One of our most loquacious brokers, Steve, came into the office to order some proposals and pick-up some applications. He related this double-barreled epiphany to me.
Steve went out to see one of his existing clients. He?s been talking to this gentleman about long-term care insurance for the several years and each time he has raised the topic the client says, ?I?m worth more than $5 million dollars, why do I need long-term care insurance?? Being the not so shy guy, Steve said the following; ?Do you have a $20 bill?? The client said yes, pulled his money clip out of his hip pocket, peeled-off a $20 and handed it over. Steve then proceeded to tear the $20 bill in half and handed one of the pieces to his astonished onlooker.
Incredulously the client sputtered ?what are you doing?! Steve then said ?was that painful? Now think how painful it will be when you have to write a check for $100,000 per year for your long-term care.? Steve finally made this man feel the pain with a simple demonstration. His next line was classic. He said to his client ?now let me show you how you can have a partner who will write the $100,000 check for less than ten cents on the dollar.? The client said ?yes, get me a quote, and get it now?.
That was insight number one. Revelation number two is that Steve is learning to say less and he?s enjoying it more. He has come to overcome his need to explain every nook, nuance and nicety of the long-term care insurance products that he is talking to prospects about. It isn?t easy for him, but he?s learned that less is more. He?s selling the piece of money and more importantly the peace of mind that long-term care insurance provides consumers.
Most wealthy people got that way by leveraging their money. It you can reach their pain and then show them, as Steve did, that they can get 100 cents for ten or less they?ll get it. Don?t pre-suppose that they?re not interested because they can conceivably self-fund and keep after them. They won?t consider buying until you knock them out of their comfort zone and they won?t do either unless you ask.
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By the way, I forgot to ask Steve if he returned an in tact $20 bill to his client. I’d wait until he takes the application!