Life insurance selling is becoming a tricky industry, especially with the increased unemployment rate and monetary recession. Most agents keep thinking that they will get through these tough times by just doing what they have been doing the last 10 years. Unfortunately, the economy is actually affecting who the actual buyers are and where these buyers are buying insurance.
Direct mail and cold calling just doesn't work today. People have been flooded with telemarketers and mailings. Now they have just stopped dealing with it all. When they need to get life insurance, they are getting online to see what's out there and get free quotes.
The main issue with life insurance today, is that people are having to cut costs. The majority of people feel that eliminating their life insurance is the best way to go, because they don't see the immediate benefit. I hate hearing about agents giving advice to people on how they need to cut other things like 401k's or deductibles or full coverage on their vehicles, just to get people to buy a product from them.
The best way to sell life insurance, if you sell p&c, is to market and cross sell to all your current customers. Typically adding a life policy to their household will reduce their home and auto coverages enough to justify at least a 10 year term policy. Contacting your customers with special email autoresponders is the best way to contact and cross sell life insurance to them. Set up an email chain that goes out to your customers twice a month, that tells stories of accidents and issues. Then follow up with a few resolutions on how you can make it work for them.
What is another option you could use for selling in the tight economy? The best thing I found was putting an ad on Facebook. If you can determine what demographics your life products sell well in, placing an ad in Facebook, and leading them to your website or Facebook page is a quick way to get a lot of leads. You basically set up a Facebook account and make an ad that show on other Facebook pages of people in certain demographics. If you target people in San Diego in the age group of 21-29, married, children, etc., then that's exactly where you ads hit. You just need to determine who can afford life insurance in today's economy.
Be inventive and see what all the new ideas are out there on how you can utilize the internet for your life insurance selling strategies.
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