Every September, the Life and Health Insurance Foundation for Education (LIFE) organizes Life Insurance Awareness Month (with the slogan “Life Happens”) to inform consumers of the benefits of life insurance. While September is the designated awareness month, many agencies would say that every month should be life insurance awareness month. The product is an outstanding value given the financial security it provides and the great premiums that it yields for agents. Such a great product would seem to be a no-brainer purchase, but the majority of Americans don’t have adequate life insurance coverage or any coverage at all. Life Insurance can be a difficult product to sell. Unlike auto insurance it’s not required by law, and the general public doesn’t view it as a financial priority.
The obstacles an agent must overcome include not merely proving the benefits of life insurance, but the affordability and value as well. The Life and Health Insurance Foundation for Education centers their awareness campaign around the benefits first, but does so with an emphasis on affordability. You can utilize this approach at your agency for the month and beyond. Let’s take a look at 3 ways your agency can piggyback on Life Insurance Awareness Month and boost life sales.
Bolster Your Pipeline
In order to raise awareness about life insurance, you’re going to need a substantial audience to market to. People in September are at a heightened awareness of the product and are looking around the internet for more information. QuoteWizard has made huge strides in the way we capture consumers searching for life insurance products. During September, we see a significant number of consumers shopping for the product on our website. This is a great opportunity to increase your daily lead volume. Here are 3 tips on how you can increase your life insurance leads.
You’re already targeting leads from the county in which your agency resides, but why not neighboring counties? Although the distance may seem intimidating, you will be surprised how well equipped your agency is to do longer distance business. Keep in mind, many of these consumers are shopping online and would ultimately prefer to do business online.
Increased Day Caps
If you’re an agent who caps their leads at 2-3 a day, considering increasing that to 5 or more. There’s no guarantee 5 leads will be in your inbox every day, but it opens up the opportunity for there to be.
Agents using a lead delivery schedule or pause time are missing out on leads when they are unavailable. Not all leads come in during business hours. Keep your schedule open to capture an extra lead or two that could trickle in after hours. As you increase your daily lead volume, it’s important to understand what your typical life lead profile will look like. A standard life lead will have broad filters for consumers with no major medical conditions from age 25-75. Keeping broad filters is always recommended to capture a wide range of consumers. We recently conducted an analysis of what a typical life insurance consumer profile looks like. We did this to help agents prepare sales and marketing strategies before the leads arrive. We found the majority of life leads are in their 50's looking for a policy value of $250,000 - $500,000.
Expecting your leads to fit this profile arms your agency with the proper approach to deliver targeted sales messaging. A life insurance conversation with a 40-59 year old will be different than someone in their 30’s. Know your audience, and prepare your team to deliver relevant, concise messaging.
Life Insurance Resources
Sell awareness with education content marketing is a key part of building life insurance awareness in your marketing list. As you ramp up inbound leads for the month, look to build on your mailing list of unclosed leads as well as current clients. Setting up an email campaign of educational content to raise awareness will start your prospects and clients down the path of the buyer's journey. To captivate your email audience with content, utilize figures and statistics from the Life Happens 2017 Insurance Barometer study. The goal of this content is to educate prospects while guiding them down the path to purchase.
There are 3 telling statistics from the Insurance Barometer study, that show you how to start educating prospects and leading them to a purchase point. -4 out of 10 people don’t know how much coverage they need. This starts a consultative conversation about how much coverage a prospect would need. It opens to door to beginning to educate the prospect about life products. -80% overestimate the cost, believe it’s too expensive, and prioritize other expenses. At this point in the buyer's journey, the prospect is educated on the product and understands the benefits. Now the prospect is projecting and prioritizing a purchase. With this statistic, you can break down price objection barriers and bring the prospect to the purchase point. -A healthy 30 year old can get 250,000 of coverage for $13/month. Although the above age, face value and price may not fit the typical profile of a life insurance buyer, this demonstrates that life insurance is a massive value. It’s a sale closing value proposition. The previous two statistics set up the close. Educating and overcoming initial price objections, makes this statistic the final stop in the buyer's journey.
Depending on your targeted prospects, whether it be a new lead, old lead or a current client, you can adjust the supporting content as you see fit. However, keep the path of the buyer’s journey in mind when developing your content strategy. Aim to start an educational conversation about coverage, overcome the price barrier, and lead the buyer to a purchasing point by emphasizing affordability.
Be an Expert Advisor
Don’t oversell the product, an insurance agent’s role is to inform the buyer, take a consultative approach to their purchase, and help them make the right decision. With a complex product like life insurance, there is a ton of information you could give the prospect. Too much information can slow the sale with informational roadblocks. Keep the buying process simple, and trust the information that got them to the point of purchase. Don’t underestimate how educated online shoppers are. According to AdWeek 81% of shoppers start their product research online and 60% start on a search engine. QuoteWizard captures shoppers searching for life insurance keywords. Our goal is to attract searchers to our site seeking information on life insurance. We have extensive content to educate life insurance shoppers about the product. After informing themselves with one of our life articles, shoppers then enter their information seeking quotes for life insurance.
When the shopper is connected with you, they are already generally informed about the product and will likely have specific questions. You can stall the buyer's journey at this point by taking a step back to cover the basics of life insurance. Online consumers are often well-informed and seek instant gratification. That said, all leads will be at different points in their path to purchase, and it’s up to you to identify that point early on. Knowing how much they know, helps you get to the purchase point more quickly.