Selling Life Insurance: Phone Calls And Policies

With the insurance industry evolving, selling insurance over the phone has become an increasingly popular and effective method for agents to reach potential clients. This method of selling insurance requires perseverance, intelligence, confidence, and professionalism. It also demands a good understanding of the sales strategy, the ability to build rapport, and the expertise to address objections and concerns. While it can be challenging, selling life insurance over the phone can be a rewarding experience when done right, enabling agents to become more efficient and reach a wider audience.

Prepare in advance

Before you make a sales call, it is important to prepare. Find out about the people you want to reach and what they want and need. Learn about the life insurance plans you are selling, including what they cover, how much they cost, and what features they have. Make a list of possible questions or complaints that potential customers might have and be ready to answer them sincerely. During the cold call, have a well-organised plan and important materials close by.

Be confident and knowledgeable when you talk to customers. You should be able to explain how each policy can help them achieve their financial goals and answer any questions they may have about the life insurance policies you are selling.

• "People often forget to review their insurance policies over time. There have been many changes, and I want to make sure you are getting the best benefits at a lower cost. How often do you review your policy?"
• "Tell me about your current financial situation and any financial goals you have for the future."
• "What are your main concerns when it comes to protecting your family’s financial well-being?"
• "Have you ever experienced a financial challenge due to an unexpected event, such as an illness or loss of income?"
• "What kind of coverage are you looking for with your life insurance policy?"
• "What factors are important to you when considering insurance, such as affordability, coverage amount, or flexibility?"
• "Do you currently have any insurance coverage? If so, tell me more about it and what you like or dislike."
• "How familiar are you with different types of life policies, such as term life, whole life, or universal life?"

You can also ask about their hobbies, whether they have children, or if they have any investment properties. This will help you personalise your approach and connect with them on a deeper level.

It is also important to be aware of any state or federal regulations that may apply to the sale of life insurance. Make sure you are familiar with these regulations before making any sales calls.

Build rapport

Building rapport is crucial when selling insurance over the phone, especially if it is the first call or a cold call. Smiling before dialling will help you sound happy, and starting the conversation with a warm and friendly tone will help build a connection with the customer. It is important to be welcoming and friendly, so that the customer feels relaxed and is encouraged to open up about their situation and goals.

Asking open-ended questions is a great way to build rapport and establish trust. This will also allow you to tailor your pitch to their specific needs. Some examples of questions you could ask are:

• "How often do you review your policy?"
• "Can you tell me about your current financial situation and any financial goals you may have?"
• "What kind of coverage are you looking for with your life insurance policy?"
• "What factors are important to you when it comes to insurance, such as affordability or flexibility?"
• "Do you currently have any insurance coverage? Can you tell me more about it and what you like or dislike?"
• "How familiar are you with different types of life policies?"

Remember, open-ended questions encourage the customer to share more about their needs, concerns, and preferences, providing you with valuable information to tailor your pitch and address their specific requirements.

Active listening is also key to building rapport. It is important to show the customer that you are listening and that you understand their needs. Using verbal nods, such as "I see" or "right", will help to build rapport and break down communication barriers.

Highlight benefits

Selling life insurance over the phone is all about building trust and rapport with the client. It's a big decision for the buyer, so it's important to establish yourself as a credible and trustworthy expert in the field. Here are some key benefits of selling life insurance over the phone and how you can use them to your advantage:

• Convenience and Efficiency: Phone-based sales allow you to connect with customers in a convenient and efficient manner. You can cover a lot of ground over the phone, saving time for both you and your clients. This enables you to engage with more potential customers and build a larger pipeline.
• Personal Connection: Building a personal connection with your clients is essential. Start the conversation with a warm and friendly tone, and don't forget to smile! Ask open-ended questions to encourage them to share their concerns, goals, and financial situation. This information will help you tailor your pitch and address their specific needs.
• Active Listening: Demonstrate your active listening skills by using verbal nods such as "I see," "Ah," and "Mhm." Repeat the adjectives and phrases your clients use to show that you understand their perspective. This builds rapport and breaks down communication barriers.
• Highlight Financial Protection: Emphasize the financial protection that life insurance provides for loved ones in case of unforeseen events, such as illness or death. This is a powerful benefit that addresses a fundamental human need for security.
• Peace of Mind: Life insurance offers peace of mind and security. Highlight how it can provide a safety net for your clients' families, helping cover funeral expenses, pay off debts, and replace lost income. This benefit appeals to the client's desire for stability and protection for their loved ones.
• Flexibility and Control: Explain how having a personal life insurance policy gives the client more control and flexibility. Employer-provided insurance may not be sufficient or portable if they change jobs. By purchasing their own policy, they can ensure they have the right level of coverage that suits their unique needs.
• Tailored Solutions: Show that you are committed to finding solutions that fit your clients' specific needs and financial goals. Avoid pushing a one-size-fits-all product. Instead, offer personalized advice and educate them on their options. This approach establishes you as a trusted advisor rather than just a salesperson.
• Transparency and Clarity: Be transparent and clear about the terms and conditions of the policy. Avoid industry jargon and explain everything in simple, easy-to-understand language. Address any limitations or exclusions honestly. This builds trust and credibility, which are essential for successful sales.
• Follow-up and Persistence: Don't be discouraged if you don't close the deal on the first call. Follow up with your clients and be persistent, but not pushy. Set reminders in your CRM to contact them at a later date. Most sales need some form of follow-up, and staying in touch can lead to building a relationship and ultimately securing the sale.

