Close

5 Insider Tips on How to Increase Your Life Insurance Sales

In many ways, selling life insurance is a rewarding career opportunity. There are both perks and challenges in getting the customers from prospect to policy.

Now that most people are online, businesses are moving to the digital world. In addition to traditional marketing methods, technology has enabled firms and brokers to expand their ways of generating leads and sales. These five tips will help you sell life insurance more effectively, make more money, and streamline your process.

Tip #1 Know Your Client

Many people overlook the importance of life insurance. In addition to knowing the products you’re selling, you also need to know your client and figure out why they’re looking for insurance so that you can sell it to them. Finding the best policy that meets their needs requires an understanding of their “why.” Gaining this understanding will increase your sales, build reputable relationships, and keep your clients satisfied with their experience. 

Some questions to ask your client to understand their needs better:

  • When you buy a life insurance policy, what does it do for you?
  • What is your philosophy about life insurance? 
  • How do you feel about life insurance on your significant other or children?
  • If life insurance were free, how much would you need?
  • What would happen with your family if your income suddenly stops coming in?

Tip #2 Believe in What You Sell

Clients get the 52 question game when looking for a life insurance policy. When buying life insurance, they shop around, self-educate, ask for assistance, and repeatedly recite their “whys” until finally, they make a decision. 

Do you believe in what you are selling? Do you have a policy of your own to use as a personal testimonial to sell life insurance? Are there any products or services you could research on your competitors’ or your own to discover why your offering is an ideal solution that enhances people’s lives? Your investment will result in you being more familiar with the client’s perspective, which will enable you to succeed as a broker.

By loving what you sell, you will love selling and will be more successful and satisfied in the process! 

Tip #3 Listen to Your Phone Voice

The voice you use on the phone says a lot about you. It reveals how well you know what you are selling based on the strength of your tone and the use of dialect. When you are selling over the phone, it is essential to keep what you say and how you say it in mind.  

  • Do you sound too formal? Do you sound relatable?
  • How is your pitch? Too high? Wavering? Strong?
  • Do you sound knowledgeable? Are you using the proper dialect?
  • Do you speak more or less than the prospect?
  • At what speed do you speak? Fast? Slow? Are you hesitant? How many times do you say “um”?
  • Is your message educating? 

Record your selling conversations and listen to them later. You might be shocked by your own voice. Take this a learning curve and improve your sales by practicing what you preach. Get confident, understand your audience, be relatable, and sell life insurance!

Tip #4 Don’t Sell on Price

Generally, when a consumer decides to purchase something, such as a policy, his or her first question is, “What will this cost me?” Yes, price is frequently thought of as the bottom line, but it isn’t. Clients aren’t coming to you looking for the cheapest life insurance policy that they can get. If you ask them what a policy can do for their loved one, children, retirement, or whatever reason it is, it isn’t about the dollar amount.

It’s important when selling insurance products or services to focus more on the value of your product to the client than the price. By educating individuals about the benefits of a product, the cost of the item becomes a lesser consideration, decreasing their reluctance to acquire it. 

Tip #5 Digitization

One of the best ways to sell more life insurance is to streamline your day-to-day processes. Digitalization is the process by which analog information becomes digital. We’ve seen the 2021 trends in the insurance industry. Insurance technology is actively climbing the charts and making headway for change in the insurance industry. 

Some processes that can be digitized are:

  • Quote comparisons — down to the details of each policy
  • Digital marketplace for multiple carriers to choose from in one place
  • Freedom of branding material
  • Client portals — access for both you and your client
  • A way for you to track and provide your clients with a digital fact-finder or financial needs assessment at any time

Make sure you look at your options when shopping for insurance technology. Look at what your needs are as a broker and evaluate the demands of your clients. Do some research and start digitizing your insurance business. As soon as you communicate with a client, you should make sure every step of the way has been handled with care and efficiency.

Bottom Line

Selling life insurance can be very profitable when doing it right. If you know your client and believe in your product, there’s little wiggle room not to make a sale. You know your product can really help them and understand why they need it. When you use a good phone voice and sell value over price, you can close a sale quickly. If you are unable to close a sale, don’t give up. Take notes, figure out where you went wrong, and take that into consideration for the future. 

There was a reason why digitizing your business is the last tip. It’s the most crucial step you can take to increase revenue quickly. By digitizing all of the overhead work, you save time and money. Successfully sell more life insurance with the time you save, streamlining your day-to-day processes. Each tip provides value to your business in different ways. The way you think and speak, and the efficiency of your business. By combining these five tips, you’ve increased revenue for your business.