Nano Training Series Week 9
How to Overcome the Hated "Other than applied for" Pending Policy
One of the top 5 things I hate most when acquiring new business is having the policy come back as 'Other than applied for.' This happens when the
customers health is good but not good enough for the better policy. This usually results in a rate increase, benefit reduction or modified death benefit.
These features are not selling points and therefore difficult to present to your potential customer. Unless...
We are going to teach you the steps necessary to making a smooth transaction for the 'Other than applied for' application approval.
Step 1: Tell them the good news
Regardless of the approval change, you always want to start the conversation with the good news. Say something like this, "Tom, I've got
some good news... You got approved!..."
Step 2: Kill them softly
Let them down easily but with confidence. This is the biggest mistake new salespeople make. They are so worried about losing the sales because of the
policy modification that they sound timid. What you are presenting to them are facts. Tell them the facts in the most positive, confident, and persuasive
manner and you will walk away with the sale. Present them with a timid, apologetic, and sissy approach and you will walk away with nothing.
Here is what I say, "...The company came back with a couple of modifications but for the most part they issued it exactly how we applied. Because you are taking the blood thinner (health issue, medication, build, etc) they had to make two changes. First they had to issue it with a two year modification. That means if you were to pass away during the first two years, your death benefit would be what you paid in plus 10%. Anything after the second year pays 100% of the death benefit. (Jokingly) Now Tom... you aren't going anywhere in the next two years are you? (ha ha ha...) The other difference is it's a little bit more per month. (Do not say 'it costs more,' say 'it's a little bit more per month').
Step 3: (re-) Close the deal
Now its time to re-close your new customer. If you simple present the facts and do nothing to help them make a decision, they will say 'Let me think it
over and get back to you.' This is bologna. You are there to seal the deal and if you don't, you don't get paid. I like to use the alternative close with a
dash of recommendation.
Here is what I say, "... You have two options. You can either go with the same premium we talked about and take a little less death
benefit or you can stay at the $10,000 but it will run you a few dollars more a month." Prospect, "How much more?" "You are looking at $52
instead of $44. If you can swing the larger amount Id recommend going with that. If not, there is nothing wrong with the $8,000. Which one of those works best for you?"
Step 4: Resolve doubts
Most of the time the customer will tell you a plan but every now and again they will want to think about it. If this happens then you should push for the
smaller premium and build the possibility of adding more insurance down the road. I say this: "... Tell you what, lets start with the smaller premium
and if you decide you want to go with the higher one later on we can always increase the coverage. I just need you to okay it right her." (point to the
company form that needs to be signed and wait for them to sign it.)
Using these few steps will help you get more deal when 'Other than applied for' shows up on your pending business report. Practice this and make it a part
of your everyday speech. Remember to be confident.
customers health is good but not good enough for the better policy. This usually results in a rate increase, benefit reduction or modified death benefit.
These features are not selling points and therefore difficult to present to your potential customer. Unless...
We are going to teach you the steps necessary to making a smooth transaction for the 'Other than applied for' application approval.
Step 1: Tell them the good news
Regardless of the approval change, you always want to start the conversation with the good news. Say something like this, "Tom, I've got
some good news... You got approved!..."
Step 2: Kill them softly
Let them down easily but with confidence. This is the biggest mistake new salespeople make. They are so worried about losing the sales because of the
policy modification that they sound timid. What you are presenting to them are facts. Tell them the facts in the most positive, confident, and persuasive
manner and you will walk away with the sale. Present them with a timid, apologetic, and sissy approach and you will walk away with nothing.
Here is what I say, "...The company came back with a couple of modifications but for the most part they issued it exactly how we applied. Because you are taking the blood thinner (health issue, medication, build, etc) they had to make two changes. First they had to issue it with a two year modification. That means if you were to pass away during the first two years, your death benefit would be what you paid in plus 10%. Anything after the second year pays 100% of the death benefit. (Jokingly) Now Tom... you aren't going anywhere in the next two years are you? (ha ha ha...) The other difference is it's a little bit more per month. (Do not say 'it costs more,' say 'it's a little bit more per month').
Step 3: (re-) Close the deal
Now its time to re-close your new customer. If you simple present the facts and do nothing to help them make a decision, they will say 'Let me think it
over and get back to you.' This is bologna. You are there to seal the deal and if you don't, you don't get paid. I like to use the alternative close with a
dash of recommendation.
Here is what I say, "... You have two options. You can either go with the same premium we talked about and take a little less death
benefit or you can stay at the $10,000 but it will run you a few dollars more a month." Prospect, "How much more?" "You are looking at $52
instead of $44. If you can swing the larger amount Id recommend going with that. If not, there is nothing wrong with the $8,000. Which one of those works best for you?"
Step 4: Resolve doubts
Most of the time the customer will tell you a plan but every now and again they will want to think about it. If this happens then you should push for the
smaller premium and build the possibility of adding more insurance down the road. I say this: "... Tell you what, lets start with the smaller premium
and if you decide you want to go with the higher one later on we can always increase the coverage. I just need you to okay it right her." (point to the
company form that needs to be signed and wait for them to sign it.)
Using these few steps will help you get more deal when 'Other than applied for' shows up on your pending business report. Practice this and make it a part
of your everyday speech. Remember to be confident.