Successful producers know from experience that there are no easy ways to close a life insurance sale. That takes time and persistent effort. These are the producers who also know that the rewards are more than worth it.
Being realistic about making 2014 more rewarding than last year is the place to begin. What’s needed is an “opportunity strategy,” a way to focus our time and energy on producing the best results. Here are four such opportunity strategies for the year ahead.
1. Focus on life insurance protection
While life insurance premiums are trending upward, according to LIMRA, policy counts continue to remain essentially flat, with the number of applications declining. Even with added technological efficiencies, simplified underwriting, fewer medical hurdles and lower premiums, life insurance sales are barely holding their own, even when taking into account the unrelenting sales of indexed universal life products.
2. Focus on estate planning
It’s unusual for an agent to find a prospect who knows much about life insurance, let alone estate planning. And when you think about it, talking to prospects about buying life insurance without first engaging them in a conversation about what life insurance helps create (an estate) is going about it backwards.
3. Focus on long-term care
This is said all too often: I had interested prospects, but closing sales was close to impossible, even after multiple meetings and various proposals. Consumers want long-term care coverage, but few ever write a check. And then you wrote off the product.
4. Focus on multi-life programs for businesses
While they have been around for a few years, there is currently more interest since the business environment is changing for the better. As this occurs, smaller employers are looking to provide benefits for senior and seasoned members of their team, and multi-life programs are an opportunity to meet this need.