6 ways to uncover good life insurance sales leads
“I’m not ready to slow down,” one life insurance producer said recently. “It’s just that I don’t have enough leads.” He is not alone by any means. A lack of sales opportunities may be the No. 1 problem for most producers.
No one has ever said that selling life insurance is an easy business and with so many other investment opportunities bidding for consumer attention, it’s more challenging than ever.
Even so, there are more than enough sales opportunities to keep producers busy. Here are just a few of them.
1. The annual policy review. Often ignored and certainly underutilized, the annual policy is one of every producer’s most valuable sales opportunities. There is no other way to make sure existing plans are on track and to find out if there are life events that point to a need to make changes, such marriage or divorce, childbirth, new job or promotion, inheritance, new home purchase, health change, and retirement.
Because life insurance product design is constantly evolving, the policy review meeting is the perfect occasion to share new products with clients. But be sure to discuss the benefits of the new offerings and not just the features. Clients need to be aware of why a feature is worthy of considering and not just that a feature exists.
Furthermore, it you’re not conducting annual reviews with your clients, you are putting those relationships (as well as any policies that you wrote) at risk. This is truly the lifeline of success for any advisor who wants to be in the business long term.
2. Business owner clients as prospects. Do a little digging to find out if there are partners or key employees you don’t insure. Because of the popularity of voluntary programs today, ask about meeting with business owners to talk about affordable group benefits and retirement plans.
Does the business have a buy-sell agreement that needs reviewing? Point out that it should be reviewed at least every two years, and more frequently if changes occur in the business. Is key person coverage already in place? Whether the answer is yes or no, it's a sales opportunity.
What are a businessperson’s other relationships, such as vendors and suppliers that might be explored? And don’t forget about networking with accountants and attorneys.
3. Pour through print and electronic media. There are sales opportunities wherever names appear. While there are far fewer print publications than in the past, there are plenty of daily and weekly newspapers, along with a growing number of online publications. Taken together, they’re a rich source of information about people who may be good prospects due to recent events. If you’re fortunate enough to live where there is a weekly business journal, you’re in luck because it will be gold mine for building your prospect database.
And don’t ignore the real estate agency promotional ads that list recent sales. Look for those listing sales of high-priced homes. It may be a good source for high net worth clients. Partnering with a real estate agent can be a good lead source for new prospects. Obituaries identify survivors that may either have come into an inheritance or who have experienced firsthand the devastation caused by an estate that lacked financial planning.
And, of course, there are marriage an birth announcements, along with the names of local people in the news section who have received promotions or have retired. Nearly every page, whether print or online, can reveal potential prospects who can use your services.
Don’t forget about advertisements in church bulletins. Chances are they are members/business owners who can benefit from financial planning.
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