final expense life insurance
Sales Assessment Results
62
Developing Closer
10 questions
Maximum score: 100
Completed in
Your performance shows a mixed bag of strengths and areas that need serious attention. You’ve demonstrated solid skills in acknowledging objections, which is essential for rapport, and you’ve effectively highlighted key benefits of your product, especially when discussing urgency and company reliability. However, there’s a clear pattern of lacking depth and structure in your responses. While you’ve managed to stay somewhat engaging, your communication often misses the emotional and consultative elements that can elevate a conversation from transactional to relational. You need to refine your approach by incorporating more structured techniques like SPIN or Solution Selling to better explore the prospect’s needs and pain points. I suggest you practice closing techniques to guide conversations toward actionable outcomes, and also focus on storytelling to illustrate value. Remember, it’s not just about selling a product; it’s about creating a compelling narrative that resonates with your prospects. Here’s a coaching moment: Think of every conversation as a collaborative journey. If you approach it with curiosity and an open heart, you’ll not only meet your sales goals but also build lasting relationships. Now, go out there and elevate your game!
Question Breakdown
1.
7
/ 10Question:
"I'm concerned about whether this insurance product aligns with our current budget allocation for employee benefits."
Answer:
I understand your concerns completely. Most folks have similar concerns as you. what we will do to help you is to go over your goals and expectations as well as your current budget and results you're getting now to see any potential gaps in the budget to see how these products align. for example, what benefits are you offering your employees right now?
Feedback:
Your response does a good job of acknowledging the prospect's concerns, which is crucial in building rapport. However, it could be more effective by demonstrating a clearer understanding of their budget constraints and addressing how the final expense life insurance can fit within those limits. Instead of just asking about their current benefits, consider framing the conversation around the value and peace of mind that this insurance can bring to both the employees and the company. Additionally, a closing technique could help guide the conversation towards a solution-focused outcome. Overall, you’re on the right track, but a little refinement could enhance the effectiveness of your approach.
2.
6
/ 10Question:
"How can I be sure that this final expense life insurance will provide long-term value compared to our existing options?"
Answer:
I understand your concern completely. One of the biggest feature to keep in mind is that a final expense policy is guaranteed to pay out 100% tax free to the beneficiary. Most plans do not offer a guaranteed pay out because 98% of policy holders out live them. Additionally, which the policy is in force it accumulates a cash value, like a savings account so that your money is never wasted. and your money is always available to you tax free as long as the policy is in force. can you see how those benefits offer the best long term value when compare to other options?
Feedback:
The response addresses the objection by highlighting key benefits of the final expense life insurance, such as the guaranteed payout and the accumulation of cash value. However, it could be improved by providing more clarity and structure. The message has a few grammatical errors and lacks a clear closing technique to encourage further discussion or a decision. Additionally, it could benefit from asking open-ended questions to explore the prospect's specific needs and concerns further. Overall, while it does contain some valuable points, it could be more effective with enhanced communication and a stronger focus on collaborative engagement.
3.
5
/ 10Question:
"I need to understand how this product will integrate with our current financial planning processes."
Answer:
that's a very good question. its important to see how this would integrate with what you are doing now. I would have to find out a little more about what you are currently doing and then I can show you how it will integrate with your current financial planning process. for example, what plans do you have in place for when something happened to you? what will cover the ongoing expenses you have such as your mortgage and other business and personal expenses?
Feedback:
The response starts off well by acknowledging the prospect's question, which demonstrates active listening. However, it could benefit from a clearer structure, specifically by using a more solution-focused approach. The response lacks a specific closing technique or a sense of urgency to encourage further discussion. While the questions asked are relevant, they could be more targeted to uncover specific pain points and needs related to financial planning. Overall, the response needs to be more concise and should focus on articulating the unique value of the life insurance product in relation to financial planning. It lacks a strong engagement strategy to build rapport and encourage the prospect to share more about their situation.
4.
5
/ 10Question:
"It seems like there are many vendors offering similar products; why should we choose yours?"
Answer:
Thats a very good question. and I'm not sure if you should choose ours just yet. I would need to find out more about what you are doing now, how its working for you, your goals and expectations as well as your budget. then when we look at all of that I could present a plan that best fits your needs. for example, who are you most interested in protecting with a life insurance plan?
Feedback:
The response does a decent job of acknowledging the objection and shifts the conversation towards understanding the prospect's needs, which is positive. However, it lacks a strong initial value proposition to differentiate the product from competitors. The tone is somewhat passive with phrases like "I'm not sure if you should choose ours just yet"; this could be more assertive to instill confidence in the offering. The inquiry about who they want to protect is a good start for curiosity and discovery, but the response could benefit from a more structured approach, perhaps using SPIN or Solution Selling to frame the conversation better. Overall, it missed an opportunity to establish rapport and build a stronger case for the product immediately.
5.
6
/ 10Question:
"Given the current economic climate, how can we justify additional expenses for life insurance now?"
Answer:
that's a very good question. the purpose of life insurance is to cover the expenses that are guaranteed when you pass away such as your final affairs and any left over debt. so a life insurance isn't an additional expense, its a plan to pay a small amount for an expense that already exists. which is riskier paying the bigger bill in the future or paying pennies on the dollar for it now in small manageable payments?
