How to Sell Life Insurance: The Advice They’re Not Telling You

January 26, 2018
Sell Life Insurance

Sell Life InsuranceThere are many articles advising how to sell life insurance, but it always amazes me how many ignore speed and efficiency — two key factors to success in today’s marketplace. Even with the best aged leads, a sales plan that doesn’t take volume into account will leave you frustrated, burned out, and behind your close target rate.

If you’re working with aged leads, or, you just want to streamline your sales funnel, read on to find out how to sell life insurance faster and more efficiently.

How to Move Leads Through the Funnel Quickly

Sales approaches are as individual as the folks using them. However, a slow and tedious process not only frustrates consumers, it can cost you sales. A quicker sales funnel isn’t about pressuring your prospects, it’s just about working smarter. Target the right leads, qualify, ask the right questions, and know when to close.

Targeting Leads

For life insurance leads, the request for quote is often spurred by a change in life circumstances — a new wife, a new baby, a big career advancement, or even the sudden death of a friend or relative. Your lead generation efforts should focus on folks at one or more of these life crossroads. They’re far more likely to convert quickly than a tire-kicker.

Qualifying Prospects

Knowing the origin of your prospect’s query is crucial, and it’s also the key to closing the sale in a short time frame. In your qualifying process, make sure you learn the specifics of why this lead is considering a new life insurance policy. Make sure you have your sales process set up so that you can take notes on individual prospects for each call in your Customer Relationship Management (CRM) software. Make notes of names, details, and so forth, that you can reference in future calls. This builds trust between you and the prospect.

Asking Questions

As you move from qualifying a lead to setting up a follow-up appointment to fully assess their needs, understand the questions you ask serve a larger purpose than just filling in a form. “How would your family pay the bills if you were to die unexpectedly?” There’s not a place for a question like that on an insurance application form. The purpose is to get the prospect thinking, about the things in this world that really matter, about the pain points they’re trying to address with a new policy, about their true motivations for buying.

Closing Sales

Now in the course of your qualifying and follow-up calls you’ll be asking a lot of questions, but progressively, you’ll find yourself listening more than you talk. That is, if you know what’s good for your close rate. Find out what really motivates this particular prospect. Beyond trying to protect his family, he may be interested in a great value, monthly or yearly premium payment schedules, or a highly customized solution. The sooner you answer his objections and get down to addressing his needs and offering a motivating solution, the faster you’ll be able to close another sale. Mastering this back and forth takes some skill and practice, of course, but with focused attention you’ll get there faster.

How to Efficiently Work a High Volume of Leads

A quick sales process is no good if you find yourself running out of leads to work. It’s a simple numbers game: the more leads you are able to work through, the more sales you will be able to close. Of course, with aged leads, this can become a needle-in-the-haystack game. The sales are there, but you need a way to efficiently manage a large volume of leads without becoming frustrated.

Buying Leads

Buying leads is a good solution to both your lead generation needs and your qualifying needs. Aged lead queries have already reached out saying, “I need insurance, help me choose what’s right.” With aged leads, the cost per lead is very low, letting you buy a large volume of leads at once. Furthermore, most queries aren’t ready to buy right away. Only 2%–5% of leads buy in the first week. Aged leads are where you’ll find most sales. And these leads do buy — about half of all leads close, so 90% of closed insurance sales are found in those 45%–48% of aged lead sales.

Getting Automated

When working a high volume of leads, like with an aged leads system, it’s an absolute must to automate the things you can automate. This means using an autodialer, to call through leads much faster than you could manually (about three to four times faster). Use a CRM to keep track of where your prospects are in the funnel. Use email marketing to send drip email campaigns with targeted sales emails, informational packets, reminders, and so forth. It does the work when you’re busy with other things. And use a website and social media to your advantage. Post info, blog articles, news clippings, etc. with social media scheduling tools. Use landing pages on your website to funnel hot prospects into your sales pipeline.

Nurturing Relationships

Aged life insurance leads generally aren’t ready to buy the moment they pick up the phone. Most leads today require nurturing. They need to get to know you, over several phone calls, emails, and a face-to-face appointment or two. It can take between five to seven contacts before a lead is sales ready. Your automated process can help speed up this process while you’re occupied with other work. An efficient system for reaching out and following up with these leads will save you a lot of legwork, and take nothing away from the bond you’ll be able to build with your life insurance clients. It’s a win–win solution.

Final Thoughts

Selling to life insurance leads is a rewarding endeavor and a great career for those agents who take it seriously. There are countless ways to go about selling to prospects, but without an eye towards speed and efficiency, many sales agents get burned out and discourage. Don’t let that be you. Success with aged leads is not about working yourself half to death. It’s simply about working smartly and efficiently. Learn how to quickly qualify and move leads through your funnel. Use lead-buying and automation strategies to work a large pool of high-quality leads. With this strategy, in no time you’ll see your business growing to the next level.

Start your new year off right with a fresh supply of high-quality aged leads from The Aged Lead Store. You’ll find thousands of sortable aged leads, ready to boost your sales, whether your business is auto, life, health, Medicare supplement or homeowners insurance, annuities, auto warranty coverage, mortgage refinance, or solar installation.