The toughest part about being a life insurance salesperson is finding people who are actually interested in discussing life insurance. In general, life insurance is viewed as a negative product, because no one likes to talk about dying.
Keep in mind, this attitude is mostly present during the initial stages of the thought process when it comes to even thinking about life insurance, as most people at first don’t want to be bothered.
Most agents who have been in the business for awhile do have the advantage of having clients who do add on to their programs and offer referrals to other likely prospects for life insurance.
Even with that, life insurance leads are tempting to try, and with a little skill, they can turn into a flow of new business, However, there are some tips that need to be taken into consideration.
Consider Your Lead Source
It is imperative that you know where your lead is coming from. Is it a lead that was generated because the person was entering a contest and did not know that they were giving information to a life insurance agent? Believe it or not, that is how some unscrupulous lead companies operate. That is not really a lead, as the individual does not connect your call to them with any real validity.
Secondly, are you the only agent calling the lead? It is impossible for a lead company to guarantee that a lead be exclusive to you, although they will sell you an “exclusive” lead, because they only made it available one time. However, that individual may have input his information to 3 or 4 different lead companies data basis, thinking he will get a spread of different prices that he can compare. Yet you as the agent are paying double the price for an exclusive lead.
Is it an old lead that you are buying. Obviously if you can call a lead that has just input the information, the though is on the prospect’s mind about at least looking at a quote on life insurance. However, if the information is a month old, the individual may have forgotten altogether that he even input any information at all.
Resolving the Issue
So you can see the dilemma. The prospect thinks he is going to get some quotes, but he may also find that 17 life insurance agents just called him in the last 15 minutes. The agent feels that he has enough information to provide a good quote, but when he calls, he finds an irate person who tells him he is the tenth agent to call.
Another method that seems to have some merit, is the direct call, where the agent agrees to accept live calls, and then you will find that you do have a more exclusive experience with a bona fide prospective buyer, but this is a very expensive proposition for the agent.
The resolution to this dilemma is the same as it is with any bought lead situation in any business. And the resolution is that you are going to have to be willing to wade through the avalanche of leads that you will be processing, and go with the flow.
The sooner you speak with a lead, the more likely will be the odds that you have a fresh face that will be receptive to your offer. The direct call method is a more one on one method, but the price is very high, and is not a method necessarily suggested for a new agent who cannot think on his or her feet.
Let Us Face The Facts
The facts are that lead companies are in the business of selling leads to insurance agents. If you think that it goes any further than that, I have a nice bridge in the Brooklyn area that I need to sell to you. I have a good discount on it.
In fact, there is no doubt that lead companies sell leads to other lead companies. This happens because there are way more agents needing leads than there are leads produced.
You say, how can that be. Isn’t that dishonest. You said it. But is is true. So that being so, just how does one go about making this work at all?
It revolves around the doctrine that if you throw the ball enough times at the wall, you will eventually hit the wall with the ball. In other words if you buy a lot of leads and call all of them repeatedly, you will make sales. That is the law of persistence, and you will get better at it, the more that you do it.
So, going into the fray, the insurance agent has to know the full story and he or she must be resigned to paying some good money for leads, but also know that the effort will pay off if done consistently over a period of time.
This will work because:
- In spite of people getting their names into the lead pool accidentally, forgetting what they did, or just plain turning ornery, there will be some legitimate names of people who really do want to get information and quotes for life insurance.
- The agent, knowing the preceding information has to develop an “effort formula” (so many calls = so much results), and follow it religiously.
- The agent must develop a “zinger.” By this I mean that he has to leave a message, or say to the prospect if he gets a person on the phone a statement that will make him stand out over all the other agents.
For example say: “When you purchase life insurance, have you set up your current insurance so that you don’t unintentionally disinherit your children?” (If you know there are young children)
Or say: “Do you know how to arrange your life insurance so that you can be assured that none of your creditors can get to the death benefit if you die?”
No other agent will be saying these things, and these are legitimate tactics that you can arrange through a life insurance trust and settlement options.
This will help to cut through the morass of average and put you at the head of the class.