Work Hard Really Hard
Be a self-starter and push yourself harder than anyone else will push you. Work smart by following the best practices of other successful agents . Put the hours in and be willing to do whatever it takes. Once your daily plan is in place and you have set your sales goals, work hard to carry them out and make those numbers a reality. Your objective is to be the hardest working person in the office.
Starting a new career in any field is a challenge, and insurance is no exception.
Youll need to be on your game from the get-go, which can feel overwhelming at times. But youll do well if you take the tips above to heart and continue to find new ways to improve yourself and your business. Good luck!
May 31, 2016/ Voldico
How Much Money Can An Insurance Agent Make
In this section, Im answering the question: How much money can an agent make selling insurance?
First, youre in FULL control of how much money you want to make.
Its true. You DO write your own check when you sell insurance.
In fact, its a good idea to research what the best paying insurance jobs are as a part of your due diligence.
Whether you want to make an average or exceptional income doesnt matter.
Either way, you decide how to go about doing so.
You Write Your Own Check
The beautiful thing about learning how to sell insurance is you can level up your career as you gain experience and confidence.
You can sell higher dollar insurance products to more lucrative prospects. I know many who do and earn millions of dollars annually.
In fact, I just got off the phone with a new recruit, and he told me the guy that he knows, a couple neighborhoods over that sells annuities.
He gets referred business from a couple of a Fortune 100 companies.
The guy writes over $2,000,000-$3,000,000 in annuity commissions a year! Nice!
Now, is it easy to just flip the switch and make it rain money?
No. It takes time, investment, and energy.
Remember, many of the people who get to that point of success simply are here because they just never gave up on themselves. They kept going.
Speak Less Listen More
As a young or inexperienced salesperson, theres always an impulse to demonstrate your knowledge.
You want prospects to see you know your stuff because youre a bit worried about it yourself.
The more you talk or explain things they didnt ask about, the more obvious it is how much you dont know.
And the more likely youll elicit a question you cant answer!
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Chapter : Are You Positioned For Life Insurance Sales Success
Theres a difference between surviving and thriving.
Success doesnt just happen.
Getting where you want to be requires a lot of hard work and strategic planning or youll be spinning your wheels, just getting by.
How do you position yourself to reach your sales goals?
A Successful Life Insurance Agent Has These Six Attributes
There are some characteristics you need to have in order to flourish and without them, youre likely to keep running on the hamster wheel, never getting anywhere.
Do you have these six attributes?
1. Faith in the concept of life insurance
You should believe in your product enough that youre also a customer of that product youre protecting your own family.
2. Passion for helping people
Let your prospects see that youre enthusiastic about what you do and how you can help them reach their goals.
3. Focused on their goals
The producers who are the most effective are driven by the pursuit of their business objectives.
4. Motivated by money
Make no bones about it successful producers are driven by dollar signs.
Its okay to want to make a good profit!
Actually, studies have shown that those who are motivated by money tend to do better than those who have different goals.
5. Effective communicator
It can be difficult to sell an abstract product to a person who in all likelihood wont see the payoff themselves.
Sales is hard.
You have to be able to cope with disappointment and not be deterred by rejection.
Educate your customers
Life Insurance Sales Techniques
Life insurance sales techniques can be selected and deployed to fit the particular consumer:
- Consultative sales — Work with the customer to identify his or her needs and concerns before you introduce solutions. Gain trust by providing advice and guiding the consumer through a process.
- Concept selling — Rather than describing features of various products, determine what your consumer has in mind, then point him or her to the product that’s the best match.
- Question-based sales — Ask strategic questions that gently guide the consumer to the conclusion that he or she needs to buy life insurance.
- Close on the objection — Restate the objection, ask specifically why the customer objects, then suggest a product or feature that solves the problem.
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Shift Your Energy Back To Sales
So much of knowing how to increase insurance sales has more to do with consistent, positive customer interactions than constantly pitching your product. There are certain marketing tasks that need to be done, but they often take up time you could spend on client-focused work that requires your expertise.
A simple solution is to outsource or automate your marketing. Delegating tasks like Facebook posts and email blasts to a team of professionals is a great place to start.
Once you have those essential tasks taken care of, you can focus your time and attention on your current and future customers.
Interested in finding more new ways to increase insurance sales? Wed love to help you find more time in your day by taking care of your business marketing, including social media and email newsletters. Check out all the ways OutboundEngine can help your insurance business continue to grow.
