6 Tips for Cross-Selling Life Insurance to Clients- Agency Forward® – Nationwide

How to sell life insurance effectively

Video How to sell life insurance effectively

Life insurance can make a big difference to your clients and their families. Customers want to buy life insurance from someone they know and trust, so be sure to ask.

Without the right amount of life insurance, households can take a significant financial hit from losing a primary breadwinner. the emotional trauma experienced by the loss of a loved one is more than enough to handle without the financial impact weighing on the mourners as well.

Cross-selling life insurance is also great for your business. your agency could see increased client retention and revenue in response. As you already know, income increases with enhanced retention that helps you keep more auto and home premiums.

To help increase your life insurance sales, licensed life insurance agents can use these tips to learn more about cross-selling insurance policies.

1. hire your non-life licensed customer service representatives

  • The Strategy at a Glance:
    • While Customer Service Representatives (CSRs) cannot discuss life insurance with clients, non-Licensed CVRSs can help identify to customers who need life insurance. csrs and staff members who interact with clients when they visit or call your office can help collect basic information and pass it on to a licensed lifetime agent for review and follow-up
    • to implement your plan:
      • encourage unlicensed csrs and staff members to ask every client who comes into the office to fill out screening forms so you have the most up-to-date information1
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      • Thank customers for taking the time to fill out the forms and let them know someone can follow up with them
      • send completed forms to a licensed professional for review and follow-up2
      • tip: consider offering a reward to the staff member who turns in the most complete forms3
      • 2. mention life insurance in every conversation

        • The Strategy at a Glance:
          • Build the habit of cross-selling by mentioning life insurance and its benefits to every customer and prospect, and encourage staff members to include the life insurance in every conversation
          • Choose topics of conversation that work for you and use them when talking to clients:
            • “do we handle your life insurance here or do you have a policy with another agency?”
            • “By the way, when does your life insurance expire?”
            • “When was the last time our agency reviewed your life insurance coverage?”
            • “Once we have your [auto/homeowners] policy quote, let me give you a quick life insurance proposal to see what kind of price we can offer you.”
            • “It only takes me a few minutes to generate a life insurance quote to give you an idea of ​​the cost. can I make one for you?”
            • “I want to make sure we take the time to talk about the most important policy my agency offers: it’s the policy that helps protect your family’s future.”
            • “As part of our agency’s commitment to your family, we want to make sure they are protected if something happens to you.”
            • If you have a short real-life life insurance story, consider telling it to your client: “Since xxxx happened to my xxxx, I am committed to making sure that I at least offer life insurance to all of my customers, can I do a quick quote so you can see what you would be looking for in terms of a monthly cost?”
            • Share these conversation starters with unlicensed staff members:
              • “do you have a plan to handle unexpected financial challenges? if not, we have an agent who can help you get started. Would you be interested in making an appointment with (name of staff member on life leave) for more information?”
              • “If something happens to you or your spouse, would you like to find a way to pay off your car loan and mortgage? If you are concerned about this and don’t have a plan, may I recommend that you make an appointment with (name of staff member on leave for life)? Is it okay if I ask him to call you to fix something?”
              • “I know you’re in a hurry right now, but I’d like to ask you to let [name of staff member on life leave] review your life insurance coverage. It’s important to me that we take the time to do that for our clients.”
              • “Before I forget, [name of staff member on leave for life] would like to talk to you about your life insurance, it will only take a few minutes, but it is a service we are very interested in providing.”
              • 3. discuss life insurance during a p&c (property and casualty insurance) sale

                • The Strategy at a Glance:
                  • Transition quickly and easily to a life insurance conversation in the course of your P&C quote or business presentation
                  • to implement your plan:
                    • ask the client if they would like to implement life insurance protection today along with their general expense policy
                    • 4. tracking new clients

                      • The Strategy at a Glance:
                        • Contact new clients soon after setting up their P&C policies. it’s a natural opportunity to thank them for their business and answer any questions that may have come up, as well as discreetly bring up life insurance
                        • Using the life insurance sales script below to help with the conversation, ask if you could meet for a free, no-obligation life insurance review:
                          • “thank you again for letting us help you protect his family. you know, as a full service agency, we can help you with all your insurance needs.”
                          • “When was the last time you reviewed your life insurance needs?”
                          • “We offer no-obligation life insurance reviews, which many of our clients appreciate. Would [date/time] be convenient for you to meet?”
                          • 5. offer customers a quick life insurance quote4

                            • The Strategy at a Glance:
                              • Give customers a quick idea of ​​how much life insurance might cost. A quick quote helps educate customers about their options, and many people have no idea how much life insurance can cost them.
                              • Tip: Many customers prefer the monthly premium as payments can be more manageable. In these cases, be sure to quote an accurate monthly modal premium; it is not necessarily the annual premium divided by 12.
                              • 6. focus on specialized topics/programs to help drive the conversation

                                • Annual Policy Reviews: A great way to maintain regular contact with your clients
                                  • By taking the time to review your coverage, you can ensure it is appropriate to their situation and remind them of your personalized service and concern for their best interests
                                  • Target Audience:
                                    • existing general insurance customers who do not have life insurance through you or your agency
                                    • existing customers who have life insurance, through you or someone else, who have recently experienced life events such as marriage, a new child, or a new home
                                    • mortgage payment: life insurance can help surviving family members stay in their home in the event of an unexpected death
                                      • clients don’t hesitate to insure their home against losses; In addition to helping you protect the material assets in your life, it can help you plan for your family’s well-being for years to come
                                      • target audience:
                                        • new and existing homeowners
                                        • term conversion: a term conversion allows clients to convert their term policies into permanent life insurance
                                          • term insurance provides valuable basic protection, but premiums can increase significantly at the end of the term and potentially leave people without coverage
                                          • Life Events: Events that happen in everyone’s life give you a great opportunity to keep in touch with your customers
                                            • Common life events can lead to to the need for more life insurance; Keeping in touch with your clients shows you care about their well-being, deepens your relationship with them, and can even lead to referrals.
                                            • We hope you and your agency find these tips and strategies helpful as you continue to protect people, businesses, and the future with extraordinary care.

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