Life Insurance Selling Points & Presentation Ideas
Life insurance is a cutthroat industry. simply having the right product and targeting the right customer is not enough to close a successful sale.
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While technology has automated many household tasks and made life much easier for insurance agents, the principles of the classic sales pitch continue to make a difference.
Reading: How to pitch life insurance to customers
Let’s see how to develop the best sales pitch for life insurance.
what is life insurance?
Life insurance is a contract between an insurer and the policyholder. In the event of the death of the policyholder, the insurer will pay a designated sum of money to the beneficiary or beneficiaries designated by the policyholder. this is often a spouse, children or a family member.
In between these two parties are the agents who sell life insurance policies and receive commissions for each sale they make.
A crucial part of any life insurance sales pitch is communicating the benefits of purchasing a policy to a potential customer. never assume a potential customer has already made up his mind to purchase a life insurance policy.
types of life insurance policies
Not all life insurance policies work the same way. When deciding how to present life insurance to a potential client, brokers need to be aware of the various types of life insurance policies available so that they can accurately inform their clients.
Choosing the best policy to meet the needs of each specific client will increase the chances of making a successful sale.
All life insurance policies fall into two main categories:
term life insurance: These policies last for a specific period of time. if the policyholder does not die within the life of the policy, there is no payment.
Permanent Life Insurance: Permanent policies last for the life of the policyholder. they typically include a cash value component that can be borrowed or withdrawn over the life of the policyholder.
Not all brokers will specialize in selling all types of policies under these two umbrellas. Policy options change all the time, which is why customers are often overwhelmed when selecting the right life insurance for their needs.
Policies can range from basic term and whole life policies to more complex universal and variable life policies.
Become familiar with the pros and cons of each type of policy when preparing them and include them in your life insurance outline.
life insurance sales outlets
As a broker, it is not enough to understand what each policy does. you need to break down the main life insurance selling points for your clients, allowing them to make an informed decision.
Successfully communicating the benefits of each policy as part of your life insurance sales presentation is critical to closing a sale.
So what are the main selling points of life insurance?
- provide financial security after the death of a loved one
- cover funeral and burial expenses
- pay debts
- build cash value with whole life policies
- coverage is extremely affordable
- offer reassurance
- Is this your correct date of birth?
- Are you currently insured with…?
- Is this your vehicle registration number?
- give your customers a user-friendly and navigable experience
- create a consistent brand with an ilife digital storefront
- quickly open client data to customize your releases
- eliminate paper use, automate form filling, and spend more time filing
- forget cold calling and use ilife’s trackable link to bring you leads
- Break through a cumbersome sales process using ilife’s comprehensive life insurance shopping and comparison platform
Naturally, different policies will have their own unique selling points. agents should be aware of the nuances of each policy before making a life insurance sales pitch.
life insurance sales presentation tips
How do you compile the best sales pitch for life insurance?
There are no silver bullets, and there is no single life insurance presentation script that will close the sale every time. the needs of each client will be different. however, certain principles must be included in every life insurance presentation.
Here are some life insurance filing tips and ideas for a successful filing.
know your target customer
Ordinary cold calling doesn’t work anymore in the modern age. brokers must put themselves in the shoes of their ideal clients. that means understanding who they are, what their needs are, and what they want to achieve.
It’s also important to be aware of what factors are keeping your customers from buying a policy or what concerns may be holding them back.
By understanding your customer and what they want from a policy, any life insurance presentation can be tailored for each prospect to deliver what they need.
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Whether it’s life insurance or not, the key to success with any sales pitch is personalizing it. make each client feel unique and heard, and never make it seem like your presentation is being read word for word from a script.
turn criticism into opportunity
Rookie runners often struggle in the face of adversity. if a customer raises concerns or objections, less experienced agents tend to shrivel up and give up, accepting that the sale is lost.
make criticism an opportunity for change. a client who counters her suggestions is providing a vital learning opportunity. Your objections can provide valuable information about your needs and the obstacles that prevent you from purchasing a policy. if this customer experiences these concerns, chances are your other customers have the same concerns.
use visual elements in your presentation
Images should be at the heart of any life insurance sales pitch. As humans, we are more likely to respond to images and visual representations of information because they are easier to digest.
Data should always be presented visually rather than as a list of numbers and statistics. Science supports this approach as studies have shown that the human brain processes images 60,000 times faster than the spoken or written word. Use graphs, charts, and infographics to communicate the benefits of a life insurance policy, and your customers are sure to respond. the goal is to keep things simple, and including visual elements in your life insurance presentation will do just that.
work to solve a problem
Are you selling a product or are you selling a solution?
The best sales pitch for life insurance will see policies as a solution to your customer’s problem rather than an insurance product. By viewing the launch process through this lens, it becomes much clearer which policy would suit your client’s specific needs.
Throughout your presentation, work to highlight the benefits of each policy as a solution to your customer’s unique concerns. highlight how that policy specifically addresses client pain points.
Here are two examples of life insurance sales pitches brokers can use to convince a customer to buy a policy:
1. “Our insurance broker has provided peace of mind to our clients for 125 years.”
