For most life insurance agents, cold calling is a challenging and unavoidable task. Selling life insurance is unlike any other type of sales, where clients walk away with something tangible or for their own enjoyment. Life insurance cold calling is a sales technique that involves a sales rep calling a potential customer for the first time to determine their interest in buying an insurance plan — and a grim plan at that — financial security for their family members when they’re no longer around to provide support.
When making outbound calls to customers to sell life insurance, you may find yourself getting hung up on repeatedly. One of the most common mistakes made by agents who sell insurance over the phone is losing the prospect’s interest after they’ve spent considerable time building rapport. Fortunately, we’ve compiled a list of cold calling scripts for insurance for these exact situations, so refer to this list next time you pick up the phone. These are simple and effective, whether you’re running a multi-agent insurance campaign or a solitary agent working independently.
Why You Need Cold Calling Scripts For Insurance
Insurance cold calling scripts are well-crafted documents that provide guidance for agents when interacting with clients on a sales call. When you’re making a life insurance cold call, scripts can help eliminate mistakes and offer predetermined answers to common questions, allowing agents to advise consumers accurately and be prepared for tough conversations. Because many businesses consider their sales scripts to be corporate policy, the language used should follow standard business practices and represent the firm’s brand. By using a telemarketing script for insurance, a firm can ensure that its messaging is consistent with its corporate values while keeping prospect demands in mind.
A life insurance cold call script serves as a guide for agents to offer company-approved responses while building trust with prospects. After all, trusting someone with life insurance requires a lot of trust and commitment. Scripts are written to be comprehensive and give enough information for agents to avoid misquoting legal policies or giving incorrect information. It’s fairly common for businesses to want a simple framework so that the agent can answer appropriately and the conversation proceeds smoothly. A life insurance telemarketing script guarantees that representatives utilize language that protects the firm from regulatory violations while still ensuring accurate responses — and of course, closing the sale
Life Insurance Sales Scripts Samples
The following insurance cold call scripts, together with a few helpful pointers, can assist you in becoming a more successful cold caller. Remember that your conversation should always be about adding value and helping your prospect rather than closing the sale. The commission should never be at the top of your mind while on a call. Even if the discussion starts “cold,” you can establish rapport and win prospects over by piquing their curiosity and providing solutions tailored to their particular pain points.
It’s best to keep in mind that these cold calling scripts for insurance are only meant to be used as jumping-off points. Whether you’re making a “cold calling scripts for insurance agents” PDF reference document for your company or you just want an easy-to-follow guide, you must tailor life insurance cold call scripts to your company, prospects, and personal style. Use these templates as a reference point to help you get a leg up on the competition.
The Elevator Pitch
Elevator pitches are designed to be short and sweet, named so for being able to be delivered in the span of an elevator ride. To be effective when selling life insurance, it’s important to address a specific pain point that your prospect has — especially when you have such a short amount of time to catch their attention. Typically, there are four components to an effective elevator pitch:
- A hook for your prospect’s attention
- The pain point
- What are the advantages of your company’s policy? (Is it a reduced cost? Do you provide policy bundles? Are you able to process policies more quickly?)
- Your competitive difference or unique selling proposition (USP)
Here’s an example of a short and sweet life insurance phone script:
“Hello, am I speaking with (name of prospect)? I’m calling from (your insurance agency), and my name is (your name). I know your time is valuable, so I’ll be quick. I’m calling to let you know we offer $200,000 of Term Life Insurance Coverage for as low as $12 per month. Additionally, we offer a guarantee of coverage, no matter your age.”
This short message is straight to the point, delivers your value proposition, and addresses a common pain point (in this case, the prospect’s age or budget) while also grabbing their attention with something everyone will want: a low monthly commitment.
Free Quote Pitch
Everyone loves free stuff. As an insurance agent, giving free quotes is second nature to keeping the discussion going with prospects. Your life insurance sales pitch script may go as follows:
“Hello, am I speaking with (name of prospect)? This is (your name) phoning from (your insurance agency). I’m calling to let you know I’m offering free quotes on life insurance plans that can fit your lifestyle. Would you like to explore your options, no strings attached?”
Follow Up Pitch
One of the most important parts of the sales process is following up with prospects who have expressed interest on your website. They’re already hooked since they’ve shown an interest in a policy, so they likely only need a little more encouragement to take the final step. Follow up cold calling scripts for insurance look something like this:
“Hello, is this (name of prospect)? My name is (your name), and I’m from (insurance agency). I’m calling to inquire about the life insurance information you requested on our website. I’m looking through your information, and it appears you’re searching for a term life policy, is that correct?”
Make a point of mentioning the insurance they’ve expressed interest in right away, so they know you’re responding to a legitimate inquiry. You can use the policy request as a springboard to discuss what you can give them and add value to the conversation:
“If you’d like, we can go through the specifics of a few common policies that I believe would be beneficial to you based on the information you provided. Many of our plans can be customized to your specific needs, which I can assist you in selecting.”
Wait for their response. If the prospect is interested in looking through policies right away, walk them through some of their issues and make sure you’re providing a supportive environment:
“I understand how difficult it can be to choose adequate life insurance, so please don’t hesitate to ask if you have any questions. I’m here to help you find the perfect match.”
If they’re short on time, follow up by sending an email with policy choices tailored to their needs.
Some of the people you contact may already have a policy for life insurance. However, this is a hurdle that can be overcome with guidance from the right cold calling scripts for insurance.
“Hello (prospect’s name). I’m (your name), and I’m from (insurance agency). I know your time is valuable, but I’m calling to let you know about our newest package.”
At this point, they’ll tell you they’re already covered.
