Facing objections when selling insurance is a common challenge. Among them, the infamous “price is too high” objection can be particularly daunting. However, with the right approach, it can be effectively addressed, turning a potential roadblock into an opportunity to showcase the value of your product. Here’s how we’ve trained thousands of producers to overcome this objection at a high-level:
Step 1: Acknowledge and Pivot
When confronted with the objection, it’s essential to acknowledge the concern genuinely. Responding with empathy sets a positive tone for the conversation. Begin by saying, “Ok, thank you for letting me know.” This acknowledgment signals that you respect their perspective.
Next, subtly pivot the conversation by asking a strategic question: “How much are they charging you now for your old policies?” This question serves a dual purpose: it redirects the focus from the current price to their previous expenses and provides you with crucial information to work with.
Step 2: Highlight Value and Customization
Once you’ve obtained the necessary details, swiftly transition into emphasizing the value they’ll receive. Calculate the cost per day, breaking down the expenses compared to their previous policies. Express gratitude for the opportunity to assist and reassure them that adjustments can be made to suit their needs in the future.
Step 3: Probe Deeper
If the objection persists, it’s time to probe deeper to uncover the underlying concerns. Politely ask, “Is there anything other than the cost that is concerning you today?” This question demonstrates your commitment to addressing their needs, and will help you to uncover the true objection on the occasion price isn’t the motivating factor.
Step 4: Persistence and Flexibility
Should objections persist, adopt a flexible approach. Employ the “Feel – Felt – Found” technique to empathize with their concerns and showcase how others have overcome similar hesitations. Explore options to adjust deductibles, leverage discounts, or reconsider coverage limits while maintaining the essential protections you worked with them to create.
Overcoming objections, particularly regarding pricing, requires a blend of empathy, value proposition reinforcement, and adaptability. By addressing objections head-on, probing deeper, and showcasing the value of your offerings, you can transform objections into opportunities to solidify client relationships and secure sales.
Remember, persistence pays off. Even if a sale isn’t immediate, leave the door open for future conversations, demonstrating your commitment to meeting their needs and ensuring their peace of mind. You’ll find that with the right approach, objections can be navigated effectively, leading to successful outcomes for both you and your clients.
Remember that all CWC On-Demand members get access to the word-for-word scripts used to overcome this objection at a high-level. If you are not yet a member of the CWC family, reach out to start overcoming this objection and more today!
