How do you convince people to buy an insurance policy from you?

Question

Any kind of insurance. Does anyone have experience in this? how much money can be made selling insurances?

Answer 1

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Answer 2

Promise them, and provide them with state of the art customer service. A lot of producers that sell for the health insurance company I work for, take care of any claims issues, benefit questions, etc. for the member. The members seem to really like knowing that they can count on the producer to do that for them. These are also the clients that have been with the company I work for for a long time, many over 10 years.

Answer 3

A good producer can make quite a bit of money in the insurance industry.  Offering insurance to someone is not always about the price.  An individual needs to feel protected and also needs to know that you are not trying to solely line your own pockets.  Your clients need to know that (if you're at an independent agency) you will move them to another carrier if a new, better policy form becomes available.  Also, be willing to send a client to a competitor if you know they can do better, if will come back to you in the long run.

Answer 4

One can earn a good living by selling insurance. But it's up to the individual as to how much he/she wants to earn.

To get a person to buy an insurance policy, an agent must be a good listener.

Take life and disability insurance, for example:

First, you have to prospect for potential buyers. After you find a prospect, you have to convince him/her to give you an appointment to talk with them. Most of your time will be spent in prospecting.

After you get an agreement for an appointment, you must fact-find; asking questions about their current income, their personal goals, and their family's financial security. If there is a need, how much could he/she set aside to cover Final expenses, debts, mortgage, children's education, emergency fund, income fund, to keep the keep the family in their "own world" finacially, if the breadwinner should be taken out of the picture, and disability income coverage.

During the fact-finding, you uncover a problem, get the prospect to want to solve the problem, show a solution, answer objections, close the sale.

The first and biggest objection is usually they can't afford it. But, by asking them up front how much they could set aside, should there be a need, you have eliminated that objection.

If they say they don't know how much, just say, "If I asked if you could set aside $100 a week, that might be absurd. But you could easily afford $1.00 a week, couldn't you? Well, we both know that $1.00 won't do a whole lot, so somewhere between that $1.00 and $100.00 is a comfortable area for you. Where might that be?"

He might say $25.00.

Example:

"John, according to our analysis of your current situation, you said that you could set aside $25 a week, or $100 per month for your family's financial security, and you have decided that it would take $100,000 additional coverage to keep them "in their own world" if you were not here to provide for them."

"We can take care of this problem, by providing $100,000 in life insurance protection, and, if you should become disabled, provide an income of $2500 per month."

"John, is there any reason what-so-ever that you would not want to provide this protection for your family today?"

What is he going to say? He's already told you he can afford it. If he says, "Well, I just want to wait awhile and talk it over with Kathy first."

"John, in addition to wanting to talk it over with Kathy, is there any other reason that yhou would not want to protect your family today?"

He'll probably say "No".

"John, I think it's a good idea to talk it over with Kathy. Is there anything specific you want to discuss, that maybe I can help you with?"

He says, "No, I just want to wait awhile."

You say, "I appreciate the fact that you want to wait awhile. But let me ask you a question. John, do you think this is the right thing for you to do for your family's financial security?"

He says, "Yes, I think it's the right thing to do, but I just want to wait awhile."

Say, "John, you think it's the right thing to do. Let me ask you; in all your life, have you EVER been sorry for doing the right thing?"

He'll probably drop his head, and you start filling out the application, asking for the correct spelling of his last name, for example. As long as he answers, keep writing. It's called "implied consent". Don't forget to ask for the check.

A sale like this would create about $900 or so in first year commission for a couple of hours work, depending on your agent's contract. Make this type of sale 3 times a week, and you'll earn in the neighborhood of $114,000, assuming an 85% persistency rate.