Common Objections and Scripting

1. “I can’t afford it.”
2. “I already have life insurance.”
3. “How much is it?”
4. “How much life insurance do I need?”
5. “I’m young and single and I don’t need any life insurance.”
6. “I don’t have any dependents, so I don’t need any life insurance.”
7. “I don’t need any insurance!”
8. “I have coverage at work.”
9. “I want to think about it.”
10. “I’m healthy and I don’t need any insurance.”

Further techniques for selling credit insurance may be found in the Payment Protection Tutorial.

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1. “I can’t afford it.”

   “What monthly payment can you afford?”

   With the WinLoan Counselor, you can easily recalculate a loan with the desired monthly payment. The term, amount requested or insurance can be changed giving you the flexibility to tailor your sales presentation based on the borrower’s needs and desires.

2. “I already have life insurance.”

   “How much life insurance do you have?”

   Remind the borrower that the life insurance industry recommends that you have 4-6 times your annual salary in life insurance. Many borrowers are underinsured.

   “Has anything in your personal situation changed since you first bought life insurance?”

   Remind the borrower that with the new loan, there is a need for additional coverage. By adding the loan protection package, the original life insurance will be preserved

3. “How much is it?”

   “The cost of the loan protection package is included in your monthly payment and is only $.75 cents per day. It will pay your loan off if you should die or if you become disabled and can’t make your monthly payments.”

4. “How much life insurance do I need?”

   “The life insurance industry recommends that you have 4-6 times your annualsalary in life insurance. How much life insurance do you have?”

5. “I’m young and single and I don’t need any life insurance.”

   “You may be right! You might not need life insurance at this point in your life, but I’m sure you will be interested in our disability plan. It makes your monthly payment if you should become disabled and will protect your credit rating.”

6. “I don’t have any dependents, so I don’t need any life insurance.”

   “Even if you don’t have any dependents, you may be interested in our valuable disability plan. It makes your monthly payment if you should become disabled and will protect your credit rating.”

7. “I don’t need any insurance!”

   “I understand how you feel. Some of our customers have felt the same way. There was a customer last year who felt the same way but decided to add the loan protection package to the loan anyway. Just a few weeks after signing the loan documents, he was in a car accident and was disabled for 3 months. The disability insurance made 3 monthly payments for him until he was able to go back to work. He’ll tell you that it was a big help at a time when he had increased medical expenses.”

   Note: If you have a personal story or if you know a customer who used the loan protection package, share it. We like to know that someone bought insurance and was satisfied with the product.

8. “I have coverage at work.”

   “Great! Many of our customers have coverage through their employers. What kind of coverage do you have? What kind of disability do you have? What is the waiting period and how much of your salary will you receive if you are out on disability?”

9. “I want to think about it.”

   “I understand your desire to think about this important decision. Remember that this is the only time the loan protection package can be added to your loan. We could add it to your loan now and cancel it later if you shop around and buy other insurance. How does that sound?”

10. “I’m healthy and I don’t need any insurance.”

    “I understand how you feel, but our statistics show that over 50% of Americans will experience a disability that is over 90 days in length before the age of 65. With our loan protection plan, you will be prepared if this should happen to you.”