Selling Life Insurance Over The Phone: Script For Success

Selling life insurance over the phone requires a well-thought-out script to establish a connection with the client and ultimately make a sale. A good script should include a clear and concise introduction, a presentation of the value proposition, an explanation of benefits and features, a discussion of cost and affordability, and a strong call to action. It is also important to be able to address potential objections and concerns. For example, a common objection is that life insurance is too expensive, to which an agent could respond by emphasising the long-term value of the policy and offering alternative policy options that fit the customer's budget.

Mastering the Art of Selling Life Insurance Over the Phone

Prepare Yourself:

Before making any sales calls, take time to understand the people you want to reach and what they want and need. Learn about the life insurance plans you are selling, including their features, costs, and benefits. Be ready to answer potential questions or address complaints sincerely. During the call, have a well-organized plan and keep important materials close by. Be confident and knowledgeable, and tailor your pitch to the customer's financial goals.

Build Rapport:

Building rapport is crucial, especially during the first call or a cold call. Start with a warm and friendly tone, and actively listen to the customer's needs and concerns. Ask open-ended questions to encourage them to share more about their situation and goals. This will help you understand their needs and tailor your pitch accordingly. Some questions you could ask include:

• How often do you review your policy?
• Can you tell me about your current financial situation and any financial goals you have?
• What factors are important to you when considering insurance?
• Do you currently have any insurance coverage?
• How familiar are you with different types of life policies?

Highlight Benefits and Handle Objections:

Focus on the benefits of the life insurance policy you are offering, such as financial protection and peace of mind for the customer's loved ones. Be prepared to address any objections or concerns. Common objections may include affordability, skepticism about the need for life insurance, or comparison with other insurance options. Provide convincing responses and be transparent and knowledgeable in your replies.

Be Transparent and Clear:

Clearly explain the terms and conditions of the policy, avoiding jargon or technical language. Be honest about any limitations or risks associated with the policy. Transparent communication builds trust and credibility, which are essential for successful sales.

Close the Sale:

Once you've addressed the customer's concerns, it's time to ask for their commitment. Use persuasive language and highlight any limited-time offers to create a sense of urgency. Be respectful and not pushy, and be prepared to handle any final objections or questions. If the customer isn't ready to commit, offer a follow-up appointment or send additional information to keep the conversation going.

How to Prepare Yourself for Selling Insurance on the Phone

Before you make any sales calls, it's important to prepare yourself for selling insurance over the phone. This involves several steps, from understanding your target audience to creating a well-thought-out script. Here are some key tips to help you get started:

Arm Yourself with Relevant Knowledge

Firstly, you need to know the ins and outs of the life insurance plans you are selling. Understand the different types of policies available, such as term life insurance, whole life insurance, and universal life insurance. Know what each policy covers, how much it costs, and what features it includes. Additionally, have a solid understanding of your target audience. Consider their demographics, health status, and financial situation. Identify their pain points and challenges, and think about how your offering can solve them.

Equip Yourself with the Right Technology

Selling insurance over the phone requires the right call center technology. Invest in call center software with auto-dialling capabilities to save time and increase efficiency. Look for features such as local presence dialling, which increases the likelihood of prospects answering your calls. Voicemail drop functionality can also be useful, allowing you to leave pre-recorded messages without wasting your productive time.

Know the Best Times to Call

Research the best times to call your prospects. While there is no one-size-fits-all answer, studies suggest that late afternoons, specifically between 3:00 pm and 5:00 pm, are often good times to make cold calls. Wednesday tends to be the best day to reach out. However, don't solely rely on this data; experiment with different times and days to find what works best for your target audience.

Create a Well-Thought-Out Script

Develop a script that serves as a roadmap for your conversations. It should include an opening statement, an introduction, a needs assessment, product introduction, and a clear call to action. Keep it flexible, allowing for natural conversations and rapport-building. Include open-ended questions to encourage prospects to share their needs, concerns, and preferences. This information is valuable for tailoring your pitch and addressing their specific requirements.

Be Ready to Handle Objections

Objections are inevitable, so prepare effective responses in advance. Address common concerns such as cost, perceived lack of need, existing coverage through an employer, and skepticism about insurance companies. Provide honest and complete responses, demonstrating your knowledge and expertise. Remember, objections are an opportunity to build trust and move the prospect closer to a final decision.

Follow Up Consistently

Don't give up after the first 'no'. According to statistics, only 2% of sales happen during the first point of contact, and it often takes multiple follow-ups to close a deal. Be persistent but not pushy. Address any remaining questions or concerns, and provide additional information to keep the conversation going.

Learn from Past Interactions

Analyze your past calls and identify areas for improvement. Review call recordings to understand what went well and what could be adjusted in your script or approach. Learn from your successes and failures to refine your technique and improve your conversion rates.

