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    Principles of Principled Life Insurance Selling
    Principles of Principled Life Insurance Selling
    Principles of Principled Life Insurance Selling
    Ebook98 pages1 hour

    Principles of Principled Life Insurance Selling

    By Ned B. Ricks

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    About this ebook

    A handbook for life insurance sales professionals who want to make or keep their business practices client-centered. An insurance consultant and trainer of over 25 years experience shares skills in marketing , prospecting, discovery, closing, handling client concerns and delivery. Includes Four Pillars of success.
    LanguageEnglish
    PublisheriUniverse
    Release dateNov 30, 2001
    ISBN9781469713274
    Principles of Principled Life Insurance Selling
    Author

    Ned B. Ricks

    Ned B. Ricks was commission into the US Army from college. His military service included duty in Germany, Panama and Vietnam. In 1993, he retired from the military with 25 years commissioned service. His personal photos of the Vietnam War are included in the National Vietnam Veterans Art Museum in Chicago.

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      Book preview

      Principles of Principled Life Insurance Selling - Ned B. Ricks

      © 2001 by Ned B. Ricks

      No part of this book may be reproduced or transmitted in any form or by any means, graphic, electronic, or mechanical, including photocopying, recording, taping, or by any information storage retrieval system, without the permission in writing from the publisher.

      Writers Club Press

      an imprint of iUniverse, Inc.

      For information address:

      iUniverse, Inc.

      5220 S. 16th St., Suite 200

      Lincoln, NE 68512

      www.iuniverse.com

      Author’s photo © Studio West, used with permission.

      Any suggested sales materials, scripts, correspondence, etc. should be reviewed by an agent’s or registered represntative’s counsel or compliance department before use with the public.

      ISBN: 0-595-20905-X

      ISBN: 978-1-469-71327-4 (eBook)

      Printed in the United States of America

      Contents

      FOREWORD

      CHAPTER 1

      DOING WELL ON PURPOSE

      CHAPTER 2

      FIRST, THERE IS MARKETING

      CHAPTER 3

      REFERRED LEAD PROSPECTING

      CHAPTER 4

      THE FIRST INTERVIEW

      CHAPTER 5

      MORE THAN JUST THE FACTS

      CHAPTER 6

      THE CLOSE

      CHAPTER 7

      OBJECTIONS = CONCERNS

      CHAPTER 8

      THE REAL SELLING INTERVIEW—THE DELIVERY

      CHAPTER 9

      THE TELEPHONE

      CHAPTER 10

      THE FOUR PILLARS

      ABOUT THE AUTHOR

      END NOTES

      FOREWORD

      So, why publish another book about selling? Why not a volume of new product uses for the 21st Century? Why not a learned treatise on the subtle uses of recently modified tax codes? Because, in over 25 years in the life insurance business, I’ve observed that there are some principles that have not changed since I began as a rookie agent in 1975. The up-to-date book on selling Spilt Dollar Life insurance published in 1999 is obsolescent with the changes of 2001. A book on Retired Lives Reserve or Section 79 that would have been the newest thing in years past have lost their usefulness. Even in the new millennium we still must meet people and help them realize their own needs and protect their own families and businesses. It is these unchanged principles I hope to share with you and that these principles will help you and the clients that you serve.

      It would take most of this book just to list all of the people to whom I am professionally indebted. Topping the list is Don Edwards, CLU, the man who hired me and started my training. Don taught me many hard professional lessons and life lessons.

      Many of his aphorisms are with me today, and the reason that they are still on my mind is simple-they are true.

      Next in sequence, but no less in importance, is J. Preston Pres Coleman, CLU. Pres was the first manager for whom I was a trainer, and, among other things, he taught me that one could be a true gentleman and still be a businessman.

      One of my heroes in the training profession once advised me Don’t be brilliant, be useful. John Smilgin, III, Esq., had the ability to take complex ideas and make them simple, useable, and, frequently, funny and unforgettable. I have tried to keep his simple maxim in mind while preparing this book.

      It should be noted that the text may read salesman, but that should not be taken to mean the male gender only. Similarly, the text will refer to agents and reps without trying to differentiate between the person who sells registered products and the person who does not. Prospect and client will be used almost interchangeably.

      Some of the principles in this book come from life experience. Some of the principles of this book come from methods that I have learned in the insurance business. The results of these years are in the chapters that follow.

      CHAPTER 1

      DOING WELL ON PURPOSE

      Practically everything I know about selling, and certainly everything I know about insurance, I had to learn. This has been good news for those with whom I have worked as a trainer. While it may seem to the casual observer that a fast-start, record-breaking, high-flying, knock-the-cover-off-the-ball salesperson would make the best trainer, I disagree. Many salespersons that soar early crash as trainers because they don’t know what they are doing. That is not to say they didn’t succeed in sales; it means they didn’t know how they did it so they could train others.

      Knowledge and Ability

      In most fields of endeavor, and certainly in selling, there are four general types of people based upon ability. My experience with them is as follows:

      The first type of person is one who is succeeding through natural ability. This sort of person may be called the Unknowingly Able or Natural.

      The Unknowingly Able has two distinct drawbacks:

      1. They cannot coach others in this task because they have not learned how to do it themselves.

      2. If they have difficulties with the skill, they can’t fix it themselves because they never learned how to do it in the first place.

      Everyone may have experienced this sort of person on the playground. This is person who is naturally gifted with hand-eye coordination and athletic ability. They can catch any ball, throw any ball, hit any ball, or kick any ball. But, that gifted person cannot coach their less gifted fellows because the gifted person never learned how to do it.

      When I was struggling with my golf game, I used to play alone every Wednesday morning on the municipal golf course in our town. This was kind of a lonely proposition, but I didn’t know anyone else who could play at that time of day and I did not want to play when others were there because I was always embarrassing myself by driving my golf balls into the river or cutting up big chunks of grass. One of my good friends was taking some additional college courses at that time, so he was available early in the mornings. The drawback to playing with Bob was that he had never played golf before. On one fateful Wednesday, he finally agreed to come out with me. Since we were there before the starter’s shack had opened, we were able to play sharing my one set of golf clubs. At the first tee he said What do I do now? I pull a small booklet out of my golf bag that had been an insert from Golf Digest magazine. This

      3 by 5 bit of paper showed the basics—drivers from the tee, irons on the fairway and putters on the green. So I handed Bob this little booklet. He studied it for a few minutes and then his natural ability kicked in; he pulled the driver out of my golf bag, teed up the ball, took his stance and smacked that little white sphere 280 yards down the first fairway.

      How did you do that? I inquired, never having been able to do that myself.

      I just gripped the club like it said here in the book. And I stood like it showed here this picture. Then I swung using the steps described and followed through. It seems to work, doesn’t it? he replied ingenuously.

      Can you watch me and tell me what I’m doing wrong? I asked hopefully. Of course, he could not because he had never learned how. He had just looked at a book and his natural ability took over. When Bob went on to his next army duty assignment, he won the golf championship for all of the U.S. forces in Korea. Bob was an unknowingly able.

      I once worked with a new agent by the name of Buddy. Buddy was full of self-confidence and did not listen to instruction very well. He was charming, glib, and knew lots of people. During a planning meeting, I told Pres Coleman, who was the general manager, and another assistant manager that I did not think Buddy

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