Insurance Update

Techniques vary when selling life insurance. Listen to your client as a good insurance representative should. Keep an open mind as you are forming a profile of this client. Make your time pay off for both yourself and your client

Meeting with the Client

Obviously you’re there to sell this client not only on yourself and your company, but most importantly on using insurance to continue a lifestyle for his family. Be prepared to deflect objections with answers.

Listen to your client first, and then ask questions. For instance, if he is no longer there to support the family, will his widow be able to maintain the mortgage and upkeep on the home, pay for a college education, and take family vacations? Be armed with the cost of living ten years ago and the cost of living today.

Paint a picture of the family without the breadwinner. It is important to make that client understand the value of buying the insurance now, without delay. Health conditions can change in the blink of an eye and life insurance approval is based on your current health condition. It is important you communicate this.

Selling the Correct Product

Once you have overcome the objections, it is time to match the client with the correct product. If, during your meeting, the client has indicated a tight budget, never try to sell a policy that you know will be difficult for her to pay. This will only cause the client to reject the policy.

A term life insurance policy is a relatively inexpensive way to cover a person. This is a good, affordable way to begin coverage. However, this is not permanent insurance. It is, as the name implies, good for only a certain term.You must be sure your client understands this. There are term policies that can be sold with options for conversion to permanent policies. This is a great selling tool and gives you a chance to go back in a few years and reexamine the family situation. What better opportunity to upgrade the policy or sell additional products?

If you are meeting with someone who, fortunately, is not concerned with the cost of the policy but is more concerned with permanent insurance, there are a few options.

Your client can chose from whole life, variable life or universal life insurance. All three insurance products are permanent insurance products and provide different benefits. As his agent, it is your responsibility, again, to match the correct policy to her wants and needs.

Importance of Having a Policy

Whether you are selling term insurance or permanent life insurance, the most important thing to remember is that the type is not important, as long as there is a policy in place. Remember that insurance is not to be used just as an investment.

It is there as a death benefit: a means for your client to provide protection for those left behind, and a chance to maintain their lifestyle and pay for final expenses. It is a cushion when the inevitable occurs.

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