How to Be Engaging and Build Rapport

When selling insurance over the phone, building rapport is crucial, especially if it is the first call or a cold call. Starting the conversation with a warm and friendly tone can help build a sense of trust and credibility with the prospect. Here are some tips on how to be engaging and build rapport when selling life insurance over the phone:

• Smile Before You Dial: A smile can be heard in your voice, and it can make a difference in how your prospect perceives you. A warm and friendly tone can help put the customer at ease and make them more receptive to your pitch.
• Introduce Yourself and Your Company: Start the conversation by briefly introducing yourself and your insurance company. This helps establish your identity and builds trust with the potential customer.
• Show Genuine Interest: Demonstrate a sincere interest in the potential customer's needs and concerns. Ask open-ended questions to encourage them to share more about their situation and goals. This helps you understand their requirements and tailor your pitch accordingly.
• Active Listening: Pay close attention to what the customer is saying. Active listening helps you identify their pain points and address their specific concerns. It also shows the customer that you are engaged and care about their needs.
• Build a Connection: Find common ground or shared interests with the customer. This could be a hobby, a passion, or a similar life experience. Building a connection can help establish a rapport and create a more personalised and engaging conversation.
• Use Engaging Language: Use simple and engaging language that the customer can easily understand. Avoid using complex insurance industry jargon as it may confuse or alienate the customer.
• Share a Story: Storytelling can be a powerful tool to build rapport and engage the customer. Share a relevant story or anecdote that helps illustrate the benefits of the insurance policy you are offering.
• Be Empathetic: Put yourself in the customer's shoes and try to understand their perspective. Empathy helps you build a stronger connection with the customer and tailor your pitch to their specific needs and concerns.
• Provide Solutions: Position yourself as a trusted advisor by offering solutions to their problems. Show them how the insurance policy can address their specific needs and improve their situation.

By following these tips, you can create a more engaging and personalised experience for the potential customer, increasing the chances of a successful sale. Building rapport is essential in establishing trust and creating a positive and memorable interaction.

How to Highlight Benefits and Handle Objections

When it comes to selling life insurance over the phone, it's essential to master the art of highlighting benefits and handling objections effectively. Here are some key strategies to help you excel in this aspect of the sales process:

Highlighting Benefits:

• Provide Financial Peace of Mind: Emphasize how life insurance offers financial protection for the customer's loved ones in the event of unforeseen circumstances, such as illness or death. Highlight the peace of mind and security that comes with knowing their family will be taken care of.
• Tailor Your Pitch: Before the call, take the time to understand the customer's needs, concerns, and financial goals. This will allow you to tailor your pitch to address their specific situation. Ask open-ended questions to encourage them to share more about their goals and priorities.
• Explain Coverage and Benefits: Be transparent about the coverage provided by the insurance plan. Explain what is protected against, such as accidental damage, theft, or loss. Highlight any additional benefits, such as extended warranties or 24/7 customer support. Be sure to mention any deductibles, coverage limits, or exclusions to maintain trust and transparency.
• Offer Customized Solutions: Show the customer that you can provide solutions tailored to their unique circumstances. For example, if they have young children, emphasize how life insurance can ensure their children's financial security if something unexpected happens.
• Provide Long-Term Value: Help customers understand the long-term value of life insurance. Explain how it can serve as a solid foundation for their financial planning, complementing their investment strategies and providing protection for their loved ones.

Handling Objections:

• Anticipate Common Objections: Be prepared for common objections, such as affordability, skepticism about the need for life insurance, or preference for other investment options. Have well-constructed responses ready to address these concerns.
• Listen and Empathize: When addressing objections, actively listen to the customer's concerns and empathize with their perspective. Show that you understand their hesitations and provide relevant information to address their specific objection.
• Offer Alternatives: If a customer mentions having existing insurance through their employer, explain the limitations of such coverage and how a personal life insurance policy can offer more control and flexibility.
• Address Skepticism: Some customers may express skepticism about insurance companies in general. Address this by highlighting your company's reputation, transparency, and commitment to customer satisfaction. Provide references and testimonials to build trust.
• Provide Options: If a customer is unsure about committing, offer alternatives such as a follow-up appointment or additional information to keep the conversation going. Respect their decision-making process, but also be prepared to ask for an introduction to someone they know who may benefit from your services.
• Build Trust: Focus on building trust by being transparent and clear throughout the conversation. Explain the terms and conditions of the policy in simple, easy-to-understand language. Avoid using jargon or technical terms that may confuse the customer.

How to Close the Sale

Once you have addressed the potential customer’s concerns and provided them with relevant information, it’s time to close the sale. Ask for their commitment and be confident in your pitch. Use persuasive language and highlight any limited-time offers or promotions to create a sense of urgency. Be prepared to handle any final objections or questions that may arise before closing the sale.

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

Example of a Closing Pitch:

> “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 closing 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 to assist with the application process, you are providing a clear call-to-action and making it easy for the customer to take the next step in the buying process.

It’s important to 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 speak to them patiently and provide any additional information needed to help them make an informed decision.

Frequently asked questions