Though we’re not quite sure where the slogan “facts tell, stories sell” came from, it’s a phrase we often come back to when talking about insurance presentations.
Citing statistics and insurance facts can help reinforce your point, but most of the time, people forget those details. But stories? Stories stick. Did you know 63% of people remember stories, while only 5% remember statistics?
We’re not saying you should ditch stats – they add credibility to your presentation. But if you want an important point to resonate with your client, a story is the way to go.
A few agents here at New Horizons were kind enough to share some of the stories they often use when they need an important point to stick.
Michael Sams: The Cost of Cancer
We know medical insurance, like Medicare, may only cover about 30% of cancer-related costs, excluding travel expenses, lodging, loss of income, and experimental drugs.
For Michael, an agent with over 13 years of experience, one story that has stuck with him and that he continues to use when giving cancer presentations.
Experimental Drugs
He explains, “Marty was paying $4,700 per month out of his own pocket for an experimental drug. Experimental drugs aren’t covered by Medicare, but this drug had seen success with other cancer patients, and they expected it to increase his lifespan.”
This real-life example hits home for clients. The term “experimental drugs” doesn’t hold much meaning until you give an example like this one. In many cases, there’s a drug out there that’s proving to help patients, but Medicare won’t cover it because it hasn’t been through the entire governmental regulatory process.
With this example, clients finally start to see why a cancer plan is such a great policy to have.
The Cost of Lodging
Another example Michael likes to use when it comes to cancer presentations is the cost of lodging, should you need to go to a research or specialized cancer facility.
Michael explains, “A friend of mine had a son that needed to go to New York City for close to four months – renting an apartment downtown – because he had a rare throat cancer and had to get treatment there. You can imagine how expensive that was.”
While there are many things that Medicare won’t cover when it comes to having cancer, these two real-life examples showcase just how much the uncovered expenses can be.
This can also put into perspective how much the client might want in terms of a benefit. Once they hear these examples, a $10,000 benefit might not be adequate. That’s why Michael recommends giving 3 options – a $10,000, $20,000, and $30,000 benefit. He finds that most of the time, the client picks the middle option, but he’s often surprised at how many people do go for the $30,000 benefit.
Luke Hockaday: Do Not Wait to Fill Out Your Application
We all know what can happen when a client leaves an appointment without filling out an app. The chances of them actually coming back to finish the application go way down.
But another problem is that life happens, and while they were insurable at your initial meeting, they might not be a few days from now.
Luke Hockaday, a licensed agent, has a real-life story he often tells when a client wants to do the application later.
When he was filling out a Client Needs Assessment, the need for Long Term Care (LTC) insurance came up. His client didn’t have any sort of LTC coverage, but her family had a lot of assets to protect.
“I made my presentation and she loved it,” he explains. “She was ready to fill out an application and get it going, but she felt too rushed. She was heading to Arizona for a couple weeks to escape our rough winters, and she wanted to wait until she got back.”
Luke tried to get her to fill out the app then and there, since the process takes a while, but she insisted on waiting. So, they set up an appointment for the day after she got back.
But the day before the appointment, Luke got a call from her husband.
“He told me she had a stroke in Arizona. She was now uninsurable for the product she wanted to buy,” Luke recalls.
Every time a client wants to wait to fill out an application, it’s important to explain that they may not be insurable tomorrow. Anything can happen, as Luke's story unfortunately illuminates.
Chase Gruening: Cancer Costs Are Real For the Whole Family
Chase Gruening, an independent agent, always uses stories when he’s selling cancer plans. Even though he’s only been in the business for a few years, he’s had several clients cash in on policies he’s sold them.
Chase explains the most recent instance of a client who was able to use her cancer benefit: “She fell out of nowhere, and it turned out she had brain cancer. She lives alone, so her daughter had to come up to take care of her. The daughter didn’t plan for this, and she has a lot of unexpected expenses now. She’s missing work, she’s traveling back and forth, and she’s taking care of everything her mom used to—on her own dime. There’s gas, loss of income, and even simple things like feeding the cat.”
Another story Chase will tell is a client whose cancer medication cost her $500 per month.
“These stories I go through every single time, and I’d say I hit it 80-90% of the time when I package a cancer plan with a Plan G,” he explains. Chase prefers to sell a Cancer, Heart Attack, and Stroke plan because he feels that the coverage is more comprehensive.
“We all know someone who’s had cancer. I’m honest with my clients and tell them I don’t know how much their cancer costs will be. But by using these examples and explaining that there will be out-of-pocket expenses, they start to get it.”
What if I don’t have any stories to tell?
If you’re a new agent, you aren’t going to have any of your own stories to tell just yet. But that shouldn’t stop you!
Feel free to use any of the stories mentioned in this article. They’re all real-life instances of events that actually happened to people – there’s nothing wrong with using someone else’s story!
What stories do you use to aid you during sales presentations? We’d love to hear about them in the comment section below!
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