Revealed… The Top 4 Principles To Increase Your Insurance Sales… From Legend Ben Feldman
4/7/23… What do you need to know to get much better at selling insurance to increase your sales? Who should you be listening to if you want to quickly increase your insurance sales? What are the primary sales principles you need to follow? So you guarantee you will keep increasing your insurance sales each year? Would it help to learn what life insurance sales legend Ben Feldman believed were the primary sales principles for success in increasing insurance sales?
I’m not talking about closing techniques. A principle is a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning.
A principle is a kind of rule, belief, or idea that guides you. In general, a principle is some kind of basic truth that helps you with your life. “Be fair” is a principle that guides (or should guide) most people and businesses.
Here are Ben Feldman’s thoughts on how to increase your insurance sales! You do want to increase your insurance sales? Then read and really think about what Ben Feldman is saying!
4 Principles From Ben Feldman To Increase Your Insurance Sales… By Kenneth J. Smith
“Only a fool learns from his own experience. The wise man learns from the experiences of others.” – Ben Feldman
Back in the early 1980s, I had the opportunity to know Jack Wardlaw. Jack was consistently the top agent with Philadelphia Life and the author of several books on selling.
Jack said something that resonated with me. In all his years in sales, he concluded that basic sales principles remain the same from the time Grant Taggart (who sold riding horseback to appointments in the early 20th century) until long after Ben Feldman sells his last policy.
Wardlaw believed if you had sales principles (and product knowledge), you could sell life insurance in any time era. I agree!
I have been fortunate to know many great salespeople. There are three characteristics they have in common:
- They learned sales from great salespeople. Through books, audio, and mentoring, they learned from the best and did what the best did.
- They take responsibility for themselves. They understand that if they are to be successful, they are responsible for their development. If they succeed or fail, it’s on them.
- They understand insurance sales principles. The principles of insurance sales are like laws of nature. A principle works 100 percent of the time. The law of gravity states that if you drop an object from the roof of a building, it will always drop to the ground. The same is true with insurance sales principles. Sales principles work to increase your insurance sales.
Ben Feldman was the greatest life insurance salesperson ever. Here are four principles from Ben Feldman that will help you increase your insurance sales starting today.
Sales Principle To Increase Your Insurance Sales #1: Stop Selling Insurance
That’s right, I said to stop selling insurance. Start selling what insurance does.
What does it do? It solves problems. For example, no one wants to buy disability insurance. However, they want to be able to buy groceries and pay their bills if they are sick or hurt and can’t work. That’s a problem. Disability insurance happens to be the way we solve that problem.
The analogy I like to use is that last year 10 million ¼ inch drill bits were sold. How many of those people wanted to buy a drill bit? The answer is none. They had a problem. They needed a ¼ inch hole. The only way to solve the problem was to buy a ¼ inch drill bit.
The same is true with insurance sales. No one wants to buy insurance. But they want to solve a problem. The problem could be accumulating cash for retirement, providing an income they can’t outlive, paying final expenses, helping the family stay in their home in the event of death, etc.
It’s time to stop puking products. Your prospect does not care about all the product details. Your prospect cares about you solving his or her problem.
Remember Ben Feldman’s words – “Don’t sell life insurance, sell what life insurance can do.” This is how you will dramatically and quickly increase your insurance sales… starting now!!
Sales Principle To Increase Your Insurance Sales #2: Simplify Your Presentation
Ben Feldman believed insurance sales concepts needed to be simple. When something is simple, it’s easier to sell. He kept it simple so both he and his prospect understood.
He said, “Life insurance isn’t simple. I can’t understand it unless I make it simple. I figure if I can understand it then the prospect can understand it. Then I get this idea and I take it apart.” A 30-second statement could take him as much as 6 hours to prepare.
Ben Feldman was famous for his packages. His packages were bundles of whole life designed to solve a specific problem. For example, he had an education plan. Do you want your son or daughter to go to college? Would you rather pay over 18 years or pay in four years?
I was talking with his son Marvin Feldman while writing my book. He told me that when he was in high school his father would test the packages on him and his brother. Ben Feldman believed if a high school student understood the concept then a business owner should understand.
Ask yourself, would a high school student understand your presentation?
