Mastering The Art Of Life Insurance Salesmanship

Life insurance sales is a career that can be both challenging and rewarding. It requires a unique set of skills and characteristics to be successful, including a passion for helping others, strong communication skills, and the ability to handle rejection. Life insurance agents must be licensed to sell policies and often work on a commission-only basis, which can lead to high earnings but also a lot of pressure. This career path offers flexibility and the opportunity to make a positive impact on people's lives, but it is not easy, and many agents burn out within the first year. To be a great life insurance salesman, one must possess resilience, perseverance, and an unwavering dedication to their clients' needs.

Embrace rejection and difficult customers

To be a great life insurance salesman, you need to be able to embrace rejection and difficult customers. This is a tough industry to break into, with a high burnout rate, and rejection is a huge part of the job. You will need to be resilient and persistent, with a thick skin and a "fighting spirit".

Most people are reluctant to buy life insurance, as it is a difficult topic to discuss and there is no immediate gratification. You will need to be able to get your prospect to acknowledge their own mortality and the fact that they will die. This is a hard first step, and you will likely face a lot of rejection. Many leads will hang up the phone or shut the door in your face before you can even begin your pitch.

To be successful, you need to be able to embrace this rejection and not let it get under your skin. You will need to be tenacious and have a never-say-quit attitude. You must see rejection as a stepping stone to eventual success.

In addition, you will need to be able to deal with difficult customers. This is a skill that can be learned through experience in retail sales, where you will be well-equipped to deal with common issues faced by life insurance representatives. You should also have excellent communication skills, be able to set clear expectations, and respond naturally and appropriately to potential customers.

It is also important to remember that selling life insurance is about connecting with someone. It's about understanding their needs and desires and finding a policy that meets those needs. Building rapport and trust is key. You also need to be able to have difficult conversations and be comfortable with sales technology.

Overall, embracing rejection and difficult customers is a crucial aspect of becoming a great life insurance salesman. It is important to be resilient, persistent, and adaptable, with excellent communication and interpersonal skills.

Develop excellent communication skills

Communication skills are essential to success in life insurance sales. Since you'll be working directly with customers, you need to be great at communicating and setting clear expectations. This is especially important when cold-calling leads. You need to be able to quickly pitch your product and respond naturally and appropriately to the customer's response.

• Practice: Practice makes perfect. Roleplay with a friend or family member, deliver your product explanations in front of a mirror, or record yourself and listen back. This will help you refine your pitch and improve your delivery.
• Know your product: To communicate effectively, you need to know your product inside out. Make sure you understand the different types of life insurance products, their features, and how they can benefit the customer.
• Use clear and simple language: Avoid industry jargon or slang. Speak in a language your customers understand and focus on explaining the benefits of your product rather than listing features.
• Build relationships: Selling insurance is about building relationships, not just making sales. Focus on understanding your customer's needs and tailor your pitch to those needs.
• Be empathetic: Put yourself in your customer's shoes. This will help you better explain how your insurance products can benefit them and their families.
• Ask questions: Ask questions that will help your customers focus on the potential impact of not having adequate insurance coverage. For example, "If you passed away, how long would your family be able to live on your savings?"
• Network: Networking with other professionals can contribute to your success. It can help you find new positions, learn new strategies, and build your reputation in the industry.

Be passionate about helping others

Being passionate about helping others is a key trait of a successful life insurance agent. It is a challenging career path, with a high rate of burnout and a lot of rejection, so a genuine desire to help people is essential.

Life insurance agents are often motivated by the opportunity to leave a positive impact on their clients' lives, especially following a tragic loss. This desire to help others is more important than the potential for high earnings, which is what attracts many people to the career. A good life insurance agent will care about protecting families and have a heart of service.

To be successful, you need to be able to communicate how your insurance products will benefit your clients and their families. You need to be able to explain how your products will provide a financial safety net and long-term security. This means understanding your clients' needs and tailoring your pitch to them. For example, if a client is expecting a new baby, you can explain how the policy is structured with this in mind.

It is also important to be patient and play the long game. You need to focus on building relationships and understanding your clients' needs, rather than being pushy or too focused on making a sale. This will help you to secure long-term customers and referrals.

To summarise, being passionate about helping others is a vital trait for a life insurance agent. It is a challenging career, so a genuine desire to help people is key. Successful agents are able to communicate how their products benefit their clients and build strong relationships.

Get licensed and understand regulations

To become a life insurance agent, you need to get licensed. The eligibility criteria vary by state, but there are some general requirements:

• You must be at least 18 years old.
• You must be free of any fraud or felony charges.
• You must not owe federal or state taxes.
• You must not have past-due child support.
• You must successfully complete a background check.

In addition, you will need to complete pre-licensing education, which includes a certain number of credit hours of coursework. The topics covered include insurance industry regulations, different types of insurance policies, and insurance principles. The number of credit hours required depends on the type of insurance being sold. For example, life insurance requires 20 credit hours, while property and casualty insurance requires 90 credit hours. After completing the pre-licensing education, you will need to pass a state-administered licensing exam.

Once you have passed the exam, you can apply for your license. This typically involves submitting an application, paying a fee, and providing electronic fingerprints for a background check. The license is usually valid for two years and may require continuing education credits to be eligible for renewal.

It is important to understand the regulations that govern the sale of life insurance. These regulations vary by state and include rules and requirements related to licensing, sales practices, policy provisions, and consumer protections. As a life insurance agent, you must ensure that you are compliant with all applicable laws and regulations.

In addition to state regulations, there are also federal laws and regulations that apply to the sale of life insurance. These include the Federal Insurance Code, which establishes standards for the insurance industry, and the Consumer Protection Act, which protects consumers from unfair or deceptive practices. As a life insurance agent, it is crucial to stay up-to-date with any changes or updates to these regulations to ensure compliance and provide the best service to your clients.

Focus on building relationships

Building relationships is key to being a great life insurance salesman. It is important to focus on solving problems for your clients and to demonstrate how your products can help them. You should also be patient and play the long game, as it may take a while for a lead to be ready to make a purchase. Focus on developing a relationship and understanding your client's needs.

Networking is an important aspect of building relationships. It is beneficial to connect with more experienced agents who may be able to mentor or advise you. Building a network will help you expand your business.

It is also important to have great customer service skills and good communication skills. You should be comfortable with sales technology and be confident in your ability to communicate clearly and set clear expectations. You need to be able to respond naturally and appropriately to a potential customer's response, especially if you are cold-calling leads.

Frequently asked questions