Go With A Full Sales Team
One thing you should know is that you must not go alone. Always go with the team so that different ideas will be shared.
If you pitch to people, they will most likely listen to you when you are not alone. If you go by yourself, you will be easier to dismiss.
On the day you decide to do a sales pitch, ensure that your team has different stress points. The key to an unsuccessful pitch is everyone on the team keeps saying the same thing repeatedly.
If you are selling your insurance, a group of people should talk about the plans features, and another group should talk about the benefits of the plan. When different people are delivering the sales pitch, everything will go smoothly.
When you deliver a pitch alone, there is always a high chance that you will forget certain things. This is normal, but it can be avoided. On the flip side, dont bring in too many people. A good range is four to six individuals.
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Work On Your Strengthening Your Industry Knowledge
You could be an exceptional talker who is immediately capable of grabbing peoples attention. But this trait is rendered completely useless if youre incapable of delivering on your promises. Make sure that youre well versed in the insurance products that youre selling.
Understand the range, limitations, and exclusions of each policy that youre selling. For example, did you know that while insurance for buildings covers damage resulting from fire, smoke, floods, and earthquakes, it doesnt cover damage resulting from neglect or lack of maintenance?
Rest assured that your client will evaluate your performance as an insurance professional throughout the sales process. Deciding to buy insurance is a serious decision, and your clients wont settle for anything less than the best from you.
Tips For New Insurance Agents
Thank you for sharing!
Whether you call yourself rookie, newbie, or noob , weve all found ourselves in a new job at one time or another. We may have had peers or coworkers joke with us by saying words like these as terms of endearment or, better, had them take us under their wings and teach us about our new environment.
The truth is that any advice is helpful when youre entering a new field. New insurance agents understandably feel overwhelmed as they begin navigating the complex world of insurance, sales, customer service and even agency management.
But have no fear! Here at LifeHealthPro, weve compiled a list of some of the best advice for your first day at schoo er work. Its advice that will apply for years to come, in fact. Down the road, you can use this list as a starting point for your own list of best advice for new insurance agents.
If youre a more experienced agent, what are some tips that you would give to those just entering or even thinking about working in this field? Leave them in the comments section below.
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Tip #: Understand Your Target Market
Once you’ve chosen your area or areas of specialization, it’s time to complete one of the most important life insurance selling tips: study your target market. Understand their challenges, goals, and how your product can help them.
For example, term life insurance is most prevalent in people aged 25-45 who are working their way through key life events. This is typically the age group buying homes, getting married, building families, and saving for kids’ college funds. They usually have a lower net-worth than older age groups and higher debt-to-income ratios.
Knowing these facts can help you understand the market on a more personal level. It’s fairly easy to see that many people in this age group worry about what would happen to their families if they passed away. A wife and mother of three, for instance, is likely concerned about whether her family could stay in their home and pay bills if she were to lose her income.
As such, she is probably looking to ensure that her spouse has everything they need to take care of these things. Insight makes it much easier to determine your target market’s needs and help find potential solutions.
Double Check All Written Communications
Think about the last time you encountered typos and obvious grammatical errors in a companys email or other communications. How did it make you feel? It lowered your opinion of that business, didnt it?
According to research on The Journal of General Psychology, spelling errors directly affect peoples perception of writers, especially when there are a lot of spelling errors. Remember that poorly written content comes off as unprofessional. It shows that youre inept at your profession.
Fostering doubt is the last thing you need in an industry where your progress depends on building trust with your prospects and clients. So make sure to carefully proofread all your emails. Doing this will also help you identify any errors in policy explanations that you might have made while writing your first draft.
You should also double-check short text messages. Build a culture of peer-reviewing all long-form documents that need to be sent out.
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Need To Improve Your Sales Process But Dont Have Time To Reinvent The Wheel Use Our Proven Sales Template To Get A Successful Process Going: The Insurance Agent Sales Process Quick
And when they seem to happen frequently, you can get caught up in the lows and begin to believe youre a worse agent than you really are.
But letting this type of negative thinking take over can be self-defeating. One key to selling life insurance successfully is to minimize the potentially extreme highs and lows of the rollercoaster and remain consistent in your approach to sales. Keep the mindset that youre never as goodor as badof an agent as you think you are, and youll be able to push forward when times are tough and stay hungry and hardworking when times are plentiful.
