Below as the statistics of deals that are postdated beyond the application date:
ASAP - 7 Days - 92% Likely to Issue
8 - 14 Days - 71% Likely to Issue
15 - 30 Days - 38% Likely to Issue
As you can see the longer you go away from asap the lower the likelihood of the policy issuing.
Back when COVID occurred SLIC went immediately to a max postdating of 7 days. As expected, agents and managers got upset but as a result, we went on to have our best month at that time and most importantly agents were making more money. The fact that we had no other choice at the time but to collect ASAP business that is what happened, and everything was perfectly fine.
What we must understand is that these questions in the steps below should bring out the REAL objection and/or stall so you can handle it accordingly. It is never about the money, but that is what they tell you. It’s always something else and you need to find out what the REAL objection is. Most of the times it is just something that they are not certain about that is causing them to delay the money part. You need to address that and not the money.
Common Objections for Postdating:
Steps to Overcome:
If it happens to really be the $$$ and the customers wherewithal isn’t there, you must lower the premium to something more affordable. Remember they already said yes to the policy. There is a difference between what they want, need, and can afford.