5 Tips to Cross Sell Life Insurance to Clients – Agency Forward® – Nationwide

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Video How to sell more life insurance policies

Life insurance can make a big difference to your clients and their families. They want to buy from someone they know, so be sure to ask. if you don’t, someone else will. according to limra, 36% of consumers say they plan to buy life insurance within the next 12 months.1 without the right amount of life insurance, households can be severely financially impacted by the loss of a primary breadwinner . the emotional trauma of losing a loved one is more than enough to cope with.

Cross-selling life insurance is also great for your business. Your agency could see increased client retention and increased revenue. As you know, income increases with enhanced retention that helps you keep more auto and home premiums.

Reading: How to sell more life insurance policies

To help increase your life insurance sales, licensed life insurance agents can use these tips to learn how to cross-sell insurance policies.

1. hire your csrs without a life license

  • The Strategy at a Glance:
    • While they can’t discuss life insurance with clients, unlicensed csrs can help identify clients who need life insurance. csrs and staff members who interact with clients when they visit or call your office can help collect basic information about them and pass it on to a licensed lifetime agent for review and follow-up
    • To implement your plan:
      • Encourage unlicensed csrs and staff members to ask every client who comes into the office to fill out screening forms so you have the most up-to-date information2
      • Thank clients for taking the time to fill out the forms and let them know someone can follow up with them
      • Give the completed forms to a professional licensed for life to review and follow through -up3
      • tip: consider offering a reward to the staff member who turns in the most complete forms4

      2. mention life insurance in every conversation

      • The Strategy at a Glance:
        • Develop the habit of mentioning life insurance to every customer and prospect and encourage staff members to include life insurance in every conversation
        • “do we handle your life insurance here, or do you have a policy with another agency?”
        • “by the way, when does your life insurance expire?”
        • “when was the last time our agency reviewed your life insurance coverage?”
        • “once we have your [auto/homeowners] policy quote, let me give you a proposal quick life insurance quote to see what kind of price we can get you.”
        • “It only takes me a few minutes to generate a life insurance quote to give you an idea of ​​the cost. can I run one for you?”
        • “I want to make sure we take the time to talk about the most important policy my agency offers – it’s the policy that helps protect your family’s future.”
        • “As part of our agency’s commitment to your family, we want to make sure they are protected if something were to happen to you.”
        • if you have a brief real-life insurance story Consider telling your client: “Since xxxx happened to my xxxx, I am committed to making sure that I at least offer life insurance to all my clients. can I do a quick quote so you can see what you would be looking for in terms of a monthly cost?”
        • “Do you have a plan to handle unexpected financial challenges? if not, we have an agent who can help you get started. Would you be interested in making an appointment with (name of staff member on life leave) to learn more?”
        • “If something happens to you or your spouse, would you like a way to pay off your loan? car and mortgage? If you are concerned about this and don’t have a plan, may I recommend that you make an appointment with (name of staff member on leave for life)? Is it okay if I ask you to call you to fix something?”
        • “I know you’re in a hurry right now, but I’d like to ask you to let [life-name of licensed staff member] review your coverage of life insurance. It’s important to me that we take the time to do that for our customers.”
        • “Before I forget, [name of staff member on leave for life] would like to talk to you about your insurance of life; it only takes a few minutes, but it’s a service we feel very committed to providing.”

        3. talk about life insurance during a p&c sale

        • The Strategy at a Glance:
          • Transition quickly and easily to a conversation about life insurance in the course of your quote or casualty business presentation
          • ask if they would like to implement life insurance protection today along with their personal injury policy

          4. tracking new clients

          • The Strategy at a Glance:
            • Contact new clients soon after setting up their P&C policies. it’s a natural opportunity to thank them for their business and answer any questions that may have come up, as well as bring up life insurance discreetly
            • “thank you again for allowing us to help you protect your family. you know, as a full service agency, we can help you with all your insurance needs.”
            • “when was the last time you reviewed your life insurance needs?”
            • “We offer no-obligation life insurance reviews, which many of our clients appreciate. Would [date/time] be convenient for you to meet?”
            • Give customers a quick life insurance quote5
            • The strategy at a glance:
              • Give customers a quick idea of ​​how much life insurance can cost life
                • a quick quote helps educate clients about their options – many people have no idea how much life insurance might cost them
                • tip: many clients prefer the premium mode monthly as payments may be more manageable. In these cases, be sure to quote an accurate monthly modal premium; it is not necessarily the annual premium divided by 12.

                5. focus on specialized topics/programs to help drive the conversation

                • Annual Policy Reviews: A great way to maintain regular contact with your clients
                  • By taking the time to review your coverage, you can ensure it is appropriate to their situation and remind them of your personalized service and concern for their best interests
                  • target audience:
                    • existing p&c clients who do not have life insurance through you or your agency
                    • existing customers who have life insurance, through you or someone else, who have recently experienced life events such as marriage, a new child, or a new home
                    • Mortgage Settlement: Life insurance can help surviving family members stay in their home in the event of an unexpected death
                      • Clients don’t hesitate to insure your home against loss; In addition to helping you protect the material assets in your life, it can help you plan for your family’s well-being for years to come
                      • Target Audience:
                        • New and Existing Homeowners
                        • Term Conversion: A term conversion allows clients to convert their term policies into permanent life insurance.
                          • term insurance provides valuable basic protection, but premiums can rise significantly at the end of the term and potentially leave people without coverage
                          • Life Events: Events that happen in everyone’s life give you a great opportunity to keep in touch with your customers.
                            • common life events can lead to the need for more life insurance; keeping in touch with your customers shows you care about their well-being, deepens your relationship with them, and can even lead to referrals.

                            See also : How Much Does a Root Canal Cost? (With & Without Insurance)

                            We hope you and your agency find these tips and strategies helpful as you continue to protect people, businesses, and the future with extraordinary care.


                            for insurance professional use only

                            See also : How much homeowners insurance does a lender require?

                            All protections and warranties are subject to the claim-paying ability of the issuing insurance company.

                            Be sure to choose a product that meets your long-term life insurance needs, especially if personal situations change, such as marriage, birth of a child, or job promotion. weigh policy costs and understand that life insurance has rates and charges that vary based on gender, health, age and tobacco use. riders that customize a policy to meet individual needs generally have an additional charge.

                            Products are issued by a Nationwide Life Insurance Company or a Nationwide Life and Annuity Company, Columbus, Ohio.

                            Nationwide, The National Financial Network, Nationwide On Your Side, The N and The National Eagle and On Your Side are service marks of the Nationwide Mutual Insurance Company. © 2020 nationwide

                            Source: https://amajon.asia
                            Category: Other

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