- Hey there? It's Randy Pierson with Gordon Marketing.
I'm the Vice President of Life & Annuities.
And today I've got Paul Bechtold with us,
the manager of a hugely successful Your Family Bank Program.
And today, we're going to be talking about that objection
that sometimes comes from our clients that,
oh, it's life insurance in that YFP sales.
So stay tuned.
(soft music)
All right. Paul, the oh, it's life insurance objection
in the your Family Bank sale,
we're going to talk about that today.
But before we get started,
for those viewers that are watching this video
and are not familiar with the Your Family Bank Program,
can you give them a little synopsis?
- Sure, Randy. Well, the Your Four Family Bank Program,
as you've alluded to many times has been
our most successful life insurance platform.
And what we do is we help agents teach their clients
how to eliminate all their debt
on average of nine years or less.
And most of the time their consumer debt
in two years or less.
And we do that by utilizing
a dividend-paying whole life insurance contract
because of the guarantees inherent within that contract.
- All right. Very good.
So, you know, as a 30, 35 year veteran
in the insurance business,
and having sold lots of life insurance in my career,
I can tell you that I've come across that objection once
or twice, or more than that where the client goes,
"Oh, it's life insurance, you're talking to me about?"
How do you get by that objection?
- Well, the first thing we do is we intrigued the client,
mostly with the outcome of the Your Family Bank process,
okay? So I want to show them that I can take them
from 27 years of debt down to 6 years, okay?
So getting hooked on the objective of being debt-free
and the outcome is what I want to focus on the most.
Now, what I'm going to do is I'm going to lead the client
through step by step in a logical manner by showing them
where we found money in the economy to do it,
and what the overall process is,
and the thought pattern is behind it.
But when I get to the point of where I have to say
in order to accomplish this
we want to use the best tool possible,
and that tool is a dividend-paying
whole life insurance contract.
I say before you run for the door
here's why we're using life insurance,
I don't care anything about the death benefit.
So you can only imagine to the novice person
who thinks life insurance means I pay premiums,
I die, somebody else gets the money,
and completely takes away
and up ends their traditional thinking, right?
- Sure. So it sounds like what you're saying is...
And the beauty of this sales process is
you're addressing the client's why, you know, their
objective outside of the actual sale itself,
what we're going to do for them, right?
- Correct.
- Yeah. So in that sales process, you know,
when exactly are you going to
tell them that it's life insurance?
I mean, when does that come up in the dialogue?
- Okay. So the first thing we ask the client
to do is to share with us a little bit of financial data,
so we can run a report and show them
what it's going to do for them.
We then tee up and show them what the results
are going to be going from that 27 years to 6 years,
as we said.
Then I quickly pivot to say, in order to do this,
we want to use the best vehicle possible to do this.
And the reasons we want to use that
and I quickly go down a list which are
I need something that has guarantees,
I need something with the competitive growth,
I need something that's tax-free in nature
and takes taxes out of the equation.
I need liquidity and use of my money at any age,
I don't want to be have to wait to be 59 and a half
like I would a qualified plan,
- Sure.
- I want uninterrupted and continuous compounding.
And I want my dollar doing two jobs at the same time
which is the very reason and the main reason
we have to use life insurance to do it
is the only vehicle will allow us to do that.
- Sure.
- I'm able to continue compound growth in the policy
while having the money available in my hand
to attack the debt that's working against me.
- Well, first of all, it sounds like
in Your Family Bank sales process,
it's not your typical sales process, right?
This is not a product transaction, right?
We're providing a lot of extra advantages
to working with somebody like you
or one of our YFP advisors
than they would with somebody who just
simply there to sell a product.
But it also sounds to me like if a client does come up with
a bunch of objections as you just kind of rattled off there.
we've got a lot of reasons why they need to be
A, participating in the YFP program
but B, utilizing that kind of product,
a dividend-paying permanent cash value life insurance policy
versus any other tool?
- That's correct. One of the things I like to say
when somebody gets hung up on it
being life insurance per se,
so let me ask you a question, if you were thirsty
and I brought you a bottle of water
would you care about the bottle or the water?
- I just want the water.
- You just want the water,
you just want to quench the thirst, right?
So similar I just want to quench their thirst on their debt.
- Sure.
- Right. And I want to use the vehicle there's going to be
most effective to do that.
And I show them other options there,
I really show them ultimately, there's really four ways
to get out of debt and I go down through them.
And I say if there's any others that I haven't thought of,
please show me what they would be,
and never come up with that.
And then I say, okay, which one makes the most sense?
- Sure.
- Okay. And I just hook them on the outcome.
- So although this is certainly a different sales process,
rather unique, and certainly we've experienced
a lot of success and our advisors have experienced
a lot of sales, but as somebody who has
actually been out there and sold through this process,
I assume you still have some people who might say no, right?
You get some folks who still don't buy?
- Well, you always have that risk.
I mean, there is no sales process out there I know of
in any endeavor that there's not some risk of losing a sale.
But the nice part of this, Randy,
you can always pivot back to that term life insurance sale,
and that's all if they want
or if they want to do it some other way.
You know, if we're telling them it's bacon or eggs,
and they say bacon, they get bacon, right?
- Yeah, absolutely.
- We might recommend eggs but if they want bacon,
they get bacon down there.
- There you go. I think it's important
for advisors that have watched the video, this video
all the way through to almost the end
that, you know, we've got this your Family Bank Program,
as we've mentioned, wildly successful.
The beauty of it is those advisors
who want to work with us within the program get you, right?
- That's correct.
- And so if you wouldn't mind just mention
for a moment real quickly,
as we're drawing to an end,
what you bring to the table and helping them succeed?
- Well, the nice thing is, Randy,
we've had a lot of advisors come into this program
that never sold any life insurance before,
particularly no permanent life insurance.
And we're able to take them just through
the simple fundamental steps of finding the client
and getting a little bit of financial information
and bringing that to us.
And we can educate them along the way
and do some case designs for them,
put a couple of cases in play for them,
get a nice check in their pocket and whet their appetite.
And if it makes sense and that seems like a good fit,
let's keep moving forward and do more of them.
- Yeah, and that's really the beauty is
you are intimately involved in this process,
you are a mentor, a coach, a trainer in the system.
So if you're interested in participating
in Your Family Bank program, you're not alone,
we got Paul here to help you succeed.
And I'm here to tell you after
30-plus years in the business,
very few programs have I ever seen
or experienced that help agents sell
more life insurance than YFP.
So with that, we're going to call this episode
of selling life and annuities to an end.
And make sure you tune in every Tuesday
for brand new episodes.
And click subscribe down below
so that we can make sure that you get the new content
when we kick it out to you.
Thank you very much for your time.
And we'll see you next week.
(soft music)