Life and health insurance selling is a hard business. The life and health insurance industry has a 98% turnover ratio. That’s a strong indicator of a tough business to be in. But life and health insurance policies continue to get sold. Financial advisors and financial planners continue to exist. This means that out there somewhere there are agents living the dream: they are making very good money without punching a clock and pretty much taking off whenever they want to even while they help people with their financial life plans.
What do these successful, helpful life and health insurance salesmen comprehend that 98% of others don’t? Let me tell you some insider tips learned from my experience as a licensed MetLife financial advisor and from my additional reading on the matter.
Get on the telephone. There are many ways of marketing and doing outreach prospecting these days, and I think that all of them can and should be used. However, the telephone is still the life insurance salesmen’s greatest singular tool. If you’re shy about calling people, go find another business to be in. It’s that simple.
Call your book of business. Many new life and health insurance and financial asset salesmen have to build up their business and don’t know who to call. Cold calling is first unpleasant, but even worse it’s inefficient. And if there has ever been some monumentally stupid advice offered, it’s telling prospective new life and health insurance salesmen that they should start by calling on their family and friends for appointments.
So. Who you gonna call?
Call people who already have policies with your company in the book of business that you inherit as a new agent. You have a right to talk to them and they may well need you to come over and review their plans, too. These are not “cold calls”, even though at first you will be a stranger to the policy holders. This is a sure way to get your foot in many doors and your butt to many kitchen chairs. You might need to do new business with these people to help them, and you can get referrals from them. If you’re a new agent with a brokerage, you might not receive this book of business. But if you’re licensed to a big, well established company like MetLife or Pacific Life or John Hancock, you’re guaranteed to inherit a book. Utilize it!
Call mortgage leads. These are “colder” calls, but you have a target and a very good reason to call them. These are people who got new mortgages within the last week or two. Your company might purchase a list of these, or you can go to the local courthouse and research the records yourself. You call to see if they have thought of protecting the mortgage against tragedy or disaster. Once you get the appointment, you can do a full FNA with the prospects to see if you can sell them other products, too.
Have your assistant call. Who’s your assistant? It’s some local college kid who isn’t shy about being on the telephone and who needs some part-time work for gasoline and pizza and beer. You pay this guy $8 an hour to call to set appointments on your behalf 20 hours per week. You can offer a bonus of $100 for any week in which you make at least $1,000 in commissions as an added incentive. Calling burns out many a life and health insurance agent. You avoid that burnout this with this methodology. Plus, you look more professional to the prospects. (“She’s got a personal secretary! She must be good!”) And it may sound a little expensive, but how much is your time worth? That’s 20 hours a week that you can use to study your products, do other marketing efforts, and actually meet with prospects and clients instead of smiling and dialing. Time is money! Spending $260 per week to make a six-figure income for yourself, all while you don’t have to make monotonous phone calls, sounds like a great ROI to me.
There you have it. Now make the calls and help the people and get the money.