Path to Success Module 2
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2a. Anticipating the objections your clients may have |
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| Critical illness objections, like all objections, are best dealt with before your client raises them. Successful critical illness advisors anticipate potential objections. They introduce and eliminate them during their presentation before the client forms an inflexible position against the product. The goal is for your client not to have to change their opinion or admit they may have viewed the product incorrectly. For more information:
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2b. Overcoming Objections: CI is expensive |
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| “Critical illness insurance is expensive” is a common objection by clients when first looking at critical illness insurance. This objection is especially common if the client is looking at life insurance at the same time. For more information:
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2c. Overcoming Objections: I can use my own money |
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| “I can use my own money” is a common objection that advisors often hear with wealthy clients. Sometimes this objection lies with the advisor who assumes their wealthy clients do not need critical illness insurance, so they do not even show it. While it is true that many wealthy clients may not require CI to have accessible cash, you can still generate significant opportunities by repositioning the product as a more efficient way to access money versus using their own money. For more information:
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2d. Overcoming Objections: I don't understand the definitions |
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| One of the parts of the process that advisors struggle with is how to handle the very detailed requirements in a covered condition definition. These definitions use medical terminology that describes: • the type of condition that is covered, • what specific medical diagnosis must occur to be eligible as a covered condition, • what will exclude the client from qualifying for a claim, and • when a claim can be made for the covered critical condition. For more information:
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2e. Overcoming Objections: I have disability insurance |
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| Some clients incorrectly see the presence of a quality long term disability insurance contract as a reason they don’t need critical illness insurance. There is a tremendous opportunity to open the critical illness conversation by explaining how even the best disability insurance will result in a reduction in the client’s regular income at the time of a claim. For more information:
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2f. Overcoming Objections: I'm healthy |
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| Many young healthy Canadians believe that critical illness insurance is an excellent product for older, less healthy people. Even older clients who are healthy and fit tend to question why this product is being shown to them rather than to someone who is less healthy in their age group. Often clients have an elevated opinion of their health relative to the general population. For more information:
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2g. Overcoming Objections: Maybe Later |
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| When it comes to insurance, a common reaction by clients is to defer the purchase. Since it represents a new expenditure and doesn’t provide the immediate gratification, there are always other things that the client sees as more pressing that they need now. When faced with this “Maybe later” objection, you should start by confirming your client’s understanding of the value of the product. It’s also important to explain the three significant risks of deferring their critical illness insurance purchase. For more information:
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2h. Overcoming Objections: It doesn't seem like enough coverage |
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| Far too many clients are shown large critical illness benefit amounts that they cannot afford, so they end up leaving the critical illness insurance meeting with no coverage at all. In some cases, the client may feel that compared to their life insurance, the amount of critical illness coverage isn’t going to be enough, so why bother. In most situations, the amount needed for recovery of a critical illness does not have to be as large as their life insurance benefit. For more information:
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2i. Overcoming Objections: I have mortgage insurance |
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| Clients who use the objection “I have mortgage insurance” often do own mortgage insurance which they assume covers them against both critical illness and death. Often this is not the case – typically their mortgage is only protected in the event of death. For more information:
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