The Process of Selling an Insurance Policy

Every insurance agent’s goal is to sell as many life insurance policies as possible. The more policies they sell the more commission they make. It is not always easy to do and there is a lot of competition from different agents. The client may want to shop around, simply cannot afford a policy, or doesn’t see the need for one. A successful insurance agent must be very knowledgeable about their products and know how to sell them. Taking a sales training class is a good idea if your company does not provide one for you. In this article we are going to discuss the sales process from when a lead comes in to the insurance agent selling the policy to the client.

Most insurance companies spend millions of dollars on marketing each and every year. Insurance leads are hard to come by and very expensive. There are a lot of companies fighting for them which drive up the price. Once a lead comes through it is sent to the assigned insurance agent. As soon as the agent receives the lead they should call the prospective client and try to set up a meeting with them. If you are able to sit down in front of the client first, you are more likely to make the sale. When you set an appointment make sure all of the decision makers are present. So if you are trying to sell to a couple, make sure both the husband and wife are available for about 30 minutes.

Once the meeting is set, show up on time and look professional. When in the sales presentation make sure to ask a lot of questions. Find out why they filled out the inquiry in the first place. What is motivating them to take out a life insurance policy? Is the husband doing it for his wife or are they doing it for their children? Typically, the bread winner of the family will get the policy, but in some cases the husband and the wife will get separate policies.

After you go over their options make sure to have them choose the one that best fits their needs. Do they need a term policy or whole life policy? How much should they get it for? These are all questions that need to be answered in the discovery phase of the conversation. Once the policy is signed make sure to stay in touch with the couple for at least a year so it doesn’t lapse. If the policy lapses within the first 12 months you will have to pay your commission back.