There’s a lot of advice out there on how to best sell life insurance, but if you’re new to the insurance industry, some of that advice can be very overwhelming. Life insurance is a very personal endeavor for most consumers and one of the hardest to approach. Afterall who wants to talk about their death while they're living. If you’ve worked in the field for quite some time, you may be tired of practicing the same ol’ prospecting methods and sale strategies.
If you want a different results – more sales, happier customers, long-term relationships – try a different sales approach and sell life insurance successfully with these simple suggestions.
Sell to a new generation via referrals
What age group do you do the most business with right now? If you’re young, and new to selling, you might work mostly with Millennials. If you’re a more seasoned agent, your customer base might have young adult children. Tap into the power of the referral by marketing your services to Millennials by way of their family and friends. Millennials are more likely to purchase anything after talking with a friend or family member, so make a good impression initially, and you’ll have a brand new lead pool.
Different selling techniques by demographic
You can’t sell life insurance to a 20-year-old the same way you’d sell it to a 60-year-old. Besides having different personal needs, they also have different mindsets when it comes to life insurance.
It’s safe to assume that a 60-year-old person understands the value of life insurance, and is coming to you because he wants to buy the insurance. However, many 20-year-olds don’t even think about life insurance, and you’re most likely knocking on their door to make the sale.
Practice social selling
Long gone are the days of home appointments to talk life-insurance strategy with prospects. Now, you can embrace all your leads (even those you might not be aware of) by being active on social media, especially if you’re blogging, too.
Social selling, lead nurturing at it’s finest, allows you to get your expertise in front of many possible prospects as the expert in the insurance industry. When you’re blogging, you attract leads by answering their questions, commenting on industry related changes, and offering your opinion (be careful to avoid biases and "isms" in your opinions). Make it a must to have at least a few blog posts on your website answering simple questions like these below.
- “Why Is It Important to Purchase Life Insurance?”
- “Life Insurance Frequently Asked Questions – and Answers”
- “Can I Buy Life Insurance for My Children”
- “What’s the Difference Between Whole and Term Life Insurance?”
Next share your posts on social media, and then keep sharing across your other lead conversion channels. Don’t just use social media to promote your own blog posts. Reach out and start conversations with the people who follow you. Join Twitter chats with other insurance professionals. Share relevant articles to your followers on Facebook. Bottom line: engage your current and possibly future customers.
Focus on family
Want to know how to sell life insurance successfully? Hone in on the plan’s beneficiary. The reason people purchase life insurance is because they want to take care of their loved ones, or at least cover their end-of-life plans for when they pass away.
Remind your lead of the less-thought-of-expenses that come along with life insurance. Yes, many people think to cover the cost of their house, or a certain monetary figure, but what about other expenses they won’t be able to contribute to, such as education funds, their spouses retirement funds, or even children’s future weddings.
Prepare for Rejection
You’re not going to get a “yes” every time you offer a product to a new lead. However, it’s not wise to accept a “no” either. If you can prepare for the many ways your prospect might reject aspects of your proposal, you can prepare a follow up response to their objections.
You won’t be wondering how to sell life insurance successfully when your leads are desperate for your help. Let QuoteWizard do all the work gathering new high-quality leads for you. Contact us today.