We hear all kinds of objections: They need to think about it, pray about it, talk to their spouse, ask their financial advisor, don’t need it, are already covered, has someone else that handles their insurance, don’t have the money, budget is tight, economy is bad, etc. But if you stop and think about it, almost all objections really boil down to one of two things:

Either they don’t think they NEED the coverage, or they’re not really the Decision Maker.

The key to handling objections is to get them out BEFORE you close – If you feel like they’re not with you, or you hear a wishy-washy agreement response, call it out and get to what’s behind that.

But if, despite your best efforts, they still object during your close, follow this formula:

  1. “I’m sorry?” (You’re surprised; get them to say it twice)
  2. “Tell me what you mean” (Get them to elaborate)
  3. “I get that” (Acknowledge you’ve heard them)
  4. “It’s funny…” (Third party story)
  5. Re-sell key benefit, refer to a claim and assume the sale

“This looks great ­ but I’m already all set.”

After you’ve shown the prices ­ sometimes the owner will object by saying something like this. He’s got plenty of money saved, making plenty of money, and has all his protection in place. He literally doesn’t think he needs it. This is a great response for him:

You look like you like to gamble a little ­ are you familiar with “Hedging your bets”? Have you ever heard of a Parlay? It’s when you bet a small amount on a sequence of events ­if you get them all right, you win an insane amount of money back.

So in football for example ­ let’s say you need to get 5 out of 5 decisions correct in order to win. You’ve bet $1000 and if you get them all right, you win $100,000 when that 5th decision hits your way. Well, if you’ve gotten 4 out of 5 right and everything hinges on that 5th decision, an intelligent gambler would bet $20k­$30k on the other side of that 5th game. That way, if you win your Parlay, you win the $100,000 minus your hedge. But if you lose your Parlay, you double your hedge. Either way you win! That’s how this is setup.

Looking around here [look around the office], you’ve made a lot of right decisions. You’re probably sitting on 4 right bets ­ all you have to do now is not screw up number 5 and you’re set for life. These policies are like a hedge on that 5th bet. And the best thing about it is, it’s like a hedge you don’t even have to put out, because they refund all your money if you don’t use it.