It’s no surprise that selling life insurance can be challenging. Fortunately, it’s a highly rewarding profession — both personally and financially. And if you master the skills of selling life insurance policies to your customers, you’ll become a pro in the insurance industry in no time.
Most people ignore the benefits of life insurance policies, despite it being one of the most beneficial products on the market. More often, it’s easier to convince customers to buy auto insurance, home insurance, or health insurance, but it’s pretty complex to sell a service that they feel they’ll never personally use. That’s where our list of tips comes in.
This article explains the best life insurance sales tips that insurance agents can learn and exercise to gain more life insurance leads and close more sales.
7 Tips for Selling Life Insurance
A stellar presentation is key to selling insurance effectively. Getting your message across is not always easy— you need good communication and convincing skills altogether. With these skills combined, you can demonstrate the value of life insurance customers, establish trust, and sell more life insurance products.
Understanding insurance is complex. Customers have their own assumptions, expectations, and opinions. So, let’s learn how you can sell more insurance policies to your customers.
Focus on the Benefits
Educate potential clients — they may not know the benefits of investing in life insurance. Since insurance is a complicated subject, the possibility of misunderstanding a product and its benefits is high. During your first cold-calling event, grab the opportunity to show prospective buyers why they need insurance and what kind of coverage is best for them.
Outlining the benefits of buying a life insurance policy to potential clients is a good idea to make things clear and avoid repercussions. In your life insurance presentation, use stats and graphs to explain facts about life expectancy and living expenses to help clients visualize things better. In return, customers will feel more confident in buying the right coverage to meet their insurance needs.
Provide your customers with information on how a life insurance policy can give financial protection to loved ones after the policyholder passes away. When selling the policy to seniors, explain how family members will benefit from a no-medical exam final expense life insurance policy.
Switch Up Your Techniques
Don’t be afraid to try new sales techniques if one isn’t landing you new clients. Ask questions to understand what type of life insurance and coverage your client is looking for. This will give you a more in-depth insight into your client’s needs.
Being experimental can be a healthy way to market your product and bring more sales. Sometimes, it’s difficult to explain things right away. The best solution is to break complex subjects into easy-to-understand sentences. So, note down the things that your customers are eager to know about a policy you sell and what elements tend to cause confusion.
Writing down complex topics can help you focus on your thoughts before you explain them to your customers. Try to explain your product to someone who doesn’t work in the insurance industry to reduce the complexity while making the concept easier.
Engage on Social Media
Respond to comments and answer DMs that you receive on your social media page. One of the main advantages of social media engagements is that you gain access to a wider audience. Expand your sales horizon for better lead generation by promoting hot deals and discounts.
For the insurance industry, LinkedIn and Facebook are great platforms to start. No matter what social media channel you choose, refrain from over-committing! Post accurate content that informs and educates your readers on a regular cadence to avoid overwhelming them but still stay in their minds.
Use a combination of infographics, attention-grabbing visuals, videos, and informative text to hook your audience. Add statistics and facts in your social media posts to educate potential buyers on why investing in life insurance is beneficial in the long run.
Post old success stories on your social media channels as they will act as a case study for your business. These build trust among new buyers while keeping the existing clients in the loop.
Confidently Address Reservations
Know reservations and confidently address concerns with solutions that your customers may find worth considering. Gaining experience as a life insurance agent or networking with others in the industry for a couple of years can help you develop amazing problem-solving skills.
Learn to confidently recommend viable solutions to your clients by identifying risks and developing strategic plans to mitigate them. Whether you are a small insurance company or an independent agent, showing concern and empathy will help to build trust.
For example, your client might be having a problem with a claim due to errors in the paperwork or a lack of adequate coverage. In this situation, you should try to take out time to identify the problem and suggest the most appropriate solution.
Personalize Your Approach
A personalized approach will set you apart. Independent insurance salespeople and life insurance companies alike are adopting personalized sales techniques, offers, and discounts to attract new leads.
Sell the right product as per your client’s life insurance needs and improve customer satisfaction by keeping demographics in mind. Be informed that your customer expectations are high; respond to their questions, comments, and concerns as quickly as possible and with a tailored approach.
Focus on service and solution — not selling. 90% of Americans evaluate a company based on the quality of customer service it offers. So, when selling life insurance products, be more customer-centric in your approach. If you already have happy clients, reach out to them for referrals.
Know the Industry
Even if you have a specific niche, try to have a brief understanding of all types of life insurance policies. This can build rapport and authority if potential clients have questions about life insurance in general or any specialized policy such as term life insurance or whole life insurance.
With changing industry trends, life insurance is evolving rapidly, so keep yourself up to date with growing metrics. Attend seminars, read books, and build connections on social media to get a better understanding of insurance products.
Also, lean on competitive tools to keep pace with the current market fundamentals. Use a CRM platform developed specifically for the insurance industry to keep track of your customers and manage your book of business.
Gracefully accepting rejections can foster the relationship, even though the potential customer is not buying life insurance. A sales pitch in insurance sales can have three outcomes: yes, no, or maybe. You must learn how to deal with each of them.
One of the potential reasons why the prospect is saying no could be that they need more time to think. Your persistence can leave a good impression and keep you in mind when they’re ready to invest.
So, being an insurance sales agent, you must prepare for rejections, a lot of them may come your way throughout your career. Turn rejections into lessons so that you know what’s working best for you and what’s not.
Unlock Your Sales Potential with iLife
Selling life insurance policies requires ongoing learning. Managing leads, optimizing marketing strategies, and closing sales are some of the skills that insurance professionals will want to master.
iLife’s life insurance quoting tool can help you manage your insurance business from lead generation to conversion and follow-ups. You can get life insurance quotes from different insurance providers and enjoy an expansive browsing experience.
Whether you are looking to get qualified leads, manage your customers, create sales scripts, or build an insurance website, a CRM will help you simplify your sales process. So, sign up with iLife and take your insurance business to the next level.