4 Life Insurance Sales Strategies
- Sell key person life insurance
- Conduct policy reviews
- Sell “Living” life insurance benefits
- Use life insurance to fund Buy-Sell agreements
It’s always good to get the opinion of another expert.
Especially when it comes to life sales strategies.
You can benefit from the guidance of someone who’s also “been there, done that” and can tell you all about it.
In this video, you’ll discover four ideas from four different experts that will help you increase life insurance sales – all in only 20 minutes.
Let’s take a look at what you’ll learn – after all, your training and education are important!
4 Life Insurance Sales Strategies
Here's a preview of what you'll learn about in the video...
1. Sell Key Person Life Insurance
The purpose behind Key Person Life Insurance is to protect the business’ profitability – because the death of a key employee can have a huge negative impact on the business’ revenue.
A Key Person life insurance policy will provide a business with a death benefit that can be used to cover the expense of finding, training and replacing that key person’s talents.
Your best clients for this type of policy are businesses that employ specialists in a particular field.
For example, a law firm that employs a skilled litigator who is in high demand would be a great prospect.
You can approach these prospective clients by asking them if they have a plan to recover financially if one of their critical employees were to die suddenly.
2. Conduct a policy review
Are you aware that most new life insurance sales come from reviewing a client’s existing policies?
As time goes on, people and their lifestyles change.
Someone might start an exercise regime, change their eating habits and lose a significant amount of weight.
This changes their policy needs.
People get divorced and family dynamics change. These are also circumstances in which it’s necessary to review policies to better meet your clients’ needs.
Remember – chances are, your clients aren’t going to come to you and ask for a policy review.
It’s up to you to try to open that door by finding out when they last reviewed their policy.
3. Sell “living” life insurance benefits
These types of benefits can give your clients a little more bang for their buck.
There are a couple different selling points for living benefits:
- It’s affordable.
- It’s one of the few ways to protect your clients from the increases in long-term care costs that are happening now and will likely continue in the future.
The video goes in-depth into the different scenarios in which this type of insurance is a great option for your clients, providing them with more value while potentially expanding your insurance sales.
4. Use life insurance to fund Buy-Sell agreements
A Buy-Sell agreement is a legally binding contract between owners of a business. It governs what happens to the business in the case of retirement, disability or death of one of the parties.
Business owners need to understand how important it is to plan for the succession of their work.
You’ll probably encounter some people who think they’re doing okay because they have an agreement, not understanding that it’s just as important to have it well-funded as it is to have the arrangement at all.
Your responsibility is to help your clients see that the best way to fund their Buy-Sell agreement is with life insurance.
How to use life insurance sales strategies to your benefit
Have you already had success with any of these methods?