close more life insurance sales
“What” You Can Do To Close More Sales
Let’s face it, people do not get excited to buy life insurance nor do they look forward to the process. So understanding the buying psychology or motives of a client are vital to our marketing and sales success.
What makes them buy? Why do they choose specific products and not others? When is the best time of the year to approach clients for insurance and financial planning? Where do my clients like to discuss their needs? My office or their home?
I decided to simplify the sales process into 6 questions all using the work “what” to bring out customers needs, concerns and desires.
Below you will find the 6 steps of “what.”
“What” #1:
The first “what” is simply probing to find out what created the need for your meeting.
“What are you trying to solve with your life insurance purchase?”
“What is keeping you up at night?”
“What changed in your life that motivated you to contact me?”
“What are your goals for our meeting?”
Clearly, to me, this is the most important part of the meeting and their answer will shape every decision from this point forward. Good questions are important, but listening and watching their response is even more valuable. Remember, no one cares how much you know until they know how much you care. Listening is caring. Writing down their ideas/concerns is also a great way to show them your interest in meeting their needs as well as help you develop solutions.
“What” #2: “What options are available to me?”
After a good amount of listening, it is not time to let them know about what options they have. Typically life insurance is bought in one of 2 ways: through a business/group or independently. Discussing and evaluating these options will walk you towards the optimal solution for your client. There are advantages to both purchasing options, but more often than not, individually purchased life insurance will benefit the client today and in the long run. As we know, group term has increasing premiums and more restrictive conversion options. Often times, it also doesn’t offer the same living benefits as individual products.
“What” #3: “What is the best product/solution for me?”
Having completed another step in the process, now you want to further refine their options. This is where you as the agent do your best work. By weighing their needs against the products available, you can create a plan that will provide a near and long term solution to their needs. Here is where you evaluate permanent and term life insurance, long term care, disability insurance or an annuity solution, depending on your client’s situation.
“What” #4: “What if I don’t die?”
This question is becoming more and more prevalent with more and more people unfortunately living longer but with advanced medical conditions. Many of today’s life products have living benefits. All have accelerated benefits if a client is found to have a terminal illness with a short life expectancy. More and more permanent products now have chronic and critical illness riders to allow the client access to the death benefit in the event of a life changing health concern. It is important that you let them know there are benefits in life and death.
“What” #5: “What options are available for me in the future? Can I outlive the coverage?”
Clearly, if term insurance is involved, you will want to make sure that a conversion option is going to be in play for the duration of the term coverage. Second, you will want to make sure that the product(s) that you would consider converting to will be available with that carrier in the future. Pay close attention to restrictions in length and product that many carriers have on conversions. Also, pay close attention to what rider(s) convert as well.
“What” #6: “What is the process? Do I have to take a physical?”
Letting them know that the real hard work starts now is important. Striving to make the process seamless, efficient and ultimately ending a solid underwriting decision. You must take time to explain to your client the application and underwriting process because with technology, there have been some new enhancements.
For example, more and more insurance carriers are utilizing phone interviews. For many, this is new and something they have not experienced. Having a properly prepared client can make all the difference in this step going smoothly.
Happy selling and here’s to closing out 2019 with a strong finish!