Complete Guide on How to Sell Life Insurance

Sell Life Insurance

If you’re new to life insurance sales, or you’re a seasoned professional curious about the potential of purchasing bulk aged leads, then you’re in the right place.

We’ve created our complete guide on how to sell life insurance to help you through every step of the sales process — from purchasing aged leads, properly targeting leads, qualifying prospects, to closing the sale.

There are many comprehensive guides on selling life insurance online, but it’s always amazing 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 our complete guide to find out how to sell life insurance faster and more efficiently.

Why Selling Life Insurance is Important

As people grow older, they begin to think more about the impact that their passing will have on their family. Some people want to be able to leave behind an inheritance for their children, partner, or other family members. Life insurance can do that. Others want to make sure that they don’t leave behind debt. Life insurance can do that too.

About 59% of Americans currently have life insurance. This number is lower than you might imagine because many Americans don’t think they can afford a life insurance policy. The good news is that life insurance policies are actually quite affordable. This means there’s a great opportunity for making serious money selling life insurance to people who need it most. You can be the savior for many people and their families if you can reach them and sell to them!

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Who You Should Sell Life Insurance To

Everyone can benefit from getting a life insurance policy, but there are a few specific kinds of people who especially need it: spouses who provide the main income for the family, older adults without savings, adults with private student loans, and business owners.

These people are acutely aware of how many responsibilities they have and probably feel bogged down because of it. Luckily, you are there to help provide them peace of mind, knowing that if the worst-case scenario happens, their family and employees will be able to move on without going into financial ruin.

Of course, it will take several qualifying questions during your call with your prospect to determine what these trigger events or pain points are for your prospect. 

Also, keep this in mind: the massive baby boomer generation is reaching retirement age every day, and many seniors don’t have adequate coverage or enough savings. These people need life insurance policies the most. 

The great thing is when you purchase aged leads from Aged Lead Store, all leads come in a CSV format, which is easily searchable by age or other qualifications, which can help you narrow down your prospects.

Strategies to Sell Life Insurance

Sales approaches are as individual as the folks using them. However, a slow and tedious process not only frustrates consumers, but it can also 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.

Of course, the whole sales process is predicated on you having leads to call! Instead of spending time and resources generating your own leads, go for the more economical option — purchasing aged leads in bulk to build your call list in your CRM.

Generating Life Insurance Leads

Starting out in life insurance sales can be a grind. Salespeople often start working for insurance agencies, only to compete with other salespeople over who gets the leads that have been provided by the agency.

What if there was another way to generate leads, other than waiting for your agency to provide them for you? 

By purchasing aged leads in bulk, you can get a leg up on your competition by boosting your pipeline with thousands of qualified, high-quality leads that you can start calling right away.

Generating your own leads through traditional means such as direct mail and online landing pages is expensive and time-consuming. Leave that to the marketers, you’re a salesperson. You want to start calling people today! 

You will find the greatest deals and discounts when you purchase 1000 or more bulk aged leads. If you’re just getting started in sales, purchasing leads that are 86 days to 365 days old gives you a significant discount, at around $.30 per lead! At those prices, you can get a very high ROI, compared to shelling out tons of cash for real-time leads.

Managing Your Life Insurance Leads  – Moving Them Through the Funnel Quickly

Targeting Leads

For life insurance leads, the request for a 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.

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.

Selling to Life Insurance Leads

When your prospect filled out their request for a life insurance quote, they probably didn’t mention the driving force behind the decision.

Did they recently experience a death in the family? Did they just have children? Did they just start a company? 

Asking a prospect “How would your family pay the bills if you were to die unexpectedly?” is a profound question, one that’s probably at the heart of their decision.

It’s important to ask these qualifying questions to get your prospect thinking about things in this world that really matter, about the pain point they’re trying to address with a new policy, about their true motivations for buying.

Once you find out the motivation, you’re that much closer to scheduling a follow-up appointment that will eventually lead to you closing the sale.

 

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 discouraged. 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.

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About Troy Wilson

Troy is the CEO and founder of Aged Lead Store. He has been in the lead generation industry for over two decades. His blog posts focus on how to refine your sales process and get the most out of your insurance leads, mortgage leads, and solar leads.