You may have an untapped revenue source waiting to be explored with current customers: life insurance. Offering life insurance alongside your bread and butter business enhances your position as a trusted professional for comprehensive protection — and unlocks a new revenue stream.
1. Identify life insurance opportunities with existing customers
Talking about life insurance strategies with current customers is easier than you think. In fact, 43% of customers with auto insurance want their agent to discuss life insurance.1 For example, in the event of marriage or divorce, life insurance can help maintain a partner's standard of living or policy cash value can be used to settle debt. Discover more life events that could lead to new life insurance needs.
2. Confidently ask customers the right life insurance questions
Every customer conversation is a chance to talk about life insurance. Try starting one with these prompts:
- Who do you love and what plans have you made to protect them?
- Do you have a continuation plan in place for your business?
- Has your situation changed since getting life insurance a few years ago?
Share this quiz ahead of time for another way to introduce life insurance.
3. Overcome common life insurance objections
Even after successfully transitioning the conversation to the topic of life insurance, you may experience customer objections. For example, "I can't afford it.1 The response: What's your budget? In many cases there's a policy to fit your budget, and it's possible that you are overestimating the cost of life insurance. No matter their objections, make sure you're prepared to navigate the conversation with confidence. See more objections and tips for navigating them.
4. Conduct a life insurance needs analysis
Different stages of life come with different customer needs. That's why conducting a needs analysis is so important. Use the quick worksheet to bring potential coverage needs to light, or the detailed worksheet for a more specific analysis.
5. Recommend life insurance solutions that fit a customer's need
With a solid understanding of a customer's needs, it's time to make life insurance recommendations. Protective offers 4 types of life insurance solutions to help you better align to their specific needs. Discover which is best for customers’ needs.
We're with you at every step
Selling life insurance is easier than you think. For convenient, confidence-building support, check out our Life insurance made simple guide.
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¹ Auto Insurance Customers Want to Hear about Life Insurance From Their Agents, 2023.