2. “By choosing a whole life policy, your family receives a guaranteed payout.”
The first example can help alleviate a customer’s skepticism about a vendor by building authority around your company’s legacy. People value companies that have been around a long time, as they have extensive experience and expertise serving people for (in this case) more than a century. The second example does not mention the broker and reminds the client why he is getting a life insurance policy in the first place: to ensure his family’s financial security.
People often make purchasing decisions through comparison. In a world where competitor comparison websites are extremely common, this is how most people complete their purchases.
For this reason, never be afraid to mention a competitor. describe them and their services, then show how you can offer a better solution. Pro Tip: Consider your customer’s specific pain points when outlining how you can offer a better solution than your competitors. It proves that you listened to your client’s concerns and that you took them into account.
shows honesty, builds trust and positions your brand as the preferred choice.
maintain brand consistency
Companies often talk about branding without really understanding what it means. branding is much more than a professional logo and a professional website.
Agents should strive for consistency across their brand. visually, it could include a company logo, or it could be something as subtle as a certain color scheme. however, one of the most important aspects of branding is maintaining a consistent brand voice. if your brand is upbeat and friendly, keep that voice in your presentation. if it’s more educational and serious, communicate it instead.
Inconsistent branding confuses customers and is one of the biggest mistakes agents make when determining how to present life insurance. keep in mind that customers probably chose you based on your brand voice, so don’t scare them away by changing it.
ilife platform allows you to easily build a brand and maintain consistency across channels.
follow up after each presentation
Buying life insurance is a big decision. many customers like to discuss and compare products from other brokers before choosing the right product for them.
never give up just because a sale doesn’t materialize immediately after the presentation. follow up and keep those lines of communication open.
Show how much the client matters by contacting you within 72 hours of introduction. just leave a message or send a short email including any additional information or an offer to answer any other questions.
examples of life insurance sales pitches
When preparing a life insurance pitch script, examine what has worked for others in the past. Looking at sample life insurance sales pitches can inspire quality pitch and transform the face of your brokerage.
first step: start with the hook
Understand that there is no life insurance filing script to live by, only principles. all life insurance sales pitches must be tailored to the customer, but the general structure remains the same.
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The first step is to start with the hook.
Your goal is to get the customer to agree to receive a quote. The easiest way to start your presentation is to have them say “yes” at least three times within the first 20 seconds of the call. this prevents them from hanging immediately at the beginning of the field.
ask a few simple questions to get them to say “yes”, like:
You probably already have this information and you already know the answers, but the goal is to engage the customer with affirmations.
Note that starting a call with “do you have a few minutes to talk about life insurance?” you can request a “yes”, but you will rarely get more than ten seconds of time with the person on the other end.
step two: generate value in the proposal
avoid insurance jargon when adding value to the proposition. focus on common insurance pain points in step two. they likely already experience these issues with their current carrier, and their frustration with those pain points is their foot in the door.
tell stories about how your current clientele have benefited from buying life insurance through your brokerage. personal anecdotes and success stories are what sell. telling a bunch of boring facts and figures says very little and does nothing to engage your customer.
step three: approximation cost
After a prospect has engaged and shown interest, broach the subject of cost. avoid pre-prepared quotes and never make cost the main selling point. never reveal the price until the presentation has created value and made them seriously consider your services.
Here is an example of how to present life insurance prices:
“The current price of this type of life insurance policy is x $, but this is before discounts are added. since it is less than x years old and has no pre-existing conditions, the price has dropped from $x to $x.”
Even if this isn’t really a deal, it makes the customer think they’re getting something special.
pro tip: you should always quote your prices in terms of monthly spend rather than yearly figure. monthly costs are easier to swallow than a large annual sum.
For example, trying to sell a $1,200 per year policy is much more difficult than selling a policy that costs only $100 per month.
step four: request the sale
Your potential client now has everything they need to know about the policy and the price. however, this is where many agents refuse to sell.
ask for the sale and then say nothing. that awkward silence can be awkward, but it puts the customer under pressure to make a decision.
Agents who keep trying to sell seem pushy and may even bring up more issues than the customer ever thought of, delaying the sale or driving them away altogether. the customer has more opportunities to end the call because he wants to “think about it.”
The potential client may have additional questions that you must answer as quickly and clearly as possible, but there is no need to introduce new information that can add wrinkles or create doubts. Most of the time, a customer who’s made it this far will give you their payment information and you can start the onboarding process.
how ilife facilitates the sale of life insurance
Selling life insurance through traditional means is archaic and outdated. you need a digital solution that automates menial tasks and allows you to spend more time selling and increasing sales.
ilife is an easy-to-use digital panel that facilitates the entire life insurance sales process.
These are some features of the ilife platform that can transform your business:
ilife is about simplifying the process for agents and brokers to sell their products. This revolutionary life insurance sales platform is designed to address the most common life insurance frustrations both agents and customers have, allowing sellers and prospects to connect around a shared goal.
Make the ilife solution part of your best life insurance sales pitch and fuel your brokerage growth.
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