Introductions
"I'm in a meeting. Call me back"
"Of course, I understand you are busy! I assure you I won't take up too much of your time. I have your life insurance request here in front of me and I wanted to have a quick chat about why you were looking into life insurance. So, what was most important for you to get covered with your life insurance?"
"Just give me a quote for this x amount of coverage"
"More than happy to look into a quote here for you! Now as you may know, life insurance policies aren't a one size fits all. So what may be suitable for you and your family won't be suitable for someone else hence why we can't just quote without a proper understanding of you and your needs. Now for my understanding, could you tell me a little about what got you looking into life insurance today?"
"I was looking for a term policy"
"I understand you are looking for a term policy, as it's the most common type of policy sold in Canada so it's something most people are aware of and comfortable with. One thing to keep in mind however, is that term policies expire and most people outlive their term policies. Now in your case, you mentioned needing coverage for your funeral? As that is a permanent need, you want a policy that you don't have to worry about expiring and leaving you stranded. Here at (insert brand name) we offer a policy that takes care of you and family for the REST OF YOUR LIFE as long as premiums are paid, so why don't we have a quick conversation to determine your eligibility and needs to find something customized to you and your family"
"My premiums go up every year? I don't want this anymore"
"I can understand your reservations about an increase in your premium. The way I explain this to most of my clients is that you are paying less for your coverage today because you are the healthiest and youngest you'll be so naturally your premiums will increase to be in line with the risk you present in the future. With term policies, you pay more up front for a risk you don't even pose as they calculate your risk based on the term ie. 20 years. Not to mention that in 20 years you are back to square one with no policy and shopping around once again. With our policy, you have the flexibility to decrease the coverage as you pay your debts down ultimately leaving YOU in control. Not in the insurance company."
"I have to discuss the policy with my partner first before buying anything"
"Of course that is something I can help with! My partner would be upset with me if I got something and they weren't aware of all the details. Are they available right now to chat?
(NO) No worries, you and I have spent a lot time customizing this policy to your families needs. So, let's go ahead and set up the policy and you can sit down with your partner and go over the welcome pack along with the terms and conditions. Here at (insert brand name), we strive to make life insurance simple so when you read the documents, all that you and I have discussed will solidify. Once that is done, have your partner give us a call to buy their own policy that is protecting you. That is only fair right?"
"I'm busy right now"
"Of course, I assure you I won't take up too much of your time! I see you reached out and I have your life insurance request in front of me. In order to find the best coverage option, I wanted to have a quick chat about what you needed from your life insurance. So, what got you looking into life insurance?"
"I just want a quote"
"Of course, I assure you our process is quick and simple. Having this conversation allows me to ensure I quote you the best coverage for YOU and YOUR family instead of a generic blanket quote. I want to take the time to make sure what I provide to you is suitable. So, what are you looking to protect your family from using this life insurance?"
"I thought the ad said no medicals"
"You got it! There are no medical examinations here at (insert brand). We don't refer you to a doctor, there is no nurse coming to your home and definitely no blood tests or medical exams. We go through a very quick questionnaire that allows us to quickly determine your eligibility for the coverage making it convenient and is all done from the comfort of your home! You aren't waiting the average 4-6 weeks to find out if you are eligible or not. So all I need from you is to answer all the questions honestly and truthfully (DOD)"
"How much will it be when I am 90 years old”
“That’s a great question, and I can absolutely show you the projections up to age 90 if you’d like. One thing to keep in mind though is that many policies on the market, especially term policies, wouldn’t even offer coverage at that age, let alone the flexibility to adjust it as your needs change.
Right now, we’re focusing on protecting the needs you have today. By age 90, those needs may look very different or may no longer exist at all. One of the biggest benefits of this coverage is the flexibility. Since this is an age-based policy with a 3% automatic benefit increase feature, the coverage grows over time, but if you ever feel the policy has outgrown your needs, you can turn off the ABI feature or even reduce the coverage amount altogether.
Let me show you what the policy looks like in years 1, 2, and 5yrs with the benefit increases included, to help give you a better idea of what to expect.
"That's great. Can you email me a quote?"
"I would be more than happy to send you an email with the quote but I must advise the email is quite limited when it comes to detail so is there anything I can help clarify or give more detail about since I have you on the phone?"
"I never applied for anything"
"Oh no worries! We fill out so many things a day so it's possible it slipped your mind! I see that you put in the request this morning at x:xx am/pm and you listed yourself as 67 years old is that correct? So what's got you looking into Life Insurance today?"
"I'm looking to replace my existing life insurance policy because it's too expensive"
As a licensed life insurance advisor I do ever recommend replacing something you've already been paying into and have qualified for. I would love to have a chat about your existing coverage and see what gaps you currently have that we can help you fill here with some additional coverage.
If they insist on replacing...
