chance that a breakin could occur,
  and without insurance, it could have a large
  impact on them financially.
• I cannot think of many events that meet the
  two criteria of likelihood and impact more than
  the an unexpected change in health from a major
  event like cancer, heart attack or stroke.
• Sadly, far too many previously perfectly
  healthy people have to deal with these and other
  illnesses each year, and as I am sure you know,
  the emotional and potential financial impact on
  them and their families is significant.
• The tragic reality is that most of these
  individuals do not even know that the product we
  are going to talk about exists and that it could
  have provided them with assistance at a time when
  their world was turned upside-down.

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Script non critical illness

• As I see it, we all face the unfortunate
  reality that we could encounter a serious and
  unexpected health scare that could have serious
  emotional or financial impacts on us and our
  loved ones.
• In a perfect world, I would love to have a
  product called Non-Critical Illness Insurance
  so that if you paid a certain premium every year,
  you, your spouse and kids would be guaranteed
  that full year without any threat of cancer,
  heart attack or stroke.
• If you could drop into my office early each
  January and write me a check, and for that I
  could guarantee you nor your family would not
  have cancer, heart attack, stroke, or any of
  these other things happen for that full
  yearwould you write the check?
• (continued)

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Script non critical illness

• The reality is that no such product exists,
  but the threat still does and thankfully, so
  does this product. We cannot magically eliminate
  the risk of cancer, heart attack or stroke, but
  we can greatly reduce its financial impact on you
  and your family or business.
• Until we get access to a magic cure-all, I
  think its wise we control what we can and shift
  the risk off your and your familys backs.

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Questions?
For agent use only. Not for use with
consumers. 15-425-02251 D (12/12)