Life insurance closing techniques
If you were expecting another one line sales pitch to be written here, you definitely won’t find it. Life insurance closing techniques have very little to do with sales pitches. Everything says this and all of a sudden you’ll get this kind of reaction from your prospect, sounds like a smash sell to me.
If you’re ever trying to make a sales pitch, you’re either trying to save the sale or you’re not in true communication with your customer. Think about it, you’re just relying on an outdated script or tone that was written who knows how long ago.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’m one of those people who likes to know how things work. For example, if a doctor just made you a proposition, but you really don’t know the science of his own work, would you go to that doctor? I do not think so. The same concept applies to life insurance closing techniques, if you don’t know the science of actually closing a deal, why look for the quick way out?
This brings me to my first point, you are in this business to sell yourself, not your products.
Life Insurance Closing Techniques – Always Sell Yourself
What exactly do I mean by “sell yourself”. Lots of people hear this, but very few really understand the science behind it. I will try to put it in the best perspective for you. Think about a time when you wanted to buy something, like a television or a car. Do you remember the person you dealt with during the course of the sale? You may not remember their name, but you can definitely remember if they were knowledgeable, friendly, informative, and helpful. Now, remember the guy you didn’t buy from?
What were the reasons why you did not buy from that individual? Perhaps he was unhelpful, rude, or even ignorant of his questions or concerns about the product he wanted to purchase.
The reason you didn’t buy from that individual was because they didn’t sell themselves. Even though it was the same product, same price, same warranty, you still haven’t bought from that person. Life insurance closing techniques are all about knowing your customer.
They won’t buy from a stranger, so you make them friends. Friends have trust, and trust is what will get you the sale. The client must trust you with his money. If you’re just making a sales pitch about some 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.
Life Insurance Closing Techniques: The Sales Presentation
Once you’ve met your customer, you’ll come to the product presentation portion of their visit. Most life insurance agents tend to have some type of sales presentation. These sales presentations are meant to educate your customer about your products and how they work.
The biggest misconception I see out there is that the presentation is unbelievably overwhelming with information. Let me take a step back and show you what I mean by this. Life insurance products and their complexities can really put the human brain to sleep. What I’ve noticed is that some companies pack their presentation with so many complicated phrases that the average consumer simply wouldn’t understand.
Do you know why people choose to read at night? It is to get tired. Eventually, during your reading session, you’ll come across a word you don’t understand and skip it. Usually 15-20 minutes later, he will start to feel drowsy and fall asleep.
The same concept applies to sales presentations, if your life insurance closing technique relies heavily on your client presentation, I recommend keeping it incredibly simple. Simplicity is an important factor in closing rates in this business. Many people do not understand what a mutual fund is. Personally, I don’t call it a mutual fund, I call it a pool of money. It’s the little things that really make the difference in a decisive deal.
Life Insurance Closing Techniques: Proper Communication
This concept of proper communication, while very simple, is a concept 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? Proper communication is really two-way communication. What this means is that during your know-your-customer time, and even during your sales presentation, you should always listen and acknowledge. You should always acknowledge the concerns of your customers, if you have a wonderful solution, if you don’t, you should still acknowledge their concerns and take notes to see what you can do to help them.
During the presentation, you should make it interactive. No way do you sit there and ramble on without even getting an “OK” or “I understand” from your customer. After explaining part of your presentation to the client, turn the paper over and have them explain it to you. They should have no problem doing this if you kept it simple and had proper communication from the start of your date. Don’t be afraid to ask open ended questions, anything that involves more communication will make your customer feel like a friend, and not like someone just trying to sell you some 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. Get to know who the person in front of you is, put food on your table for your family and friends. If you are truly providing a service to your prospect and use proper two-way communication to help your client understand you, then you will greatly increase your life insurance close rate.
For your success,
you die