We know selling more life insurance is always top of mind! Our favorite part of our jobs at Direct Clicks is working with great agents across the country. In that same vein, we’ve compiled a list of all the great strategies that our agents are using to get it done everyday and protect more families.
This list isn’t intended to be the full play / script, so if you really like an idea on the list and want more information, please reach out! We will link you up with the agent(s) who suggested it to us to learn more.
1. Annual Life Insurance Reviews
You should meet with every life insurance policyholder in your book of business on an annual basis! This might be the simplest – yet most effective – practice an agency can commit to.
When you do this consistently, you’ll find opportunities of all varieties (i.e., increases in coverage, term conversions, new policies on other family members, etc). Make it a habit and set the expectation at the point-of-sale that you will meet every year to review.
The average life insurance buyer will purchase it 6+ times during their lifetime. All the greatest life insurance agencies in history live and swear by this simple mantra.
2. Term Conversion Credit
More than anything, this is an appointment setting technique.
If your customer has owned a $100/mo. Term Policy for 1 - 5 years, you call and say something like this: “Hey ___ , I wanted to reach out and get you on the calendar to discuss the $1,200 credit you have built up in your life policy. It’s time sensitive, though, and won’t last forever, when can you meet?”
Then, when the client comes in, you can walk them through Ladders and Buckets or any variety of the term conversion conversation.
3. Auto Bill Play
This is a transactional strategy to get your foot in the door. Once a week, your agency receives a list of all the auto insurance renewals in your book of business.
Your job is to cherry-pick the ones with a significant price decrease at the upcoming renewal. You would then look over the household and see if you can add additional discounts when you call, too.
The call is fairly straightforward: Hello → great news, upcoming price decrease → we could also add another discount → with all these savings, you can still pay less than you were AND have life insurance in place for your family!
4. Kid Policies List
It is smart to check in with the families you insure that have kid life policies. It is always surprising how many of those families had another kid, but haven’t gotten around to starting a policy for the new child!
5. Term Birthday List
Here’s another classic appointment setting strategy: Call your clients leading up to their birthday to meet before the pending price increase in life insurance!
6. Final Expense (Turning Age 50)
“Hey ___ , I just wanted to reach out and let you know that with turning 50, you are now eligible for a Final Expense policy. This coverage is available from age 50 to age 75. What do you have in place for Life Insurance?”
This is a casual, informative approach that can prompt conversations that otherwise wouldn’t have happened.
7. Homeowners with a mortgage list
Think about how many home insurance policies there are in a book of business with a mortgage. It’s likely many more than you have life insurance policies in place for!
The number one rule in life insurance sales is you just need to ask. Get creative on how to approach each of these clients routinely to have the conversation.
8. Term Increase List
Again, if you are actively working #1 in this list, you will do this without trying! You can do this in a more transactional format, though, too.
How it works: Pull a list of all term policies in your book of business under $150K in coverage. Then, you would call someone with a $100k policy. Most times, you can increase their policy to $250k for less than half the cost of their current payment, which is a much better deal overall!
9. Life Insurance at work is a ripoff.
There is a common misconception (even among insurance agents themselves) that Group Life at work is a good deal. This is completely wrong 95% of the time!
Work coverage is a five-year term policy that gets extremely expensive when compared to a privately purchased term policy. Most times, the person buying life insurance at work will end up paying 40% or more over their working lifetime by carrying life insurance at work instead of privately.
Walk your clients through this math and of course they will buy it through you! Who wants to pay 40% more for something they hope to never need? Plus, do they really plan to work at that same job for the rest of their life? What if they get sick? Company goes through layoffs? They want to start a business?
Owning life insurance privately is a better deal AND protects them from all those risks.
10. First Time Homebuyers / Newlyweds
Every new homebuyer needs to learn the ropes. Always set an appointment in this situation to educate. One of the assumed topics is life insurance that will cover the mortgage. This approach goes hand in hand with newlyweds. Now that your client is financially responsible for another person, it’s important to protect their income and their future goals.