IF WOL/Permanent/Term/Universal --> "Unfortunately (customer name), we are unable to sell you a life insurance policy here today. Here at (BRAND NAME), we do not sell replacement policies. I would recommend you look at other options or you can check out OLHI.ca"
"I'm not signing up for anything today."
“I completely understand, and no worries at all. At this stage, we still need to determine if you even qualify for the coverage as unfortunately not everyone does. Then, only if you’re eligible and comfortable with everything, we could have the coverage in place as soon as the end of this call. We’ll cross that bridge together once we get there.”
"So my premiums always go up every year by 3%?"
"That is a great question (customer name)! Your premiums go up in line with your age every year however there is no set percentage as it is based on risk factors and could look different for everyone, while you grow though so does your total coverage amount by a set 3%! Each year you will receive a letter leading up to your anniversary date that explains what your policy is growing to and what your premiums will be that upcoming year"
"I don't get paid until x. Call me back then when I have the money"
" Of course I understand you are looking to align your payments to your income. Now we do accept VISA, VISA DEBIT, MASTERCARD and AMEX so you can take advantage of your credit card perks and rewards by using that."
If client says they don't have credit card -->
"I completely understand. In that case, I can go ahead and accept your pre-authorized banking details and set the payment date to x of every month with your first payment on xx/xx/xxxx"
"Where are you calling from?"
"I am calling from (INSERT BRAND) insurance company! The reason for my call is in response to the inquiry you had placed regarding life insurance. Just to get a better understanding of your situation, what had you looking into life insurance for yourself?"
"Can we speed this up? I have to be somewhere in x minutes"
"Absolutely! The purpose of my questions is only to better understand what your specific needs are to help determine where we should start looking?" ... continue with the next question you were going to ask.
"Where is your company located? Are you guys American?"
" That is a great question! Happy to say we are located in Downtown Toronto in the heart of the financial district at 130 King st w, right on the corner of King and York. We service Canada wide and our Underwriters are Canadian Premier Life. They've been in business for over 60 years and have over 2 million Canadians insured."
"Can't I just buy a term policy instead?"
"Term policies are definitely an option out there! Now because you mentioned your main concern was to protect (blank) at the time of your passing, your situation calls for a permanent solution. Term policies will eventually end and only have a 1% chance of payout so you will be left without protection for (summarize needs). I recommend our aged based policy so you can ensure that no matter when you pass, (WHO) is protected and taken care of. Just how you wanted it. "
"I want to see the policy documents before committing to anything and send me the quotes"
"I understand your need to read through everything however, you aren't insured while waiting to receive quote information, leaving you and your loved ones at risk in case you pass. Is there anything I can clarify while you have me on the phone?
Client says "NO"
What I recommend, let's start you now on (discussed benefit amount) and we will send you a personalized policy package which will entail everything we have discussed but in more detail. Once you receive that, you can read the documents in full and if you have any questions, give our customer service team a call and they will assist you. Ill send you the welcome pack within the next 5 business days, what is your mailing address?"
"I applied for my dad and he doesn't speak fluent english so I will be answering the questions for him."
"I completely understand and I am glad to hear you are helping him with this. In order for me to proceed, I must speak with the life insured directly and they must answer all questions on their own. Would your dad be comfortable completing the entire application on their own including a medical questionnaire?"
If not, proceed to advise of OLHI where they can look into the traditional route of applying for life insurance.
"Why do you need to know these things? I am just shopping around."
"Not a worry, I understand where you are coming from. Life insurance policies are not a 'one size fits all" so this allows me to get a better understanding of your situation so I can properly advise you on what will work best. So, (next relevant question)?"
"I want the same price as the ad. How do I get that?"
"I understand you saw an ad with a lower price and want to make sure you're getting the best rate. The price on the ad is for a 40 year old, non smoker female. Your premium is customized to you and your lifestyle and the amount of coverage you need. Once we complete the medical questionnaire I will be able to better see what rates would look like customized to you."
"I got a quote for a policy that doesn't have changing premiums. Your ad is a scam!"
"Understandable! Our product might differ from what you were offered by the other provider. We offer an AGE BASED policy, so our premiums are generally starting at a much lower rate and gradually increase as you get older. This allows the cheapest premiums today while offering you the necessary amount of coverage for your families wellbeing. In addition, your policy benefit grows annually by 3% so that at a time of claim, the coverage amount has appreciated and helping your family with the rising cost of living."
"That's too much money for me. I will call you once I shop around."
"No worries at all as your ability to afford the policy is important. If you wish to shop around you could but it's important you are comparing apples to apples and not apples to oranges. In the insurance industry, the cheaper the policy = more limitations and exclusions. Our policy has no waiting period, offers a 3% increase to your benefit amount and YOU remain in control of your policy with the flexibility it provides. If you wish, we could look at a lower benefit amount but please keep in mind you will be losing essential coverage and cutting down the protection for your family. If we go down $50k , your premium will be $xx.xx. Does that sound better or would you like me to look lower?"