Agents who learn to keep the whole process simple have increased their insurance sales significantly in only a few days.
Sales Principle To Increase Your Insurance Sales #3: Cash Value Life Insurance
I remember hearing Ben Feldman discuss how he handled the objection, buy term and invest the difference. His response was: “The problem is permanent.”
My observation is that almost no one ever saves the difference. All you have to do is look at savings rates in the U.S. and realize very few people actually save anything. Even though no one talks about it, cash-value life insurance is one of the best ways to save.
Ben Feldman believed that saving money required a system. Unless a person built systems into a savings plan, there won’t be any savings.
Stats show that people save money for a little while. The average length of savings is about three years. Then the average person takes it out, spends it, and it’s gone.
The average person starts over, and the same thing happens again. All too often the person is 60 or 65 and has no money.
It isn’t because the person didn’t make any money. It’s because the person didn’t save systematically.
The premium statement or EFT from the insurance company creates the system. The person sends a few hundred dollars a month and soon he or she has accumulated some money. Few people know the cash value of their life insurance. You can point out-cash value life insurance helps accumulate cash.
With cash-value life insurance, you are helping people help themselves.
Following this sales principle of using cash value life as a savings plan for middle-income families… This is how you can help people and dramatically increase your insurance sales.
Sales Principle To Increase Your Insurance Sales #4: Making Calls
There are lots of people in home offices who would like to eliminate agents and deal directly with the consumer. However, there is only a small segment of consumers who will take the initiative to purchase life insurance.
Check the LIMRA stats. There are a large number of people who acknowledge they are underinsured. They realize they have a problem but don’t do anything about it. They will not do anything without you calling.
Ben Feldman believed the key to making sales is simple-just make calls. Nothing happens until you make a call. In a virtual environment, consider the need for expert negotiation skills to adapt, so that you know exactly what to talk about and how to talk in order to seal the deal.
Listening to the audio of Ben Feldman at the 1981 MDRT Conference helped me to look at making calls with a new perspective.
He helped me understand the importance of momentum in insurance sales.
He used an example. It’s Monday, you make some calls and nothing happens. The same thing happens on Tuesday. You keep making the calls and by the end of the week, you will have an insurance sale.
And you keep doing the same thing in the second and third weeks. You keep at it in spite of the “No’s.”
And you are building momentum. Keep making the calls and you will increase your insurance sales.
You can’t hear the “no’s” and start making excuses. Everything stops when you stop making calls. Make the calls and the insurance sales will follow.
Ben Feldman said, “Fundamentals are down to earth. And one fundamental is: You have to make a call. It’s that fundamental.” It is how you will increase your insurance sales!
When Will You Apply These 4 Sales Principle To Increase Your Insurance Sales?
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Then we will show you the best ways for you to present your life insurance sales strategies and ideas to your clients. So that you will increase your sales to earn $250K or more per year selling life insurance and annuities like the legends!
Learn the best and easiest strategies and principles so you will quickly increase your insurance sales!
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When Will You Use Ben Feldman’s Sales Principles To Increase Your Insurance Sales?
“Jeremy, I just wanted to take a minute to thank you for your coaching. Following your sales system (Found Money Management™) and working one on one with you has helped me increase my sales. I know it took some time to get started but this year I have already doubled my production and written higher-quality policies. I look forward to updating you as the year goes on.” Robert Lilly, Farmers Insurance, MO (15 years in the business)
“Lew is a “Father” in the business. He has probably forgotten more about marketing and selling insurance and related accounts than most of us think we know. As a 30+ year veteran, the Insurance Pro Shop is a great place to learn or re-learn the techniques needed to help our clients keep more of their hard-earned money. The Insurance Pro Shop is more than worth the money.” Ed Kimmel, WTCF – FL (20+ years in the business)
Will You Decide To Learn Ben Feldman’s Sales Principles To Increase Your Insurance Sales?
When Will You Read Our Full-Length Book? So You Learn How To Really Help Families… While Using Ben Feldman’s Sales Principles To Increase Your Sales?
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It Is Up To You To Get The Best Sales Tools, Training, and Support… So You Use Ben Feldman’s Principle To Increase Your Life Insurance Today!