Life insurance closing techniques
If you expected another one-line sales pitch to be written here, you certainly won’t find it. Life insurance closing techniques have nothing to do with sales pitches at all. Saying all this and all of a sudden you get this kind of response from your prospect sounds like a crush to me.
If it ever comes down to giving a sales pitch, you’re trying to salvage the sale or you’re not really communicating with your customer. Think about it, you’re only relying on an outdated script or an outdated pitch that was written who knows how long ago. Wouldn’t you rather know how not to make a sales pitch and still close a deal?
I am one of those individuals who like to know how things work. For example, if a doctor just teased you, but he really didn’t know the science of his own job, would you go with that doctor? I do not think so. The same concept applies to life insurance policies. If you don’t know the science of actually closing a deal, why look for the quick way out?
This brings me to my very first point, you are in this industry to sell yourself, not your products.
Life Insurance Closing Techniques – Always Sell Yourself
What exactly do I mean by “selling yourself”. Many people hear this, but few understand the science behind it. I’m going to try to put it in the best perspective for you. Think about a time when you wanted to buy something, like a TV or car. Do you remember the person you dealt with during the sale? You may not remember his or her name, but you can certainly remember if they were knowledgeable, friendly, informative, and helpful. Do you remember the man you didn’t buy from?
What were the reasons you didn’t buy from that person? He may have been unhelpful, rude, or even ignored your questions or concerns about the product you wanted to buy.
The reason you didn’t buy from that person was because they didn’t sell themselves. Even if it was the same product, same price, same warranty, you still didn’t buy from that person. Life insurance closing techniques are about getting to know your customer.
They won’t buy from a stranger, so you make them a friend. Friends have trust, and trust is what will get you the sale. The customer must entrust you with his money. If you’re just making a sales pitch about a particular product, but haven’t really gotten to know who you’re sitting across from, you’re literally walking up the hill to close that deal.
Closing Techniques for Life Insurance – The Sales Presentation
After getting to know your customer, you come to the product presentation part of your visit. Most life insurance agents tend to have some form of sales presentation. These sales presentations are intended to inform your customer about your products and how they are performing.
The biggest flaw I see there is that the presentation is incredibly overwhelming of information. Let me step back and show you what I mean by this. Life insurance products and their complexity can really put a human brain to sleep. What I’ve noticed is that some companies cram their presentation with so many complicated sentences that the average consumer just wouldn’t understand.
Do you know why people choose to read at night? It’s to get tired. Eventually, during your reading session, you come across a word you don’t understand, and you skip it. You will generally become drowsy about 15-20 minutes later and fall asleep.
The same concept applies to sales presentations, if your life insurance underwriting technique relies heavily on your presentation to the client, I highly recommend keeping it incredibly simple. Simplicity is an important factor in closing ratios in this industry. Many people do not understand what a mutual fund is. Personally, I don’t call it a mutual fund, but a collective pool of money. It’s the little things that really make a difference in a deal or break.
Life insurance closing techniques – proper communication
This concept of good communication, while very simple, is one that 90% of life insurance agents do not follow. That’s why you don’t see them making more than 100k+ a year. How exactly do you apply this concept to your life insurance closing techniques? Good communication is actually two-way communication. This means that you should always listen and acknowledge during your introduction to your customer and even during your sales presentation. You should always acknowledge your customers’ concerns, if you have a great solution, if you don’t, you should still acknowledge their concerns and take them into account to see what you can do to help them.
During the presentation you have to make it interactive. Under no circumstances just keep walking on and on without even getting an “OK” or “I understand” from your client. After explaining part of your presentation to the client, turn that paper over and let them explain it to you. They shouldn’t have a problem if you keep it simple and if you communicated well from the start of your appointment. Don’t be afraid to ask open questions, anything that involves more communication will make your customer feel like you are a friend and not someone just trying to sell them a product.
By applying what you have learned here in your daily practice, you will see great results in your personal production. Remember, keep that presentation as simple as possible, complexity is a deal breaker. Learn who the person in front of you is, they put food on your table for your family and friends. If you really provide a service to your prospect and you use the right two-way communication to help your client understand that, you will significantly increase your life insurance ratio.
To your success,