Establish expertise

Selling life insurance over the phone is a challenging but rewarding experience. To be successful, it is crucial to establish expertise and credibility. Here are some tips to help you establish yourself as an expert in the field:

• Embrace the role of an advisor: When selling life insurance over the phone, it is essential to establish credibility, authority, and expertise. Buying life insurance is a significant financial decision, so prospects will likely buy from someone they perceive as a trustworthy expert. By embracing the role of an advisor, you can build rapport and earn the trust of your potential clients. This will also help you keep control of the call and guide prospects who may try to rush you. Remember, most people are unfamiliar with the complexities of underwriting and insurance, so it's your responsibility to help them navigate this process.
• Share your background and expertise: When speaking with potential clients over the phone, introduce yourself and briefly explain your background, areas of expertise, and credentials. This will help establish your expertise and build trust. Share your experience in the insurance industry and any relevant qualifications or certifications you hold. This will reassure clients that they are dealing with a knowledgeable and reliable professional.
• Provide valuable insights: Share your industry knowledge, trends, and personalized advice to demonstrate your expertise further. Discuss common concerns people have about life insurance and explain how these policies address those issues. By offering valuable insights, you can position yourself as a trusted advisor who has the best interests of your clients in mind.
• Educate your prospects: Instead of focusing solely on making a sale, educate your prospects about their insurance options. Help them understand the different types of life insurance policies available and the benefits of each. Explain key concepts and terms in a simple and easy-to-understand manner. By educating your prospects, you can empower them to make informed decisions about their financial well-being.
• Be transparent and clear: When discussing life insurance policies, always be transparent and clear about the terms and conditions. Avoid using industry jargon or complex language that may confuse your prospects. Explain the coverage, premiums, potential limitations, and exclusions of the policies you are offering. By being transparent, you build trust and credibility, which are essential for successful sales.
• Address common concerns: Understand the most common objections and concerns that people may have about purchasing life insurance. Address these concerns proactively by providing relevant information and explaining how life insurance can benefit them. For example, you can discuss the peace of mind and financial security that life insurance provides for their loved ones in case of unforeseen events.
• Provide references and testimonials: If prospects express doubts about the insurance industry or your company specifically, offer to provide references and testimonials from satisfied customers. Hearing positive experiences from other customers can help build trust and alleviate any concerns about your expertise and the reliability of the insurance products you are offering.

By following these tips and establishing your expertise, you can increase your chances of success in selling life insurance over the phone and build a solid foundation for long-term client relationships.

Close the sale

Closing the sale is the most important part of the process. Once you have addressed the potential customer’s concerns and provided them with relevant information, it’s time to ask for their commitment. Be confident in your pitch and use persuasive language. Remind them that any change in their health or family situation will affect their ability to qualify for coverage. Highlight any limited-time offers or promotions to create a sense of urgency. Be prepared to handle any final objections or questions before closing the deal.

If the potential customer is not ready to commit, ask for a follow-up appointment or offer to send additional information. If they do commit, don’t be shy about asking for an introduction to someone they know who could benefit from your services. This can help you get more deals.

> “After discussing your financial goals and concerns, and considering your unique situation, I believe that our [insert policy type] life policy can provide you with the coverage you need to protect your loved ones’ financial future. With its [insert policy features/benefits], it offers comprehensive protection and peace of mind. Based on our conversation, it seems like a great fit for your needs.

>

> So, are you ready to take the next step to secure this valuable coverage for yourself and your family? I can guide you through the simple application process and answer any final questions you may have. Your family’s financial protection is important, and I’m here to help you make the right decision. What do you think?”

This pitch reiterates the benefits of the policy and how it addresses the potential customer’s needs and concerns. It also uses a confident and assumptive tone, assuming that the customer is ready to proceed with the purchase. By asking for the sale directly and offering assistance with the application process, you provide a clear call to action and make it easy for the customer to take the next step.

Remember to be respectful and not pushy when delivering your closing pitch. If the potential customer expresses further hesitation or has additional questions, be prepared to address their concerns patiently and provide any necessary information to help them make an informed decision.

Frequently asked questions