 Hey there this is Vlad from the insurance sales lab and in this video I'd like to show you how to overcome the objection when a prospect tells you that they have life insurance through work. So let's suppose you're having a conversation with your client and you bring up life insurance and they say yeah I don't need life insurance I already have it through work. Now you and I both know that having a policy a life insurance policy through work is completely different than having a personal life insurance policy. There are so many differences between a work life insurance policy and a personal policy. So in this video I'll show you how to bring up some of those key points and convey that to your prospect and allow them to make a decision on whether or not it's worth getting a personal policy. So here's what you would say I'll pull up the script right over here and you should see where it says objection one I have it through work. You would say John it's great that you have life insurance through work but do you have a personal life insurance policy outside of work and most people will say no I don't have one. I didn't think I needed one. Then you say look we always encourage our clients to keep the life insurance policy that they have through work because they're usually very cheap to buy and sometimes even free if the employer pays for it. However the major downside the major downside with life insurance policies that you get through work is that you don't personally own that policy it's owned by the company you work for. So the moment you leave your job you also lose your life insurance policy and that's very risky. That's why we always recommend that you have a personal life insurance policy outside of work so that you're always insured regardless of who you work for. Have you considered getting a personal life insurance policy outside of work? Do you know how much that would cost? And if the person says geez I never thought about that before I never thought about possibly leaving my job. So in other words just bringing up the obvious that a work policy is not always going to be there it's not owned by you it's owned by the employer and you only have it as a group benefit when you work at that company. The moment you decide to open up your own business or start working for a different company a startup who doesn't offer this benefit you can't get a life insurance policy at that time or that life insurance policy doesn't carry over. So just bringing that up for most people is enough to get a personal life insurance policy. However if they say look I really like the company that I'm at right now I plan on retiring here I'm going to work here until I'm 65 maybe 70 or until they kick me out. So if they really are adamant about staying with the company that they're with then you say look I'll just mention this as a side note one of the main reasons why people get a personal life insurance policy even if they have one through work is because and then you bring up one of these three reasons and sometimes you can bring up multiple of these you can say either you can bring up taxes and how group life insurance and personal life insurance is taxed differently you can bring up company layoffs how during COVID so many companies laid off employees who were supposedly really secure in their jobs or you can bring up a personal example of someone who had to leave their job due to medical reasons and then was uninsurable and couldn't get a life insurance policy on themselves. So here's what that would sound you can say you can say look John when you have a personal life insurance policy outside of work let's suppose you're insured for $500,000 that death benefit that $500,000 death benefit is paid to your family tax free so your family gets the full $500,000 compare that to having a life insurance policy through work that's completely different if you're insured for $500,000 through your work life insurance policy and god forbid you pass away your family doesn't get the full $500,000 so even though you're insured for $500,000 your family gets a lot less than that they would get somewhere around $300,000 just depending on your tax bracket so the government will take a big piece of that death benefits so that's a huge difference between a personal policy versus a work policy and sometimes when you bring this up people will say well I didn't think about that and they'll get a personal policy or you could bring up the example of company layoffs you say look during the pandemic so many companies were forced to lay off their employees even though they wanted to keep them and a lot of people who lost their job also lost their life insurance policy or you can bring up a personal example where you say look there's a gentleman that I know who was a dad married had three kids and he was diagnosed with cancer and this is a true story of someone I know through a friend where he had to quit his job while he was getting chemotherapy he couldn't get chemotherapy and be at the job that he was working at so after he left his job seven months went by and he passed away and when he passed away he had no life insurance because the only life insurance policy had he had was through work and that was canceled so because he passed away without having a life insurance policy he couldn't leave any money behind for his family so his wife had to pick up a second job so that she could keep up with the bills so I bring this up only because I want to make sure that your family is never financially burdened if your income was no longer there to support them and then you simply ask him look do you feel like having a personal life insurance policy is worth getting to protect your family financially and anyone who loves their family who wants to make sure that their family is taken care of if they're no no longer there they'll say yeah this makes sense I'm I'm not into this whole idea of forcing life insurance into people who are not interested I want to work with people who are open to that idea I'll give them a quote I'll put them into underwriting once we get the medical results then we'll know what the real price would be to insure him with a personal life insurance policy so if you're watching this video and you're thinking all right this all sounds great I can see how I can overcome this objection and by the way there are so many other things you can say to overcome this objection of I have life insurance to work but these are just some simple go-tos if you're watching this video and you're thinking man I'd really like to know how I can take those people who are already insured with me those who have car insurance homeowners or renters insurance I'd like to be able to call those clients of mine and offer life insurance but I just don't know how to do that or you're thinking man we get 20 calls a day of people who are calling in they're changing their vehicles they're adding drivers they're making payments these are people who are thrilled to be working with us and I only I just wish that my service team would offer life insurance to them if you'd like to get a script on how to do exactly that how to cross sell life insurance to your existing clients then I have a script for that not only is it written down but there's a video training where I explain that full script on how to get into that conversation how to overcome objections how to quote them and how to put them into underwriting if you'd like to get that script and that's something that you get at no additional cost that script you get at no additional cost when you're enrolled in the one-call-close master class so the one-call-close master class I'm not going to go into much detail on what's all included but it's the most powerful sales training for P&C insurance agents so if you're an insurance agent who sells P&C's a home auto renters and you'd like to write more business not just P&C but also life insurance like we discussed then enroll in the one-call-close master class to get the written scripts and the video training if you have any questions on anything that we covered today please visit our website insurancesaleslab.com and you can submit your question on that page thanks so much for watching this video stay tuned for more take care