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Dodge These 5 Blunders to Ensure Life Insurance Sales Success

Editor’s note: This post was originally published on 7/18/17 and has been updated for accuracy and comprehension.

5 Life Insurance Sales Mistakes to Avoid

  1. Misreading your client.
  2. Not offering a solution.
  3. Lack of product knowledge.
  4. Failure to trust the process.
  5. Not asking for the client's business.

Have you made your fair share of life insurance sales mistakes in the past?

You’re not alone. Many life insurance producers have fallen flat on their face. The key is to take these failures and turn them into successes.

While you can’t avoid mistakes entirely, you can learn from those of us that have been there, done that.

Steer clear of these common errors to ensure your life insurance sales stay on the upswing.

Life Insurance Sales Mistakes to Avoid

1. Misreading your client

Don’t go into a meeting with a prospective client with a whole list of preconceived ideas about what makes them tick.

Don’t assume you already know their ability to make the purchase, if they’re serious buyers, or what the results of the meeting will be.

When you make assumptions, you distort your ability to focus on the client’s needs, motivations, and you may take the meeting in the wrong direction, sacrificing the sale AND your ability to help your client.

2. Not offering a solution

Never get so caught up in pointing out the attractive features and benefits of a product that you fail to connect the dots for your prospective client. She needs to be able to see how owning the policy will be a benefit to her.

If you don’t make the client feel that purchasing this policy will solve specific problems, her response will likely be, “I need to think about it.” rather than, “How can we get started?”

3. Lack of product knowledge

There’s no doubt that the scope of available life insurance products today is immense, not to mention how complex some can be. It’s not possible to know every single one of them inside and out.

On the other hand, a lack of knowledge can be a major hit to your credibility. You should have a full understanding of the policies that you see as most favorable.

It’s also important to be able to give alternatives, with details, like specifics of the contracts, costs, and benefits. If you don’t feel confident in this area, consider taking advantage of training opportunities.

Clients will trust you if they get the sense that you’re competent. When you have their trust, you’re more likely to get their business.

4. Failure to trust the process

Believe it or not, there’s a logical process that propels the sale forward.

Have a plan in place for how you will open the conversation and how you’ll guide the discussion according to the questions the client asks and how engaged they seem.

5. Not asking for the client’s business

Making the sale is the desired end-game, but getting to that point can be a challenge.

Here are some things to keep in mind as you seek to close the deal:

  • Keep reminding yourself that the goal is to make the sale. Though it seems like a no-brainer, it can be difficult to keep that mindset front and center as you work through the process.
  • Make a connection with the potential client. Get your prospect to the point where they understand that they need what you’re offering.
  • Education is key. Lay the groundwork by presenting information in a thorough and easily understandable way. Use pertinent information to show the client why you have the solutions to their problems.
  • You gotta want it. After you’ve shown the client the benefits that can be his by accepting your help, ask for the sale. Don’t put it off.

Learn from your mistakes

Everybody makes errors in judgment and no one gets 100% of the sales they go after. The idea is to keep from repeating the mistakes that you know will be a roadblock to a sale.

Read your client, offer them a solution, trust the process and seal the deal.

Which of these blunders have you been guilty of?

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