Empathize With Your Prospect Or Client
Good salespeople know the value of being able to empathize with their clients. As an insurance sales agent, your clients will need to believe that youre there for them and not the other way around. Ask about their family, their pets, their music preference, or anything else they care about.
Treat your clients like human beings and not just a means of financial gain. Make them feel at ease. Sales is a long-term practice and your clients can decide on replacing you with a different agent any time they want.
An effective technique is to identify which generation youre selling insurance to. This can allow you to customize selling approaches that you can take to reach an agreement. Statista mentions that Gen Zs made up 67.06 million of the U.S. population in 2020.
As a generation who has never seen a world without mobile technology, they would perhaps be more comfortable talking with you via video conferencing platforms like Microsoft Teams or Zoom. Maybe you could also try to find common ground with them by talking about the latest TikTok trends.
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Insurance Based Retirement Planning
Last but not least, another great life insurance job opportunity is doing whats called insurance-based retirement planning.
This suits the life insurance agent who likes helping clients protect their retirement income from stock market loss.
Theres lots of opportunity in this market selling annuities and indexed universal life insurance.
For example, I have a friend in the business who exclusively does dinner seminars targeting soon-to-be retired people.
He shows them how to never outlive their money and live with peace of mind.
Last I checked, he was right at or slightly over hitting $1,000,000 in commissions in 2019.
How To Sell Insurance Successfully
Now lets discuss the top 5 qualities of successful insurance agents.
Additionally, Ill describe qualities that dont matter much, which may come as a surprise .
There are common traits that will show you how to be successful at learning how to sell insurance over the long-term.
Ive interviewed dozens of agents on my YouTube channel. And I know agents across the country in different niches that sell different insurance products.
Whats funny is that in doing these interviews for my best-selling book on top producers, Ive come to find that there is MORE in common with successful insurance agents than there are differences.
My goal is to uncover how top-producing insurance agents succeed at selling insurance in a short, straight-to-the-point way.
That way you can better understand how to mimic those behaviors and experience your own success.
Successful insurance agents believe that what theyre doing is MORE than just a job.
They believe in their heart of hearts they are doing GOOD work.
In a sense, some of the BEST insurance salesmen are evangelists by nature.
They want people to know how insurance helps solve problems.
Bottom line, they have passion and want to help!
Empathy Is Important
If you want to be successful at learning how to sell insurance, you must have empathy for your clients.
If you have contempt if you DONT like the people youre selling to OR if you dont like people in general
Youre NOT going to do well in the insurance business.
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Learn How To Market Yourself
What sets you apart from another insurance agent? If people can find your same product cheaper and faster somewhere else, why would they buy from you?
A recent blog from Rob Holmes, founder of the Holmes Group and Estate Strategies and the December 2014 Alumnus of the Month for The American College, talks about your personal brand: How do you package yourself, your products and your presentation? The items in your package are YOU. What you say, how you say it, spoken words, body language, punctuality, the way you dress, and demeanor are all components of your all-important first impression, and they make up your brand.
Types Of Insurance Products
This section will cover the different types of insurance products a new or experienced insurance agent may sell.
I discuss the different products into 3 different categories.
Learning how to sell insurance successfully means you must decide on what product works best for you.
My goal is discuss the pros and cons of each product. That way youll have a better understanding which insurance products to sell.
Lets get started!
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Chapter : Life Insurance Sales
Youve gotten leads, nurtured them and now its time to make a sale.
Heres what you need to know about accelerating your sales and the importance of referrals.
Accelerate Life Insurance Sales With a Great Cover Letter
Sometimes a small detail can have a big impact.
Your cover letter may not seem like all that big of a deal but it is!
Why the cover letter matters
There are three big benefits you stand to gain when you have a detailed cover letter.
These are the elements that your cover letter should include in order to be the most effective:.
- A story about who your client is. Share what you know about them personally and professionally, as well as why they want to make the purchase.
- Write about what you know about their medical history and hobbies or travel that may increase their risks for death or injury.
- Give a description of what their diet, exercise and overall lifestyle habits look like.
- How did the sale develop? Tell how you came up with the face amount and any beneficiary designations.
When you paint your client in the best possible way, youll be raising your chances of getting a sale.
Referrals: Theyre Gold to Life Insurance Agents
Referrals arent the goose that laid the golden egg like you may have thought.
Heres how you can build a strong referral network.