Building a successful career in insurance sales can be rewarding, but it’s also challenging at times. Most people don’t like thinking about insurance and the reasons they need it. You are in a unique position to help clients prepare for life events and provide a financial safety net for their families. Whether it’s life insurance, annuities, or health insurance, the right product can safeguard against financial loss and provide financial well-being.
Step #1: Earn Trust
Before you can sell insurance, you must earn your client’s trust. People are more likely to buy from someone they like and respect. When you focus on building rapport, clients will feel more comfortable talking to you and sharing their needs and concerns. You must be empathetic and have a genuine desire to help – people can tell when you have their best interests at heart.
Many people are intimidated by the topic of insurance. It’s your job to simplify terms and conditions for them. If you succeed in making insurance easy to understand, clients will view you as a trusted advisor and will have confidence in your ability to help them make informed and empowered choices.
Step #2: Ask the Right Questions
Conducting a thorough needs assessment is crucial for clarifying your client’s needs. It’s important to be an active listener. Listening will help you understand your clients’ family life, health, finances, goals, and concerns. This deeply personal information will help you tailor your approach to their specific situations and ensure you are offering products that fit their needs.
Step #3: Thoughtfully Respond to Objections
You will not close every sale on the first try. Being prepared to respond to objections is crucial for moving the sales process forward. Objections may come in many forms – they are not always a simple “no.”
Many veteran sales professionals will tell you that objections are a gift. They provide insight into your client’s state of mind and confirm that there is some interest. This is your opportunity to listen carefully, acknowledge the objection, ask clarifying questions, and respond thoughtfully. Clients are often uncomfortable during this stage of the sales process. Since there is thin line between persistence and being too pushy, you have to read each individual and adjust your approach accordingly.
If you can share a testimonial or client success story, your clients may feel more confident in your recommendations, as they’ll know that someone else in a similar situation saw positive outcomes from the decision.
Below are three common objections you’ll hear:
Objection:
“I need more time to think about it”
How to respond:
This is the moment to dig a little deeper to determine if the client has any hidden objections. Ask your clients if you have addressed all their concerns or if they still have questions you haven’t answered. You may uncover issues you can address immediately, which will give you another opportunity to close the sale.
Clients may want to speak to a family member or spouse before deciding. Offer to set another appointment to review everything with the family member present. Try to secure a follow-up date and time before the client leaves.
Objection:
“I’m not sure I need this product” or “I don’t think I need this product right now”
How to respond:
Circle back to the needs assessment to focus on how the product you are recommending achieves the client’s goal. For example, if you are selling a life insurance policy, say “You mentioned earlier that you are worried about how your family would manage financially if something happened to you. Tell me about how you will address this concern without life insurance.” Listen to their thoughts – it’s important to allow them time to talk through their thoughts and visualize their future. If it’s appropriate, sum up their comments by affirming the product’s ultimate benefit. For example, you might say, “This policy will provide financial security for your family so you don’t have to worry about what might happen.”
Explain the risks or downside of waiting. For example, life insurance premiums increase with age, meaning the longer the client delays, the more the policy will cost. Or, if the client becomes seriously ill, he or she may not qualify for a policy at all. This creates a sense of urgency without adding unnecessary pressure.
Always be fully transparent about any limitations of the coverage to avoid unwelcome surprises that would hurt your credibility.
Objection:
“It costs too much” or “I can’t afford it”
How to respond:
This is an opportunity to demonstrate the value of the product beyond dollars and cents. Insurance is intangible – the benefits are not always immediately obvious. Emphasize the value that comes from having peace of mind, knowing you are protected against unexpected events or financial loss. If price remains an objection, are there different options that are more comfortable for the client’s budget?
Always End on a Positive Note
Despite your best efforts, you may not always close the sale. You may need to establish next steps for following up or you may have received a hard “No.” In every situation, be respectful of your client’s decision – you don’t want your client to feel judged or uncomfortable. Always end on a positive note, leaving the door open for questions or future needs.
Take the time to learn from every sales opportunity. Analyzing what went well and where you could improve will help make you a better salesperson.
Do you have questions? The experienced team at Western Asset Protection offers the hands-on support you need to elevate your career. Contact us today.