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Now – On to the show!
Life Insurance is often times the bane of the captive P&C Agents existence. Contracts are held in the balance of your production. Subsidy percentages are dangled in the balance. Bonuses are highly contingent in your ability to sell the coverage.
Companies host focused call nights where everyone stays late to solicit it. The suits host tons of rah rah sessions and training around it that generally lead to very little lift in your personal production… but if they can get a 3-5% lift across the enterprise that is big money! For them.
So what about you?
When is someone going to actually sit down and SHOW you how to increase your life production with some legit strategies that work?
We’re going to try and get the ball rolling for you today.
Now – On to the show!
Life Insurance is often times the bane of the captive P&C Agents existence. Contracts are held in the balance of your production. Subsidy percentages are dangled in the balance. Bonuses are highly contingent in your ability to sell the coverage.
Companies host focused call nights where everyone stays late to solicit it. The suits host tons of rah rah sessions and training around it that generally lead to very little lift in your personal production… but if they can get a 3-5% lift across the enterprise that is big money! For them.
So what about you?
When is someone going to actually sit down and SHOW you how to increase your life production with some legit strategies that work?
We’re going to try and get the ball rolling for you today.
PACKAGE IT
At Career Agent Concepts we teach our clients to present life insurance with every single sale. Give your clients two options.
During your on-boarding process include a form for your new client to review that they must sign and return that indicates if they would like to have a life insurance conversation with you or decline a conversation for coverage. Indicate on the form that should anything happen to your client and their family asks about any existing life insurance policies they have with your Agency that your clients family will be informed that they passed on coverage.
It is very easy to dismiss life insurance coverage when there are no consequences but knowing that the decision is being documented and could be seen by a family member following a tragic loss makes clients think long and hard about passing it up. Pro tip – On your form indicate how little life insurance can cost each month for many people to really hammer the point home that passing on a conversation with your Agency would be short sighted.
Conduct Annual Reviews
Yeah, yeah, yeah. This ones the corporate answer. But if it works, it works, and getting together with your clients on an annual basis to discuss life changes and needs is a great way to not only showcase your value but deepen the relationship.
Make sure for any reviews that you host that you have both sides of any couple present. Declining life insurance is very difficult when the beneficiary you need to take care of is sitting right next to you. Ever try and tell your significant other that if something happens to you that they are on their own? No? Try it and tell us how well that works out for you.
Take note of Milestones in your Clients Life
At Career Agent Concepts we teach our clients to present life insurance with every single sale. Give your clients two options.
“Alright Mr/Mrs Prospect I have two options for you today for the protection you requested today. Our standard protection provides you (review coverages) for $X a year but our Platinum coverage which is what about 90% of our clients choose give you all that coverage PLUS a monetary benefit of $Y to be left to your family should you pass away unexpectedly whether you are in your automobile or not. That Platinum coverage costs rouglhy $Z, if approved. Who would you want to leave the $Y benefit to?” (Make sure you package this with a policy thats easy to underwrite)
“Alright Mr/Mrs Prospect I have two options for your homeowners insurance you requested today. Our standard protection provides you (review coverages) for $X a year but our Platinum coverage which is what about 90% of our clients choose also covers the reamining balance of $Y on your mortgage should you pass away unexpectedly for just $Z a month, if you are approved.” (Make sure you get their mortgage balance during the application process)
By presenting both options at the point of sale you are giving your prospects the opportunity to protect themselves right out the gates. By presenting the first option as an annual payment and the second option as a monthly payment, the second option, though more expensive feels like it is less and obviously provides significantly more benefit.
Have them sign a Life Declination Form
During your on-boarding process include a form for your new client to review that they must sign and return that indicates if they would like to have a life insurance conversation with you or decline a conversation for coverage. Indicate on the form that should anything happen to your client and their family asks about any existing life insurance policies they have with your Agency that your clients family will be informed that they passed on coverage.
It is very easy to dismiss life insurance coverage when there are no consequences but knowing that the decision is being documented and could be seen by a family member following a tragic loss makes clients think long and hard about passing it up. Pro tip – On your form indicate how little life insurance can cost each month for many people to really hammer the point home that passing on a conversation with your Agency would be short sighted.
Conduct Annual Reviews
Yeah, yeah, yeah. This ones the corporate answer. But if it works, it works, and getting together with your clients on an annual basis to discuss life changes and needs is a great way to not only showcase your value but deepen the relationship.
Make sure for any reviews that you host that you have both sides of any couple present. Declining life insurance is very difficult when the beneficiary you need to take care of is sitting right next to you. Ever try and tell your significant other that if something happens to you that they are on their own? No? Try it and tell us how well that works out for you.
Take note of Milestones in your Clients Life
You and your team should be keeping detailed notes on events occurring in your clients lives and setting yourself reminders to reach out when they occur.
Weddings, pregnancies, major illnesses, claims, milestone birthdays… any time you or your team is aware of these events you should be scheduling follow-ups to circle back with them shortly after to discuss needs.
At Career Agent Concepts we are a big fan of using Touchpointsprofessional.com to help with our increasingly bad memories. You can actually set up texts and emails to go out on the days and times of your choosing so when you learn of these events you can schedule the “check in” to go out without even thinking about it. You look like the most thoughtful Agent they have ever had because, technology.
