Top 5 Life Insurance Prospects

August 28, 2013
Cheap Health and Life Insurance Leads - NextWaveMarketingStrategies.com

Cheap Health and Life Insurance Leads – NextWaveMarketingStrategies.com

Life insurance is one of the toughest lines to sell. These days, with average incomes pushed lower, most people are looking to save money wherever they can, so purchasing insurance that they aren’t legally required to buy isn’t exactly at the top of their list.

However, there are certain prospects that inherently understand the value of life insurance and are a lot more likely to purchase it, and purchase it from you.

With that in mind, here is a list of the top five life insurance prospects you should market to:

#1 – Growing Families

Couples who have just married or are having kids are likely to purchase life insurance. They want to protect the family they have just created and understand that life insurance will do just that.

How You Find Them: Look in your local newspaper for birth and wedding announcements. Reach out and congratulate any newlyweds or new parents in your town. Send them a card and then make a follow up call or visit.

#2 – Existing Property and Casualty Customers

If you are a full lines agency, don’t underestimate the power of marketing life insurance to your current property and casualty customers. You have already gained the trust of these customers, so they’ll be more open to cross-selling.

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How You Find Them: Review you current customers’ files. Current customers with high liability limits or umbrella policies are excellent life insurance candidates. Send out letters letting your customers know that you offer life insurance and then follow up a week later with a phone call.

#3 – New Business Owners

New business owners are prime candidates for life insurance. Most new businesses have buy-sell agreements that require the owners to carry life insurance. Businesses may also want to purchase insurance for their key employees.

How You Find Them: Check local online news sites, newspapers, and materials from chambers of commerce. If you hear of a new business opening near you, stop by and show some interest. Set out to make a meaningful relationship with the new owners. You could also consider sending a card or a small gift, such as flowers, congratulating them on their new venture.

#4 – New Homeowners

New homeowners, especially first-time home buyers, are excited about their purchase and want to ensure that their new asset—the one that cost them all that time, money, and effort—is protected for the long haul. Some will have bypassed (or will still be considering) mortgage insurance—and a solid life insurance policy can make that purchase unnecessary. Explain how you’re saving them money.

How You Find Them: If someone calls your office to get a homeowner’s insurance quote talk to them about life insurance as well. Keep your conversation friendly and casual—no hard selling. If you have the right price, you’ll be in good position to close the deal.

#5 – People with Health Issues

A lot of people don’t understand the importance of life insurance until they are diagnosed with a serious health issue. This is unfortunate for the customer who will have to pay very high premiums or face the risk of being turned down. These prospects definitely understand the value of life insurance and are willing to pay the premiums to protect their families.

How You Find Them: In these cases, it’s best to go with referrals from friends, family, or existing customers. If you can help customers with moderate health issues secure life insurance, you will likely receive enough referrals to keep you busy for a while.

By marketing life insurance to these five prospects you are much more likely to close sales. These prospects understand the value of life insurance and are ready to buy. Keep your eyes and ears open for referrals from family, friends, and existing customers.

If you satisfy these five prospects you can build yourself a bank of referrals.

About Troy Wilson