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Top Five Sales Objections and How to Handle Them

Although sales objections are not something many agents look forward to hearing, they can play an important role in helping close a sale.

If you are prepared to respond to sales objections, very often you will be in a great position to settle prospective clients’ fears and reduce their hesitancy to buy your product. It is natural for some prospects to get “cold feet” before making a decision to buy your product, and addressing their concerns openly can help you build meaningful and successful business relationships.

Imagine that you and a prospect have arranged a sales meeting. Your contact with this prospect thus far has been positive. Both of you have agreed that a particular Medigap, Medicare Advantage, or Final Expense plan is a valuable purchase that the prospect will greatly benefit from buying, and it appears the prospect is convinced that you are the best agent to buy the plan from. But when the two of you are sitting in a sales meeting, the prospect expresses a concern or raises an objection.


Acknowledge the objection

Such concerns or objections should not be discouraged. If you are prepared to address them, sales objections can actually be one of your best business allies.

Here are the five most common sales objections prospective clients are likely to raise, and ways a resourceful agent can turn these objections into positives.

  1. I’m not ready.

    Some prospects simply need to be reminded that delays can cost them dearly. If they are fully aware of how penalties may kick in at a later date, how guaranteed issue rights are only temporary, and how the low rate you are showing them now may not be available at a later date, they are likely to see the advantages of purchasing your product promptly. They may also need to be reminded that they will not have the protection you are offering if the sale is not finalized.

  2. I don’t need this.

    This is probably an objection that a prospective client would have raised prior to meeting you. Because it is important to focus on your best leads, which LeadMQ makes it easy to do, it is unlikely you would have set up a sales meeting unless the prospect had expressed a need for your product. If you are sitting in a meeting with the prospect, it is likely that he or she is at least considering your product. If the prospect says he or she is satisfied with the service your competitor is providing and does not want to change, it is important to respect that decision. However, it can work in your favor to ask whether your prospect might be interested in better coverage, an expanded network, lower rates, and so on. Sometimes that is all it takes to convince a prospect that he or she in fact does need your product.

  3. I can’t afford this.

    Sometimes a prospect needs to be reminded of why he or she can’t afford not to purchase your product. Being ready to show with dollar amounts just how cost-efficient it can be over the course of a year, or several years, to invest in a particular Medicare supplement plan can tip the scales and help close a sale. A prospect may need to be reminded that some Medicare Advantage plans have no monthly premiums. Maybe a reminder about the cost-saving advantages of a prescription drug plan or an inexpensive dental plan are what a prospect needs to hear. You can greatly relieve your prospect’s concerns by being able to discuss plans to fit any budget. LeadMQ allows you to access all the quotes you will need instantly so that your prospective client will be reassured on the spot that you have the perfect product to fit his or her budget.

  4. I think I’ll buy this from your competitor.

    Often, this is a signal that the prospect is simply not convinced about your product. Again, because the two of you are sitting in a sales meeting, you can usually assume that the prospect came into the meeting with an open mind about purchasing your product. As a result, it is possible that an issue raised during your meeting has aroused some concern. Perhaps the prospect understood the benefits and particulars of what you were selling and was hoping for some sort of discount or different terms. It may even be possible that he or she has been influenced by misleading information from a competitor. If you make the advantages of your product clear and the person insists he or she wants to buy it from a competitor, tell the client you respect that decision and ask why. This may give you the opportunity to clarify questionable or misunderstood information. At the very least, it will leave the door open in the event your prospect eventually decides not to go with your competitor.

  5. I’m not the buyer.

    Your prospect may not be the ultimate decision-maker, but since he or she is the one in the meeting with you, chances are your prospect has the boss’s ear. Although it would have been better to know the chain of command before sitting in a meeting, it can only work to your advantage to address any concerns voiced by the boss’s representative during your meeting. Explain that you would be happy to speak to the decision-maker directly, but do so without undermining the authority of the person you are sitting with, who may well be the one you have to convince.

It can be a tough market, but agents who can turn negatives to positives are the ones most likely to get and stay ahead!

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