Selling life insurance is unlike selling anything else. Not only is it one of the most expensive things most people will buy, but the people who are buying are unlikely to be the ones benefiting from it.
For beginners selling life insurance, the process can be stressful. If you feel like you’re floundering every time you try to make a sale, here are 5 tips to help you out:
1. Think Benefits
While it’s important that people buying life insurance understand the features in their policy, in order to make a sale you need to be benefits-focused. That means highlighting exactly how their life insurance will help them or their family in the future.
One way to do this is to ask about their kids or grandkids. After all, most people buy life insurance as a way to protect their families. While many people like to think that they make all of their decisions based on logic, the reality is that most people buy based on their emotions and then attempt to justify that decision with logic.
2. Be Visible Online
50% of people looking for insurance will get started on their mobile device. And as mobile devices and the internet empower consumers to search, compare, review, and purchase their policies online, you need to have an online presence.
By offering life insurance quotes online, you’ll appeal to millennials, who are used to having information immediately at their fingertips. They’re also twice as likely to buy insurance online. This will give you a competitive edge over insurance brokers and companies that rely on consumers to call for a quote.
3. Be Professional
This is particularly important if you’re a young person hoping to sell life insurance to someone older. Life insurance is a serious topic, which means you’ll need to dress professionally, reference your experience, and pay attention to sales fundamentals.
Often people will assume that by filling their lead’s head with jargon they’ll look more professional. The opposite is likely to happen.
If you’re new to selling insurance, you can relate better with clients since you’ve still got one foot in their world. Whenever possible, use real-world analogies and avoid industry terminology. If you absolutely must use a term that’s industry-specific, immediately follow it up with an explanation.
No one likes to feel dumb, and using jargon will make it harder for you to win your prospects over.
When you’re new to sales, you may feel like you need to continually be explaining all of the benefits of your life insurance. However, the best way to make a sale is to listen to your prospects and let them lead the discussion.
Ask them about their lifestyle, any concerns they have for the future, and what it is they’re looking for. Once you understand what problems your prospects have, you’ll be perfectly positioned to provide them with solutions.
5. Set Goals
The top achievers in any industry are goal-oriented. Your goals need to be S.M.A.R.T:
The key is to focus on what you can control. Instead of saying “I’m going to earn x amount next month”, set goals around the number of appointments you’ll set, the percentage you’ll increase your sales by, and when you’ll meet this goal.
An example would be “I’m going to increase my insurance sales by 15% by June.”
Keep your goals realistic and achievable, and be sure to review them often. Reward yourself when you meet your goals and you’ll be sure to increase your life insurance sales this year.