How to Sell Life Insurance… Faster and More Effectively
Every agent has a different style, but most follow a sales process, and making this sales process quicker is the best way to serve more clients. Agents often assume the consumer is the one who slows down the sales cycle. However, consider the possibility that by strictly adhering to a set process, you’re the one causing delays. Speed up the time to close by taking a more flexible approach and using the following life insurance selling tips.
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Good Questions to Ask Prospects to Help Move a Sale Forward
The first step is convincing the consumer that he or she needs what you are selling. If you can’t get someone to believe in the need for life insurance, you won’t make a sale regardless of the quality of your product pitch. Ask the following questions early in the sales process to increase your chances of a speedy sale:
- How will your family support themselves without your income if you don’t have life insurance?
- Will your family suffer financially if they have to pay for your end-of-life arrangements?
- Will you benefit from the peace of mind that comes with the knowledge that your loved ones will not be burdened?
Identifying What Really Motivates Buyers
After a consumer agrees that he or she does, in fact, need life insurance, the next step is to determine what sales approach resonates best. Some customers are motivated by the best value over time, preferring to pay a premium on an annual basis, while others prefer a monthly payment plan that works with their income flow. Some consumers want to optimize their choice and expect their agent to provide information and help sorting through the complex decision, while other consumers become overloaded and expect their agent to simplify their decision. You need to quickly recognize what your customer best responds to and adapt the sales process accordingly.
Establishing Long-Term Focus
Given how tight money is for so many people, it can be very hard to get consumers to think about the future. The key is to help them understand how financial decisions they make today will affect their future wealth. One dollar invested at 12 percent interest will be worth $32 three decades from now; conversely, every $1 you spend today is $32 out of your retirement. Once people understand the value of long-term investments, they are ready to invest in life insurance.
How to Service More Leads to Increase Efficiency
Another effective strategy to speed up the sales process is to identify better-qualified life insurance leads. Follow these tips to spend less time chasing down unpromising prospects and more time helping qualified buyers.
How to Sell Life Insurance without Cold Calling
Although cold calling is a classic sales method, it’s extremely time consuming, often with few worthwhile results. Investing in life insurance leads allows you to skip the first step in the sales process: persuading consumers of the need to buy. When you buy a lead, you gain the opportunity to talk to a consumer who has already raised their hand and said “I have this need, help me fill it.” This eliminates a substantial amount of work from the agent’s traditional process.
Build and Maintain Your Relationships
Referrals and repeat business create sales without spending time and money chasing down leads. Make sure your clients have your contact information so they can get in touch with you whenever their needs change, and easily refer you to friends and family.
Tips for Qualifying Prospects Before Setting Appointments
Life insurance lead providers such as All Web Leads offer real-time leads from multiple vendors and allow you to customize your preferences for age, gender, location and other factors. You can also select which vendors you do and do not want to work with, as well as whether the leads are shared or exclusive. This level of customizability allows you to add a high level of efficiency to the qualifying and sales process.
Apply your faster sales process to qualified leads to enjoy a new level of life insurance sales success.
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