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Answering Objections to credit insurance

January 20, 2003
Filed under Archives

One of the most important things I learned from Steve is to choose your words carefully. Once you have chosen the right words, you need to practice until you can say them in your sleep.
By taking your knowledge of the credit insurance product, you can structure a presentation for virtually any customer situation. Here’s just one example.
The condensed approach: “Our dealership plan protects you so if you get sick or injured for 14 days or more, your payment is made until you return to work. The real benefit is that you never have to pay back the amount that was paid while you were getting well. Also, if you should ever pass on while you still have this loan, it will be paid off free-and-clear.”
The longer approach: “This protection pays off the vehicle loan in the event of your death. This will leave your family a free and clear title. And, if you have an accident or illness which prevents you from working 14 days, the insurer actually goes back to the first day that you were disabled and makes your monthly payments.
“If your doctor says that you have to remain at home and under medical care, the insurer will continue to make your payments until you return to work. The best part is that any payments made on your behalf are not a loan. The money does not have to be repaid.”
OVERCOMING INSURANCE OBJECTIONS
After many years in the business, Steve had heard every objection and excuse there was. Here are the most frequent objections Steve and I got regarding credit insurance. Review the responses and rewrite them in your own words.
We can’t afford it.
Response: “I can certainly relate to living under a tight budget. That’s why I believe so much in credit insurance. If you get sick or injured, you don’t need to panic. Your loan will be paid and you will never have to pay it back. Additionally, if either of you should pass on, the loan will be paid off free-and-clear.
“This payment protection program gives you the peace-of-mind that will help you enjoy your new vehicle that much more. I strongly recommend it, and for only a few more dollars a month it really makes sense.”
I’m paying the loan off early.
Response: “That’s not unusual for many of our customers. The unique feature of our payment protection program is that you only pay for this insurance during the period of time that you need it. If you pay off the loan early, you will be refunded any unused portion.”
I don’t need credit insurance because I’m single.
Response: “Being single has its advantages and its disadvantages. If you were married, chances are you could depend on two incomes…your income and your spouse’s income. When you’re single and lose work due to sickness or an injury, it can be devastating. In some cases, it’s even more important for a single person to protect themselves than a married person.
“A sign of financial stability is when someone like yourself has a sound plan that is backed by the kind of protection one needs to weather any financial storm.”
I already have life insurance.
Response: “It’s rare to find customers who are as concerned as you are about their future and their families. You’re doing those things that most people never get around to doing.
“I’m sure that when you originally bought your insurance you carefully calculated how much coverage you needed. Nevertheless, things are constantly changing in one’s life and one’s financial affairs. For example, with this new vehicle, you now have a liability of $_________ that you didn’t have before. So the quickest, most convenient and least expensive way of making certain that you have proper coverage is for us to include protection right into your monthly payment.
Do I have to take it if I don’t want it?
Response: “While the payment protection program is optional, most of our financially sharp customers insist on it. What could make more sense than gaining the peace-of-mind that comes through protecting yourself, your family and your good credit?”
I really don’t need it. What’s more, I don’t believe in insurance.
Response: “I know exactly how you feel. I don’t particularly like buying insurance myself. However, I try to concentrate on how I’m going to feel if and when I need it. Nothing is worse in life than having the ‘I should haves.’ When someone gets sick or injured, the last thing they want to say is, ‘I should have.’
“We’ve had customers who ended up thanking us when their payments were made while they were sick or injured. They appreciated us even more when they didn’t have to pay the payments back.
“Likewise, our customers who enroll in our payment protection plan are building peace-of-mind not only for themselves, but for their families. If they should pass on, the loan is paid free-and-clear. What better gift can someone give than to lessen the grief for one’s family?”

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