How to sell life insurance successfully
During an economic downturn, the sale of life insurance is more difficult than ever. Everyone is watching every penny and does not want to spend money unnecessarily. There are ways to know how to sell insurance effectively, even when times are tough.
You need to understand that most companies are suffering today.
Do not think that only life insurance is the hardest thing to sell during a recession. The sale of any product is difficult during a time of recession. Do not think that entering a different field instead of selling life insurance will make the sale easier. You must be persistent and expect sales to be more difficult than during prosperous times.
Qualify the prospects.
Try to find prospects that are good candidates to buy life insurance. If you work for a company, they can provide clues to potential clients. If you are working independently, you will have to find how to sell insurance for yourself. Review the life insurance policies that you have sold in the past and find similarities among customers. If your insurance policies attracted a certain audience in the past, then try to look for prospects with similar criteria.
Try to address the current needs of potential customers.
Is there any way that your life insurance policy can help people now? During a recession, people are thinking about their current financial situation and focus less on the future. Think of ways in which you can make your life insurance policies meet a current need rather than just a need for the future.
Sell packages to reduce costs.
Consider selling several insurances in conjunction with life insurance policies to reduce the total costs of all policies.
Know the facts well.
To sell life insurance effectively, be the life insurance expert. It provides confidence to customers by demonstrating that you know what you are talking about. Study the policies and their details in depth before trying to sell. Be able to do all the calculations quickly without tripping over the details.
The sale of life insurance requires strong sales skills.
Consider taking a professional sales course to strengthen your skills.
Sales and marketing strategies for life insurance
Selling life insurance for a living person can be difficult. Agents commonly depend on commissions for their income instead of a salary, so if they do not sell, they cannot pay their bills. Competition is fierce, and people are not always willing to discuss delicate financial matters with a stranger. Implementing some basic sales and marketing strategies can increase an agent’s chances for a successful career.
Your insurance sales career will not be successful unless you have a steady flow of potential customers to visit. Consistent prospecting efforts ensure that you never have to worry about not having enough appointments. The telephone is commonly the most efficient prospecting tool since it allows you to contact a large number of prospects in a small amount of time even allowing a “personal touch” that is not offered by email or letters. Make sure to separate about two hours per day when you can make calls without interruptions.
Find a niche
Insurance is a competitive business, so it is advantageous to establish a niche to distinguish yourself from your competition. A niche may involve marketing to a certain age group or occupation or specializing in a certain type of insurance. Establishing a niche can make it easier to obtain referrals since people tend to associate with others who have similar interests or characteristics and often refer their friends to the people with whom they do business.
Discover a need
People commonly do not buy life insurance unless they think they need it. Your job as a life insurance agent is to discover the need during your presentation and show the person how life insurance meets the need. One way to clearly show the need is to use a tool called an insurance needs a calculator, which examines a person’s overall financial situation and demonstrates what would happen if they were to die and their income is no longer available to their family.
Life insurance can be a sensitive issue since you are discussing information and financial goals of people. Therefore, people will be more comfortable dealing with someone you trust. After making a sale, ask the new customer if he can refer you to others you can help and is willing to do the introduction for you. This immediately increases the level of confidence you have with the new potential customer, making it much easier to get a sale.
Qualities of Successful Insurance Agents
There are some qualities that seller must have to know how to sell insurance successfully. Successful insurance agents are Constant. It has to be constant since its tasks will be a routine that must be repeated with each client and must not skip any step to get a successful sale.
Successful insurance agents are Persistent. You need to be persistent since you will receive many negatives and even then you should not be discouraged to accumulate little by little sales of policies that will constantly pay you back.
Successful insurance agents are persevering. Perseverance will be very important for him because in order to progress it will be necessary to set increasingly high goals and really endeavor to meet them even though he should not be accountable to anyone because he is his own boss, he must be demanding of himself.
Successful agents are Proactive. He must be proactive to constantly search for clients even though his income has already reached a satisfactory level, he should not settle and he should continue to look for more clients to ensure his stability and constant growth.
Successful agents are Creative. Creativity will be something that you should always cultivate by constantly improving and innovating in your sales techniques and prospecting sources, and looking for opportunities where others do not see them.
Successful agents are good at managing their time. Must be good at managing time because being autonomous is very easy to waste time in distractions. The ideal distribution of an agent’s time is to invest 80% with his clients and 20% in routine administrative tasks.
They carry an agenda. Keeping an agenda with a record of your activities should be a habit for the successful agent: when you visited such a client, whether the sale was made or not, how many calls were made and global statistics of your weekly, monthly and annual to constantly self-assess and search for areas of opportunity based on this data.
They are sociable. You must be sociable to make the most of all your contacts, as these are the key to getting more customers and growing your income.
They are sure of themselves. He must be self-confident to inspire confidence and be persuasive to his clients if they see the agent confident and sure of what he says, it will be more possible for them to place their own trust in him.
They are empathic. You must be empathetic to be able to treat your prospects in a friendly way and win their sympathy, the power of a nice deal can be the difference between making a sale or going home with nothing.
The profession of the insurance agent is a profession that requires patience and perseverance, not everyone has these qualities or are willing to develop them, but those who can be very successful in this career in which according to the efforts. Results are obtained and you can have a higher income than in most other professions.