Feedback:
The response does a decent job of addressing the objection by reframing life insurance as a necessary expense rather than an additional one. However, it lacks a more engaging and empathetic tone that would resonate better with prospects concerned about their finances. The salesperson could improve by acknowledging the prospect's concerns more personally and asking probing questions to better understand their financial situation. There is also a missed opportunity to illustrate value through a story or example that relates to the prospect's situation. The closing technique could have been more assertive, emphasizing the importance of acting now rather than later. Overall, the communication could be clearer and more relatable.
Score: 6
6.
7
/ 10Question:
"Our team is focused on several urgent priorities; why should we prioritize this project?"
Answer:
that's a very good question. I know how you feel because I felt that way too but what I've found is that by prioritizing life insurance now, when you're young and healthy you will be able to secure the most benefits at the lowest price it will ever be for you. additionally as you age and develop health conditions you might not qualify for life insurance and be uninsurable. for those reasons, life insurance at your current age and health is a priority. do you follow me?
Feedback:
Your response effectively addresses the objection by highlighting the urgency of securing life insurance while the prospect is still young and healthy. You use a personal touch by sharing your own experience, which can create rapport. However, the communication could be clearer; you might consider breaking down your points a bit more and ensuring that the tone is empathetic rather than defensive. Asking a follow-up question to explore their current priorities further could enhance the curiosity and discovery aspect, as well as keep the conversation collaborative. Overall, you're on the right track but could benefit from a more structured approach to convey the value more effectively.
Score: 7
7.
8
/ 10Question:
"Can you provide evidence of your company's stability and reliability in the insurance market?"
Answer:
that's a very good question. the carrier Ive selected for you has been around since 1910, that's over 100 years. they have never missed a payment since they have been founded. additionally they have 5 star reviews, are rated a++ by AM best and have a A+ rating from the better business bureau. They have 14 billion dollars in assets so paying a 10,000 policy is not a problem for them. When compared to the 23 carriers in your state they are by far the oldest, stablest and most reliable. does that address your concerns?
Feedback:
The response effectively addresses the concern about the company's stability and reliability by providing solid evidence such as the company's longevity, payment history, ratings from AM Best and the Better Business Bureau, and financial assets. This aligns well with the expectations in the final expense life insurance industry, where trust is paramount. However, the tone could be slightly warmer and more engaging to encourage a collaborative conversation. Asking a follow-up question to further explore any additional concerns or to confirm understanding would enhance curiosity and discovery. Overall, the response is clear and informative, but a bit more engagement would elevate it further.
8.
7
/ 10Question:
"I'm hesitant to make a change since our current provider has been satisfactory so far; what makes your solution different?"
Answer:
I understand your hesitation. you've been with your provider and they have been satisfactory so you would like to learn why our solution is different. There are several ways our solution is different. 1st is that our policies offer living benefits up to 100% of the policy value. no other carrier offers this. what that means is that if you become sick or disabled you have access to the full face value, while your provider only offers 70% of the face value. if you become disabled that means your policy will only provide $7,000 while our will provide $10,000. that extra $3000 will be there for you when you really need it. Additionally our policy offers an accidental death benefit which means if you die due to an accident you will get double the face value. Do you see how these added benefits offer much more value than what you have now?
Feedback:
The response effectively addresses the objection by acknowledging the prospect's hesitation and clearly outlining the differentiators of your solution. However, while you provided valuable information about the living benefits and the accidental death benefit, the response could be improved by incorporating a more consultative approach. Asking the prospect about their specific needs or concerns would show curiosity and active listening. Additionally, summarizing the benefits and inviting the prospect to ask questions could enhance engagement. Overall, while you presented compelling features, the communication could be more collaborative.
Score: 7
9.
4
/ 10Question:
"How do you address compliance requirements, particularly in the context of final expenses?"
Answer:
That's a very good question. All these carriers are regulated by the state dept of insurance. which means that they are 100% in compliance for all current laws in the state. They have been in business since 1910 and have never had any compliance complaints. does that make sense?
Feedback:
The response begins well by acknowledging the prospect's question, which shows some level of active listening. However, it lacks depth and does not fully address the concern about compliance requirements. Simply stating that carriers are regulated and have no complaints does not provide sufficient detail to reassure the prospect. Additionally, it misses an opportunity to engage further by asking follow-up questions to explore the prospect's specific concerns or needs regarding compliance. The tone is factual but could benefit from a more consultative approach to build rapport. Overall, the response could improve by elaborating on specific compliance practices, the impact on the prospect, and by demonstrating a deeper understanding of the compliance landscape in the final expense insurance industry.
10.
7
/ 10Question:
"I need to ensure that all stakeholders are aligned before moving forward; how can you support this process?"
Answer:
I appreciate that information. to ensure all stakeholders are aligned we would meet with each and every one of them at their convenience to determine their needs, goals and concerns so that we can ensure that all stakeholders are aligned. who are the stakeholders that we should meet with?
Feedback:
The response effectively acknowledges the prospect's concern about stakeholder alignment, which is crucial in the final expense life insurance industry where family dynamics often play a role. The salesperson maintains a clear and professional tone, demonstrating a willingness to engage all relevant parties. However, it could be improved by offering specific strategies or examples of how the meetings would be structured to address the stakeholders' needs, thereby enhancing the solution-focused approach. Additionally, asking for the names of stakeholders is a good step toward curiosity and discovery, but it could be supplemented with a follow-up question that invites the prospect to share any particular concerns they have about the process. Overall, the response is collaborative but could benefit from more depth and specificity.
Score: 7