Why Life Insurance Sales Are Lost? This Sales Secret is The Key to Selling a Life Insurance Policy!Learn about how one of the best life insurance sales closing methods, which we explain below, lets you take control and close a larger number of insurance sales.....
There are many life insurance selling systems out there, but this process is what really separates the really good closers from the mediocre closers, and the sales leaders from the average life insurance agents.
Life insurance sales and selling a life insurance policy can be made easier By learning to ask the proper questions upfront. How do we do this?
By learning and understanding what we will refer to as the closing pyramid concept or process. Used properly, it will help you enjoy a higher closing ratio and increase your premium income. 
It seems that many life insurance sales training programs seem to gloss over what I consider to be the most important aspect of selling insurance, and that is
Learning to Listen
and Asking the right Questions.
Learning this closing pyramid, that we are about to discuss is the key to selling life insurance and making bigger and better life insurance sales.
Q. = What is the closing pyramid? A. = It is a three step closing process that helps make life insurance sales easier.
Setting the stage to close a sale:When ever I conducted a class on closing the sale, I was always asked when should you start closing. Answer: As soon as you walk through the door. It is shown by a simple courtesy of taking off your shoes, if you see a clean rug or sparkling floor. You can sit in the living room and then move into a relationship building conversation. Chit chat to find a common bond. Understand that people like to do business with friends. You have about 10 minutes to turn this cold call prospect into a friend. At some point you need to take control and say “Mr./Mrs. prospect can we move to your kitchen table. It will be easier for us to view my information, computer, etc. At this point you start the life insurance sales process.
Let’s re-examine the first 3 steps of the sales (or selling) cycle:
These three areas represent the three parts of the closing pyramid. Step 1. Client Interview Questionnaire -This is what I call the interrogation process, digging into the prospect's mind, discovering what they want, developing a rapport. Here is where you sell you! Step 2. The actual Sales Presentation - Showing benefits and features to help the prospect take care of their wants and needs. Step 3. The Close - Sell them what they want, make them a client. -----------------------------------------------------------------
The closing pyramid in action:Now we want to start the interrogation process, which I refer to as the closing pyramid process. There are many life insurance selling systems out there but this process is what really separates the really good closers from the mediocre closers, and the life insurance sales leaders from the average life insurance agents.
So how do we know what questions we should ask? The answer is, we ask questions upfront to diffuse many of the objections we normally encounter throught out the interview, and that is how this interview questionnaire I call the Confidential Questionaire. was created and fined tuned. The questions on this form provides you the opportunity to find out what it is that this client actually invited you in their home for, while at the same time setting the stage for a sale.
Most agents walk in the door with a preconceived notion on what they want to sell, such as a mortgage term life insurance policy, a universal life insurance policy, etc. This is usually a form or target marketing.
Sure that works, but if you want bigger life insurance sales and an ongoing future client, you need to really find out what their goals in life are. From seeing the kids playing baseball to Mom wanting her dream home. The wrong way: Here is how most agents do it ………………. They spend 5% in warm up, 20% doing the presentation, then 75% of their time trying to close because they never really found what it was that was going to trip that prospects trigger. In other words they work the closing pyramid upside down.
The right way.
Here is how it should be done……………….
You absolutely need to spend 75% of your time asking questions and listening to increase your life insurance sales closing ratio. (Learn to Listen) to what the prospect says in this questionnaire stage. Define their wants and needs. Many times people are just looking for an insurance consultant to help put them on a path of financial security. They are looking for direction. If you have a financial plan built for yourself, (not just a Life insurance policy) share that with them. Use your relationship building skills and some of these insurance selling tips. _________________________________________________________________ Note: Do your own insurance sales training, it is vital that you learn to master the use of a good Client Interview Questionnaire, whether this one or your own. Role play this process with another agent, over and over till it feels comfortable. _________________________________________________________________
Step # 2: The Actual Sales Presentation: Now that you have discovered what they want in life, then you spend 20% of your time going through your presentation showing the prospect how your products' benefits and features will take care of the wants and needs you have uncovered. You start getting them to agree with you along the way. "Mr. Prospect, can you see how this feature will benefit you and your family?" Start getting a series of yes answers as you go along. “Can you see how this concept/idea if initiated will: Help your children go to college? Let your family stay in their home if you die? Provide you with baby sitter and day care money if you loose your wife, etc.
Step # 3: The Close: In the end, you should only spend about 5% of your time closing. Why 5%? Because if you properly went through the questionnaire, you and the prospect should have already agreed upon the wants and needs, and determined if they can afford it and do they want to do something about it today. Briefly review your product/policy and keep it simple. At this point, you only need to negotiate on which Insurance product best fits the situation, based on what they can afford. Closing is getting a series of small yes's to questions you ask along the way. You should never have to ask, "Do you want to buy this?" In the end, it should be, "Mr. Prospect, does this concept make sense to you? ”Can you see how these features would benefit you and your family and help accomplish the goals we talked about?"
Then close with a couple of questions that require an answer to a simple question. "Would it be more convenient to make annual deposits or monthly deposits?"
Sample closing questions: Mr. /Mrs. Prospect do you like this idea/concept that I just shared with you? Hopefully they say yes again. Can you see how this will help you accomplish one or all of the financial goals we talked about? “Hopefully another yes”.
Mr. /Mrs. Prospect, you indicated to me in the beginning that you could set aside $75 to $100 per month if you liked what you seen. We can set that up to be transferred from your checking or savings account on a monthly basis into your account with our company, and when the program comes back I will sit down again with you and go through it more detail to make sure you are 100% clear on how it works. Do you want to start plan A or plan B. This could be a universal life insurance policy or a combination of term and universal life insurance, term and whole life. Always offer a choice. Plan A or Plan B. Never a closed end question, such as do you want to start this? ....... At this point you transistion into filling out your application. Mr Prospect if you were to die prematurely, who would you want to receive these proceeds/money?
If the requirement looks like a sizeable life insurance sale, then I would get the money commitment and tell them that I would take this info back to office and take some serious time to work out some ideas and then come back and share with them what would work best. I would then reset second interview within a week so that things are still remembered.
Make money selling insurance by using this pyramid process to conduct your interviews and enjoy larger life insurance sales. In the end these clients will provide you with all the free life insurance leads you want in the form of referrals.
Enjoy life…
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