By John L. Elman, J.D., CLU
the lighter side of life »
Good Times and Bad Times
No matter how strong or weak the economy is, prospects will
find an excuse to reject coverage.
Is there ever a good time to sell ife insurance? Oh my, selling life insurance is hard to do in these
recessionary times.
John Todd, the legend who opened
the market for corporate-owned permanent insurance, once gave a speech
about his early years in our business
during the roaring 1920s. Life insurance was hard to sell because everyone was doubling his money monthly
in the stock market.
Then the crash of ’ 29 came, followed
by the Great Depression, and life insurance was even harder to sell. Then came
Social Security, and no one needed life
insurance any more, so it was really hard
to sell. Then came World War II, and
most able-bodied men went to war. Oh
boy, life insurance was extremely hard to
sell then.
The post-war years, new careers
and new consumption left no money
in personal budgets for life insurance.
Along came the ’60s and Woodstock,
and life insurance was hard to sell
because the parents of hippies didn’t
care what happened to their rebellious, disrespectful kids. Then the bear
market of the early ’70s was followed
by the late ’70s when all adult conversations included the words “real
estate.” Either they had just missed
several spectacular opportunities or
were concerned the days of appreciating real estate were over. And, of
course, during these times, life insurance was hard to sell.
In the ’70s, Consumer Reports published a series of articles and a book on
why it was important to buy only term
insurance, if a family needed life insurance at all. So we all sold term insurance.
We had to tell clients, “If you’re lucky
enough to die in the next 20 years, then
20-year term is the best solution.”
In the ’90s, everyone could buy life
insurance over the phone or on
the computer. The
buyer’s agent then
became the mailman,
not you. Never mind
our advice on tax-wise arrangements
or the ongoing
years of service
we provide.
I have been selling life insurance for
48 years. It has been hard to sell every
day—in good times and in bad. But the
needs are the same: Families, estates and
businesses need protection.
I object
Have you heard any objections during these hard economic times that
you haven’t heard before? As I think
back, every once in a while we hear an
objection other than the basic four: no
money, no hurry, no need or no trust.
My nomination for the most
astounding is: “I don’t give a damn
about my family!” Hmmmm, I pondered. But then he told me about the
family dynamics, and pretty soon I
basically agreed with him.
My most surprising objection
came from a prospect who insisted he
wouldn’t buy the $1 million proposal
because he wanted a $5 million policy.
The strangest objection was: “I
have recovered now from my cancer
scare, and the chemotherapy worked
so well that I just don’t need life
insurance any more.” I wanted to
scream: “Are you serious?”
My most amusing objection was:
“My parents will take care of my
wife, Sue, if anything happens to
me.” I laughed to myself, because if
he doesn’t like Sue enough to buy
insurance, what makes him think his
62 ADVISOR TODAY | November 2009
In good times,
prospects say they
don’t need our
product; in bad
times, they say they
can’t afford it.
parents think any more of her than he
does? They probably never liked Sue
to begin with.
I am sure we could all play “Can
you top this?” when it comes to odd
objections or excuses for not buying.
In good times, prospects say they
don’t need our product; in bad times,
they say they can’t afford it. So what are
we to do? Work harder! It’s as simple
as that. We offer some certainty in this
uncertain world. If selling life insurance
were easy, everybody would do it.
John L. Elman, J.D., CLU, is a senior
agent with Northwestern Mutual. Studying
humor and laughter is his lifelong hobby.
Contact him at 2600 El Camino Real,
#318, Palo Alto, CA 94306.
