“I need to think about it.”
“I can’t afford it.”
You have probably heard all of these common insurance sales objections when working with a lead, and it can be disheartening; after all, no insurance agent wants to hear “no,” and lose out on a sale! But the good news is there are ways to rebut these objections and turn the conversation around in your favor.
“I Need To Think About It”
“I need to think about it” is a common objection you’ll hear from leads, because many leads are unsure of what you’re selling, and are unwilling to commit right away. When you hear this objection, it’s important that you react in the right way, and not turn on the hard sell – this will only make your lead put up a wall as they get ready for a confrontation. A better way to deal with this objection is to try to dig a little deeper into the conversation and understand why they are saying this. Try responding with “That’s totally fine! When you say you need to think about it, how do you mean?”
By saying “it’s fine,” you are assuring the lead that you understand their struggle, and by asking how they mean it, you’ll let them know that you do want to understand them, which can help the lead open up about what the core issue is, giving you an opportunity to open the door for a sale.
“I Can’t Afford It”
Hesitation is totally normal when it comes to buying big ticket items, and buying insurance is no different. That means you’re sure to hear “I can’t afford it” from leads, to which your reply should be, “Besides affordability, is there any other reason you would not purchase a plan?” Sure, this question might get them thinking of another reason they don’t want to buy a plan, but more often than not, they will stick to affordability.
So if they say “No, that’s it,” you should respond, “I understand, I’ve got a family and bills to pay, so I get it. Is there any issue other than affordability that would prevent you from buying a plan today?” If the lead responds with a no, then you can work your magic!
And how do you work your magic? Avoid being arrogant or pushy, and always try to be compassionate and understanding. Present the situation in a way that shows that you hear their concerns and are open to finding ways to make things work for them: try saying, “Because budget is important to you, how about I begin looking at plans with less coverage and add more as we go on if you feel you need more? Having some form of insurance is better than having none, especially when you will need it most.”
You’ll also encounter leads who will try to put you off until a later date, claiming, “I just don’t need insurance right now,” or “It’s not important right now;” you might even get the classic “I don’t have time to talk right now.”
How to rebut this without being pushy, and further alienating the lead? Well, you have to respect your lead’s time, and if they say they don’t have time to talk, ask them if you can schedule an appointment with them at a time that would work for them. But if they say that insurance is not important to them or they don’t feel like they need it, then you can dig deeper. Ask them to elaborate, and work on helping them understand why insurance is important, and why they need it.
Selling insurance can be very rewarding, but you will have to face your leads’ objections and put in the work to turn “no’s” into “yes”. To make things easier on yourself, create a script that you can turn to when you need help once you have figured out what works for you, and adjust it with time. Being prepared for objections will help you better engage with leads and push them along in your sales process.