Know How Life Insurance Customers Tick
The best way to sell life insurance is to know backwards and forwards how your potential customers operate. There are several characteristics of insurance shoppers that can be used to your advantage.
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- Those with coverage understand the value and benefits of the policy better than those without coverage. This means that there is much untapped potential in those without coverage. By educating them on the benefits of life insurance, you have a good chance of convincing them to buy.
Additionally, while most people already covered know more about their policy, there is plenty of room for further education, opening the doors to upselling. Let your covered customers know about features that they don’t have and might not know about.
- Those with coverage understand the value and benefits of the policy better than those without coverage. This means that there is much untapped potential in those without coverage. By educating them on the benefits of life insurance, you have a good chance of convincing them to buy.
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- While life insurance isn’t the top financial priority for most people, many people put it buying life insurance very high on their to-do list. In fact, a significant number of people, both those with and those without coverage intend to buy new policies in the next two years. There’s a large market there for you to tap into.
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- There is a lack of communication between insurance providers and consumers. Many uninsured people cite a lack of contact as their primary reason for not having invested in insurance. Additionally, those with insurance said they are open to buying more insurance, but haven’t been contacted by an insurance agent to do so. Your job is made much easier when all you have to do is contact people and they’ll be willing to buy. But if you really want to take advantage of the market, you will present a convincing case for buying insurance; most people who have been contacted said the insurance salesman wasn’t convincing enough to sell them insurance.
- You have to sell them insurance. Most people don’t shop around for life insurance on their own accord. Therefore, you have to get out there and find the customer and make the pitch. And if they’re not shopping around, that means you have plenty of room to educate them and sell them on your plan (see point number one above).
Half the battle in selling life insurance is knowing who you are selling to. If you get to know your client and utilize our advice, you could be a much more successful insurance provider.