How to Find New Life Insurance Business: 5 Ways to Start Now

Are the prospects in your sales funnel drying up? 

In order to maintain a thriving life insurance business, you need to have all stages of your sales funnel full.

But it’s not easy to find new prospects.

There are lots of people around you that need to have the conversation about the value of life insurance, you just need to get in front of them.

How to Find New Life Insurance Business

Here are five tips for finding new life insurance business so you can fill your sales funnel.

1. Narrow Down Your Target Market

Although almost everyone needs life insurance, you’ll boost your sales efforts if you choose a target market.

So start defining a market either by income, age, profession, organizational membership, or any other designation that works.

Then, determine the specific needs this market has, and let those dictate your approach to sales.

2. Look at Your Existing Book of Business

Perhaps you have clients who purchased another insurance product from you but don’t own a life insurance policy.

Or maybe you have clients whose policies have lapsed and they never renewed. You could also request a referral from existing clients.

Regardless of the situation, these clients are a gold mine, because they already trust you and know you’re a credible authority.

3. Be Cognizant of Change

At one point in their life, a prospect may not be ready to buy life insurance.

But when certain changes come their way, such as starting a family, prospects will be more open to hearing about its value. You (and your office staff, if you have one) should be on the lookout for prospects and clients who are in the midst of a life-change and know how to walk them through the life insurance buying process.

4. Use Stories to Showcase Value

One of the best ways to capture prospective clients’ attention and educate them about the value of life insurance is to use stories.

Real-life stories effectively illustrate how an individual and a family can be affected by NOT having life insurance.

Conversely, you can also use a story about how a life insurance policy was able to help a family get through the loss of a loved one.

Be armed and ready to use stories in your sales process and you’ll get your prospects’ attention.

5. Make Time to Do the Work

You won’t find new prospects by accident.

To fill your pipeline, you need to make a concerted effort. Set aside time to do prospecting work each week, and make sure you spend time on emailing, calling and meeting with prospects.

This dedicated work will result in more prospects funneling into your pipeline.

An imbalanced sales funnel isn’t good for business. Having a decent amount of clients at the bottom of the funnel is good, but you also need a continuous influx of prospects to move through that funnel.

Be Ready for an Influx of Business

Narrow down your target market, take advantage of your existing book of business, capitalize on life changes, use stories and make time for prospecting work, and you’ll quickly see your sales funnel fill back up.

Updated 7/2021