“Alright, that’s fantastic; you’re already covered. Can I ask about what sort of insurance coverage you’re receiving?”
Wait for them to respond. Any information you can acquire (during your initial phone contact or follow-up calls) that will help you establish a relationship is critical.
“It’s great that you’re already covered, but I think I can get you a better policy for a lower price. In any case, it’s always intriguing to discover what else is out there. I’m prepared to check through your existing policy to see if there’s any way I can save you money. I understand that paying for your life insurance is a primary concern for your family’s future. Is this something you’d be interested in?”
Everyone wants to save money, and the possibility of getting a better deal will always be intriguing to those already paying for a policy.
Overcoming objections is an essential sales skill. Aside from reducing the number of complaints, successful salespeople also focus on preventing them in the first place. These are the most common complaints and reasons for prospects hanging up that most agents experience during a cold call:
- I don’t require life insurance at this time.
- I’ve already narrowed down my options for an insurance company.
- This week has been incredibly hectic for me.
- I’m having trouble deciding which insurance plan is best for me.
- I don’t believe I’ll be able to afford insurance.
- I already have life insurance.
- Right now, money is a little tight.
- I’m not sure if an insurance plan will fit into my budget.
The following cold calling scripts for insurance can help you deal with such arguments and get the prospect engaged with your policies. Typically, you need to have this script ready to go when you experience any rebuttals, and it will typically come up in the middle of one of the previously mentioned scripts.
“I understand your hesitation. Life insurance is a serious decision. When you say (repeat the objection inquisitively), can you tell me more about that?”
First and foremost, this script reduces resistance. By simply listening to their problems, you’ll build empathy and trust with your prospect, and it will also give you the information you need to find the perfect policy for their needs. Once you understand exactly what’s giving them pause, you’ll be able to provide them with the proper solutions to their problems.
Best Practices When Using Cold Calling Scripts For Insurance Sales
Along with the right cold calling scripts for insurance, here are some helpful tips and best practices to keep in mind:
- Use the right tools for the job
Most insurance businesses use a CRM (customer relationship management) system to track their sales leads. A CRM is useful for tracking calls, but phone system or communication tool integrations will give you even more value for your cash. Platforms such as iLife allow you to say goodbye to phone tags and cumbersome paperwork, organizing everything in one easy-to-use dashboard. A centralized system is especially beneficial if your team is dispersed across multiple time zones and cities.
- Follow up, follow up, follow up
This is one of the most important aspects of the sales cycle. It usually takes more than one phone call for someone to purchase your life insurance policy — it’s a big decision, and naturally, they’ll want to think about it. On a cold call, the prospect is unlikely to be ready to make a final choice. And that’s okay — tell them you understand and that you’ll give them a call back or check in with them later via email.
- Know your product
The core of a successful sales call is all about being prepared. Make sure you thoroughly understand your offer and the value it provides. Some insurance plans provide more flexibility than others, and it’s critical to understand the differences. Nothing will scare off a prospect more than not knowing what it is you’re selling.
- Practice your script by rehearsing it
Make sure you’re familiar with all of your cold calling scripts for insurance by rehearsing them beforehand. Run through your scripts in the same setting as you would during a call, whether it be in your office or at your kitchen table. We recommend recruiting friends or family to practice with you and throw you some curveball answers. That way, you’ll be ready for anything a prospect might say on the real call. You’ll sound less like you’re reading from a script as you become more comfortable, and you’ll be able to quickly improvise while remaining on track. These little improvisations will go a long way toward sounding more confident and at ease while talking to prospects.
- Be adaptable
So you followed the last tip and practiced, practiced, practiced — now you know your scripts by heart, which is fantastic! However, you also have to be able to go off-script without getting sidetracked because conversations with prospects will not always go as planned. You’ll learn a lot about them and their concerns and you’ll need to alter your offer to fit their requirements.
Occasionally, the talk will stray from the subject of insurance. Maybe the prospect has had a bad day or is thinking about something else, and it simply spills out. This is okay and can actually help build rapport and trust. Prepare to listen and deviate from the script if the discussion requires it. Just keep your end objective in mind and gently guide the conversation back to it.
- Pose questions and listen to the answers
Asking open-ended questions will keep your prospect on the phone for longer, and it will feel more like a conversation than a sales presentation. Pay attention to what they’re saying so you can figure out where they’re coming from and what they’re searching for. You’ll be able to tailor your pitch to fit the prospect’s demands better once you have this information.
- Communicate with them at their level
When cold calling, the last thing you want to do is alienate your prospect by using insurance industry jargon they may not understand. Use your life insurance sales pitch script to keep track of where you are and maintain a casual tone so you don’t get caught up in industry talk. Essentially, you want to keep it personal yet professional by using everyday phrases while remaining authoritative about your offer.
- Track everything
Tracking your calls and their results is crucial to understanding where you stand. That’s where call tracking comes in. It’s critical to keep track of your accomplishments. Tracking factors like your close rate and follow-up rates can help you figure out where you’re succeeding and where you can improve. Not to mention, cold calling can sometimes feel like thankless work, and knowing you’re making progress can be reassuring.
Build Trust with iLife
Having cold calling scripts for insurance at the ready is a crucial part of successful conversations. Created to help you take your business to the next level, iLife’s platform is the fastest and easiest way for life insurance businesses to build an interactive client experience online. When you join iLife, you can construct a personalized, white-label website with only a few clicks and no coding required. Agents can distribute their unique website link via email, social media, and any other method in just a few minutes. Agents have instant access to a scalable business that allows them to reach prospects anywhere, at any time. Contact us today to see how iLife’s services can build your business today.
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