Selling life insurance is tough. When talking about life insurance, what your client hears is “death insurance” and it’s a touchy subject, both for the broker and for the client. As an independent broker, the best thing you can do for yourself and your customers is to emphasize the “LIFE” part of the insurance. Sell life, not death insurance.
The primary focus of life insurance is to protect the people you love the most when you are gone and no longer able to provide or contribute. No one likes to think about that time, so it is your job as a salesperson to help your clients see the joyous benefits of life insurance, not the gloomy aspects. Instead of “won’t somebody please think of the children?!?” type scare tactics, start asking your clients “how can we help you live a fuller, more protected life?”
Focus on the living benefits of life insurance policies
Talking about the living benefits of a life insurance policy can help you stay positive. A life insurance policy can also benefit the person who is holding the policy, not just the people who are left behind. You don’t have to be dead for the benefits to kick in, but this is the misconception of a lot of people, which is why the sale of life insurance has dramatically decreased over the years. You can help bring this dying niche back to life (pun intended!)
Whole life insurance will pay off while you are still living
Instead of the tired old sales tactic of scaring your customers into buying life insurance, forget about the dying part and focus of how a life insurance policy can help out while all parties are still alive. Focus on the big picture. Instead of selling smaller policies that only pay out in the event of death, start pushing the whole life insurance policies that can be just as much of an investment in the holders life, not just a payout upon death. Whole life insurance policies can:
- Collect interest, all tax exempt
- Can supplement your retirement plan, paying off while you are still alive
- You can borrow against your policy to pay off student loans, buy a home or invest in a business venture
Planning for hard times, even death is never a fun conversation, but with a little attitude adjustment independent brokers can flip the script of selling life insurance and make it a positive, not a negative.