Life Insurance Closing Techniques
You won’t find another sales pitch here if you expected it. Sales pitches have little to do at all with life insurance closing techniques. This whole “say this and you’ll get this reaction from your prospect” thing sounds like a crush sale.
If you ever had to give a pitch to sell something, either you are trying to save the sale or you are not communicating with your client. You are relying solely on an outdated pitch or script that was written years ago. Wouldn’t it be better to know how not to perform a sales pitch while still closing a deal?
I’m one of those people who likes to understand how things work. If a doctor ran a pitch on you and didn’t really know anything about his work, would you trust him? It was not my opinion. This is the same principle that applies to life insurance closing techniques. If you don’t know the science behind closing a deal then why try to get out quickly?
This brings me to my first point. You are in the business of selling yourself and not your products.
Life Insurance Closing Techniques – Always Sell Yourself
What does it mean to “sell yourself”? Many people hear it, but few understand the science behind. I will try to put it in the most logical perspective possible for you. Consider a time you were looking to purchase a TV or a car. Are you able to recall the name of the person you dealt with during the sale? You may not be able to recall the name of the person, but you will remember whether they were helpful, knowledgeable, kind, informative and helpful. Do you still remember the guy who you didn’t buy from?
Why did you not buy from this person? He might not have helped you, or he may have been rude to your concerns or questions about the product.
You didn’t buy from this individual because they weren’t selling themselves. Despite the fact that it was identical product, price and warranty, you didn’t buy from this individual. Closing life insurance policies is about getting to know your customer.
You can make them a friend and they will buy from you. Trust is the key to a sale. Friends are trustworthy, and that’s what friends have in common. You must have the client’s trust in you to handle their money. You will not close a deal if you just do a sales pitch for a product and don’t get to know the person you are talking to.
Life Insurance Closing Strategies – The Sales Presentation
Once you have got to know your client, it is time to move on to the product presentation section of your visit. Most life insurance agents have some form of sales presentation. These presentations are designed to inform your client about your products and their performance.
I find that too much information is the biggest error in presentations. Let me explain what I mean. The complexity of life insurance products can be overwhelming. One thing I noticed was that some companies overload their presentations with complicated terms that are difficult to understand for the average consumer.
You may be wondering why people read at night. It is because they are tired. You will eventually stumble upon a word you don’t understand during your reading session. You will eventually fall asleep around 15-20 minutes after you have finished reading.
This principle applies to sales presentations. If your life insurance closing technique relies heavily on your presentation to clients, I recommend that you keep it extremely simple. In closing this business, simplicity is key. Many people don’t know what a Mutual Fund is. Personally, I don’t call it a Mutual Fund. Instead I refer to it as a collective pool. It’s the little things that make or break a deal.
Life Insurance Closing Techniques – Proper Communication
Although it is very easy to understand, 90% of life insurance agents don’t follow this concept of proper communication. This is why they don’t make more than 100k+ per year. This concept can be applied to your life insurance closing strategies. Communication is two-way communication. This means that you should always listen to your client and acknowledge them during your interactions. Recognize your client’s concerns. If you have a solution, great. But if not, acknowledge them and make a note of it so you can help them.
You must make the presentation interactive during it. You must not just sit and talk for hours without getting an “OK” from the client. Once you have explained a portion of the presentation to your client, flip that piece of paper over and ask them to explain it to you. If you kept the presentation simple and were open to communication, they should be able to do it. Ask open-ended questions. Anything that requires more communication with your client will make them feel like you’re a friend and not just trying to sell them something.
You will be able to see amazing results in your production if you apply the knowledge you have read here. Keep your presentation simple. Complexity is a deal-breaker. It is important to get to know the person sitting across you. They will put food on your table for family and friends. Your life insurance closing ratio will increase if you truly provide a service to your prospect and use proper two-way communication to help your customer understand.
